Massachusetts Expands Rebate Program to Embrace Used EV Buyers
Used electric vehicles are now less expensive in Massachusetts, owing to state-funded subsidies that can save thousands of dollars.
Last week, the Healey administration unveiled a long-awaited extension of the state’s rebate program for electric vehicles, rendering used autos qualified for $5,000 rebates.
It’s the first time since the program’s inception in 2014 that used EVs have been qualified for a reimbursement.
Guy Bedau, electric car ambassador at Milford Nissan in Milford, claimed the new approach will help him sell the late-model used EVs that have begun to pile up on his lot.
Who Is Eligible for the Expand EV Rebate Program?
Customers who bought or rented a new EV for $55,000 or less were already qualified for a $3,500 discount.
However, legislation approved last year brought used EVs to the mix, with $3,500 refunds available for vehicles priced at $40,000 or less.
Qualified households with spouses who file jointly need to have an adjusted gross revenue of no more than $150,000 to qualify. Individual filers must earn less than $75,000 and heads of households must earn less than $112,500.
An additional $1,500 rebate is available for households that meet the income restrictions and take part in a variety of social benefit programs, including the WIC family nutrition program, the state rent voucher program, and other military veteran programs.
Individuals who purchased a used EV between November 10, 2022 and August 8, 2023 are still eligible for a rebate, however they must apply by November 6, 2023.
The subsidies are only available for all-electric or fuel-cell automobiles. Rebates for plug-in hybrid vehicles equipped with gasoline engines are being phased away.
People who purchased or leased such automobiles between June 30, 2023 and June 30, 2023 may still be eligible for a $1,500 rebate if they apply by September 28. However, plug-in hybrids acquired after July 1 are ineligible.
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New Vehicles Are Now Payable
Another significant change is that rebate funds for new cars are now payable upfront to the car dealer, eliminating the need for the customer to wait for a check to come.
This means that the funds may be used as a down payment on a vehicle when financing it, resulting in cheaper monthly loan payments. Beginning September 1, the same discount will be available to buyers of old EVs.
Source: BOSTONGLOBEviaMSN
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