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The Treasury Department released new guidance Friday outlining how car dealers can give customers instant access to the electric vehicle rebate starting in January 2024. It’s the latest move by the Biden administration to bring down the cost of EVs in the hopes that more people will buy them.
The new guidance lays out how dealers can effectively reduce the price of an EV by as much as $7,500 at the point of purchase rather than the customer having to wait until they file their taxes to claim the credit.
The administration hopes that by applying the credit immediately, more people will be convinced to consider an EV for their next purchase, which will help toward achieving the goal of making EVs 50 percent of new car sales by 2030.