Buying an electric vehicle in California has long been beneficial. Starting in 2024, the benefits are going to increase. Here at Simpson Chevrolet of Irvine, we're here to provide the Los Angeles area with the details, and offer you standout EVs for sale at our dealership.
Starting on January 1, 2024, consumers will now be able to transfer their new clean vehicle credit, which can reach up to $7,500 in federal tax incentives, or a previously owned clean car credit, which can amount to up to $4,000, to dealerships like ours when purchasing an EV. This is different from the current procedure, where you'd have to wait to claim the credit on your tax returns for the following year.
What does this mean? For one, it allows you to reduce a lot of the purchase costs of a new EV up front, as you're able to utilize both federal and California incentives to get behind the wheel of an EV. You're protected and can be assured there are safeguards as well via the Inflation Reduction Act, as only valid, tax-compliant dealers are able to get the benefit of advanced payments that help you keep costs low upfront when buying a new EV. You can be assured we'll have the right IRS Energy Credits, and that we'll work with you to ensure you meet the criteria for receiving this benefit, based on income thresholds.
Our team is here to guide you through it all, and you can get all your questions answered on our Los Angeles EV rebates page on our website.
When you do shop with us at Simpson Chevrolet of Irvine, you're going to be able to find many new Chevy electric vehicles. This includes the remaining 2023 model year Chevrolet Bolt and Bolt EUVs in their final production year, while there's also the Chevrolet Blazer EV for sale too. There are more options coming in the future as well. This includes the Chevrolet Silverado EV and the Chevrolet Equinox EV which are coming soon and available for order here at the dealership.
We can guide you through the entire process and explain all the federal and California tax incentives for buying a new EV. In addition to the financial savings, you can save on charging at utility rates in certain areas, and you are able to enjoy solo driving in the carpool or HOV lanes throughout the area, which is certainly a bonus on our freeways.
To get started and learn more about the changes in tax rebates and how you can apply your savings to the initial purchase cost, get in touch with us at the dealership and we'd be happy to provide more insight and details into buying an EV and showcase our exciting lineup with you.