The passage of the Inflation Reduction Act boosted incentives for car-hungry Americans to buy electric vehicles. For the next ten years, electric vehicle buyers will continue to get up to $7,500 in tax credits toward new cars, while used EV purchases will be eligible for $4,000. The fine print is extensive. The source of the parts, point of assembly, vehicle price, manufacturer, and the potential car buyer’s income all factor into the EV equation.
New incentives could electrify the car market, but old roadblocks remain
