2024 Federal & California Electric Car Rebate in Los Angeles, CA
How to Qualify
Federal Incentive
Thanks to the Inflation Reduction Act, starting January 1, 2024, buyers may qualify for an instant rebate if they purchase a new or pre-owned electric Vehicle (EV). Rather than waiting until you file your income taxes and get a tax rebate, this year's incentive immediately provides an instant credit of up to $7,500 for new vehicles and up to $4,000 for pre-owned vehicles via the dealership. The move shifts the savings to buyers at the point of sale, and the tax credit is given to the dealership at tax time. That means you may pay less upfront for your new EV and enjoy greater fuel efficiency when commuting between Long Beach and Santa Ana.
At Simpson Chevrolet of Garden Grove, our team will work extra hard to ensure you're informed before you buy and get all the credits you deserve.
To qualify for the tax credit, your EV must have an MSRP under $55,000 for a car or $80,000 for an SUV.
Additionally, buyers must:
- Purchase the vehicle for your use.
- Use the vehicle in the United States.
- Fall below the following maximum income limits:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for single and all other filers
The amount the automotive dealer pays (toward a down payment or cash back) won't be included when calculating the gross income requirement.
New Restrictions for 2024-2025 on Batteries, Components, and Minerals
The EV must be built in North America (US, Mexico, or Canada) to qualify for a total rebate. That means vehicles produced elsewhere will be excluded. Additionally, some Chevrolet vehicles may be affected under the new restrictions until sourcing changes have gone into effect.
The changes taking place are due to the U.S. government's efforts to reduce dependency on imports from a "foreign entity of concern" (FEOC), including the following nations: China, Russia, North Korea, and Iran.
Incentives for California Residents
California has led the clean environment movement, supporting the shift to EVs. California's Clean Vehicle Rebate Project (CVRP) ended on November 8, 2023. Other incentives, however, are available.
In 2024, the focus will be on increasing access to EVs by low-income and middle-income residents. They will receive additional rebates to help offset the cost of purchasing a new EV.
Anaheim residents will benefit from the Anaheim Public Utilities program that offers up to a $3,000 offer for the personal use of an EV charger.
The Los Angeles Department of Water and Power (LADWP) offers two different rebates: a Used EV Rebate Program of up to $1,500 and a Used EV Rebate Adder of up to $1,000 for income-eligible customers.
Chevrolet EV Models that Qualify
Not all EVs qualify for this program. However, finding the right vehicle is simple when you choose Simpson Chevrolet of Garden Grove. The below new models qualify for the entire federal 2024 EV tax credit:
Finance Your Next New EV in Garden Grove, CA
Finance your EV at Simpson Chevrolet of Garden Grove. Our straightforward financing process ensures you'll drive away in a new Chevrolet EV worry-free. Our experienced sales representatives at Simpson Chevrolet of Garden Grove are here to make the switch to EV as cost-effective as possible.
FAQs
How does the Inflation Reduction Act impact EV credits?
The barrier to purchasing a qualifying new or pre-owned EV will be substantially lowered, allowing many lower-income and middle-income buyers to join the EV revolution. Eligible customers who previously could not afford an EV and who decide to purchase a qualifying new or pre-owned vehicle will be able to save thousands of dollars. The program is designed to supplement state-level incentives.
How do customers transfer their EV credits to a dealership for instant rebates?
Qualifying Customers need only purchase their eligible EV from a dealership registered to participate in the Energy Credits Online system.
How does the Inflation Reduction Act reduce fraud and abuse of EV tax credits?
Only verified vehicles and dealers will receive the tax credits directly from the IRS, greatly reducing the potential for fraud or abuse.
Are there income restrictions for the federal EV rebate program?
Yes, income restrictions apply for customers who wish to receive an instant rebate.
How does the new system benefit customers?
More people can purchase clean vehicles, thanks to the reduced up-front cost.
Why Purchase a Chevrolet EV from Simpson Chevrolet of Garden Grove?
Chevrolet models make up many qualifying 2024 EVs to receive the full federal offer. At Simpson Chevrolet of Garden Grove, we're pleased to be able to make EVs more affordable and increase the ability of a broader range of drivers who want to contribute to a cleaner environment in our region by making the switch to electric.
Contact Us Today to Learn More
We're here to answer your questions about EV vehicles and the 2024 federal EV tax credit program. Just give us a call or stop by today at our Garden Grove, CA, showroom.
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Contact
10150 Trask Ave
Garden Grove, CA 92843
- Contact: (714) 656-2802
Hours
- Monday 9:00 am - 9:00 pm
- Tuesday 9:00 am - 9:00 pm
- Wednesday 9:00 am - 9:00 pm
- Thursday 9:00 am - 9:00 pm
- Friday 9:00 am - 9:00 pm
- Saturday 9:00 am - 9:00 pm
- Sunday 10:00 am - 9:00 pm
-
Simpson Chevrolet Of Garden Grove
10150 Trask Ave
Garden Grove, CA 92843
- Sales: (714) 656-2802
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