Looking for some advice/opinion on EV tax credit

[SteveInBend]

I have an Oct '20 R1S Adventure pre-order/reservation which will replace my 2015 Outback. Currently, I am in the queue for a Oct-Dec '22 delivery date.

My question is whether I should trade in the Outback now, given the current used-car market, and pick up a new KIA EV6 GT-Line and get the tax credit this year. I would then push out my R1S delivery to early next year, trade in the EV6, and claim the tax credit for the R1S on my 2022 tax return. Assuming, of course, that my tax liability in both cases exceeds $7,500. Or am I better off waiting until this Fall/Winter for the R1S and trading in the Outback at that time?

I guess the real question is if it makes financial sense to buy an EV6 now and keep it for only 8-10 months.

Has anyone on this forum claimed the EV tax credit for more than one EV purchased in the same year? If so, how does that work?

Sponsored

 

[jjswan33]

Someone will surely correct me if I’m wrong but my understanding with the current law you are not limited to 1 credit/year. So if you have $15k of tax liability you can claim two credits.

Can’t speak to your situation but I love my EV6. It Is super fun to drive and with the right tires does great up on Mt Hood.