Yes! Unlike traditional private party sales, when you buy an eligible used electric or plug-in vehicle using KeySavvy, you may qualify for a federal tax credit of 30% of the purchase price, up to $4,000.
The vehicle must be in the IRS list of eligible vehicles.
You must be a qualified buyer.
The purchase price must be $25,000 or less.
The vehicle must not have been sold after August 16, 2022 except to the original owner.
We'll help confirm the vehicle's eligibility.
Because the tax credit is partially based on your income, we cannot determine your personal eligibility. Review the IRS Used Clean Vehicle Credit website or consult a tax professional to confirm your eligibility. You can also use our EV Tax Credit Eligibility Tool.
If you plan to apply for the Used Clean Vehicle Tax Credit, select this option when you accept your seller's price.
Do you apply the credit at point-of-sale?
Yes, you can transfer the credit to us and instantly reduce the amount you need to pay. Read more here.
Do you report my sale to the IRS?
Yes, if you select that you plan to apply for the tax credit when accepting your seller's price, we'll report your sale to the IRS when you pick up the vehicle. You will receive a copy of the time-of-sale report that we submitted. Note that the IRS requires us to collect your SSN to determine your eligibility and report your sale.
Do your fees count towards the sale price?
Yes, the total price paid by the buyer must be $25,000 or less. For example, if the buyer is paying a $99 fee, the sale price must be $24,901 or lower to qualify. Taxes and fees paid to the DMV (or to us for MN buyers) when registering the vehicle do not count toward the $25k limit.
Can I also apply for my state's EV tax credit or rebate?
Possibly, but you would need to check if out-of-state dealer purchases qualify for your state's tax credit. KeySavvy is a licensed dealer in the state of Minnesota.
Note that Massachusetts' MOR-EV program has not historically approved applications submitted by KeySavvy buyers.