Driving an electric vehicle (EV) has many benefits, like a lower cost of maintenance, zero emissions, and waving goodbye to gas stations. And, with thousands of dollars in financial incentives available for EV purchases in New England, it could be a smart time to go electric.
If you’d like to make an even bigger difference when purchasing an EV, you can donate your old car to charity. Donating your old car when you purchase a new EV makes it a win-win-win for you, the environment, and a neighbor in need!
The Rising Cost of Vehicles
With the price of new and used cars reaching record highs in recent years, many people are priced out and simply cannot afford a new or used car to meet their transportation needs. An article from The Hill, published in April 2023, reports that the number of new car models priced under $25,000 has dropped from 36 to 10 in the past five years.
The good news is that the major auto manufacturers are steadily ramping up the production of EVs to meet demand. This should help make EVs more widely available and affordable over time. If you are ready to buy a new EV right now, there are some affordable options for new EVs.
How Car Donations Can Help You and a Neighbor
Donated cars can help low-income families get to work, school, medical appointments, and much more. Having reliable transportation also helps people become more reliable employees and broadens their ability to accept better-paying jobs, which in turn can help them break free from generational cycles of poverty. In much of New England, a car is the only form of reliable transportation and a necessity for being self-sufficient.
In addition to making a huge difference in someone’s life, there’s another big perk to donating a car. Car donors often qualify for generous tax deductions. Some charities, like Good News Garage, can offer car donors a tax deduction up to the car’s fair market value when the donated car is awarded to a person in need.
Not all charities accepting car donations are the same. Some organizations sell 100% of the donated cars they receive. A few, like Good News Garage, aim to award as many donated cars as possible to local families working to move forward. What the charity does with your donation can affect the value of your tax deduction. Make sure you research the car-donation charity first before you make your donation!
Want to know more? Learn more about how vehicle tax deductions work.
EV Incentives by State in New England
Every state in New England has specific criteria that govern which EVs qualify for incentives, and how much is offered. Additionally, some electric utilities help cover part, of all, of the cost of EV equipment like home charging stations. Check with your local utility to see what’s offered.
See what incentives are available in your state:
- EV Incentives for CT residents
- EV Incentives for MA residents
- EV Incentives for ME residents
- EV Incentives for NH residents
- EV Incentives for RI residents
- EV Incentives for VT residents
Federal EV Incentives
The Federal government also offers financial help with the purchase of a new EV. Buyers can qualify for a credit of up to $7,500! The Inflation Reduction Act of 2022 put in place specific qualifying criteria for vehicles bought from 2023 to 2032. For example, qualifying vehicles must undergo final assembly in North America. Buyers are advised to visit the IRS website for the latest regulations prior to making a purchase. EV manufacturers are attempting to build more EVs in North America to make them more affordable for buyers.
Ready, Set, Go Electric!
There aren’t many purchases that have the potential to benefit you, your wallet, the environment, and a neighbor in need. Purchasing a new EV can take a bit of patience and research, but it can be a rewarding experience that changes the world for the better. What are you waiting for? Pass the keys from your current car to a neighbor in need and treat yourself to a cleaner, greener mode of transportation.