If you’ve been considering switching from a traditional vehicle to an electric one and are searching for Mitsubishi electric cars for sale in Longmont, now is the time to buy. The State of Colorado has now made it more affordable than ever to purchase an electric vehicle with a new Colorado EV tax credit increase, but this tax credit benefit won’t last forever, so if you’re looking for the best Mitsubishi electric cars, we can help you find the right option.
How You Can Benefit From the Colorado EV Tax Credit Increase
Colorado State has significantly increased the state EV tax credit, which benefits area drivers in the market for an EV car or SUV, starting on the first of July. What originally was a $2,000 tax credit for cars has increased to $5,000, and drivers who purchase an electric vehicle with an MRSP under $35,000 can benefit from an additional $2,500 state tax credit in January 2024.
However, all good things do come to an end, and this tax credit won’t last forever. Drivers interested in switching to an electric vehicle must take advantage of current incentives now. Beginning in January 2025, the tax credit will begin slowly declining and reach its lowest of $500 in 2029.
Who Qualifies for the Credit?
Individuals who pay state taxes and purchase an electric vehicle, including cars with an MRSP under $55,000 and pickup trucks, vans, and SUVs with an MRSP under $80,000, can benefit from the tax credit. Additionally, buyers must meet a certain income and vehicle requirement to benefit from the credit. Buyers considering a hybrid or used electric vehicle won’t miss out on any of these benefits but can also receive tax credits for their purchase.
What Are the Benefits of Mitsubishi Electric Cars?
For many reasons, Mitsubishi electric cars have grown in popularity among all kinds of drivers. Going electric helps you do your part to contribute to the environment. Plus, you’ll no longer have to fight for a pump, spend time waiting in line at the gas station, or spend money on gas every week. There are so many options to choose from, and with the new Colorado EV Tax Increase, if you’ve been considering going electric, there’s no better time than the present.
If you’re interested in purchasing a new or used electric vehicle and want to benefit from these tax credits but need to know if you qualify, we can help. Our team can work with you to determine how you can save the most money on a car you love and get additional tax credits from your purchase. Whether you’re interested in a new or used electric vehicle, we have many options. Visit us today at Valley Mitsubishi – Longmont to find your next new vehicle.
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