Herb Chambers Toyota EV Tax Calculator
Exploring the world of electric vehicles (EVs) opens up opportunities not only for sustainable driving but also for significant savings. At Herb Chambers Toyota of Boston, a proud part of The Herb Chambers Companies, we specialize in helping our clients near Brookline and beyond understand and benefit from EV incentives.
Whether you're considering a new or used EV, our knowledgeable team is here to guide you through the available tax credits, rebates and financial benefits that make owning an electric Toyota an excellent decision.
How Much Can I Save on a New EV?
Our new electric vehicles nearby offer substantial financial rewards beyond fuel savings. One of the best perks is the clean vehicle tax credit of up to $7,500 with the purchase of an eligible plug-in hybrid or electric vehicle.1 This federal tax credit is designed to make owning an EV more accessible and affordable. However, be mindful of the following MSRP limitations to qualify:
- MSRP can't exceed $80,000 for vans, SUVs and trucks
- MSRP can't exceed $55,000 for all other new vehicles
In addition to federal credits, Massachusetts residents can enjoy the MOR-EV Massachusetts state EV rebate, which can total up to $6,000.1 This rebate further reduces the upfront cost of investing in a clean vehicle. You have two convenient ways to receive this rebate:
- Option 1: Receive your rebate at our dealership when you purchase or lease.
- Option 2: Apply online for this rebate within 90 days post purchase or lease.
Are There Tax Rebates on Used Electric Vehicles?
Yes! Pre-owned vehicles are eligible for EV tax rebates, so don't hesitate to browse our pre-owned inventory.. These used EVs in MA and RI are eligible for a federal tax credit of up to $4,000 when fully qualified.1 This provides a financial incentive to consider a pre-owned EV, making it even more affordable to drive an eco-friendly vehicle.
Additionally, the MOR-EV rebate is also applicable to eligible used electric cars, expanding your savings potential even further. Whether you're buying new or pre-owned, these rebates can help you save when you're looking to buy an electric car, encouraging sustainable choices without compromising your budget.
How to Claim Electric Car Tax Incentives in MA
To learn more about potential electric car tax rebates in Massachusetts and how much you can save, call or click to talk with Herb Chambers Toyota of Boston. Our team of experts is here to guide you through the process, from understanding eligibility requirements to claiming your EV tax credits and rebates.
Our Toyota sales team is standing by to provide extensive support and detailed information to ensure you can take full advantage of electric vehicle savings. If you’re curious about how an electric Toyota can benefit not just the environment but also your wallet, visit us today. Our team is ready to assist you with every step, from choosing the right model to navigating the savings process smoothly. Use our EV calculator and see how much you could save today!
Learn More: Most Fuel-Efficient Toyota | Understanding EVs
1 Information accurate at time of publication. See dealer for complete details.
