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For example, Massachusetts offers rebates of up to $2,500 to customers purchasing or leasing a plug-in electric vehicle, and Maryland offers individuals $700 for the cost of acquiring and installing qualified charging equipment. battery plant for electric vehicles, hybridsĪdditional electric car tax credits vary from state to state, and offers a list of ways to save money on EVs organized by state along with links to each piece of legislation. ► Toyota's EV investment: Toyota to build $1.3 billion U.S. "I've had many customers travel from out of state to take advantage of the savings," said Sam Rhee, a dealer at the Heritage Toyota of Catonsville where I ended up buying my Prius. but hitched a ride up to Maryland to buy my car. The dealership that I went to was discounting Priuses at around $4,500.Įven if you don't live in one of those states, being able to travel to one of them is enough. If they aren't able to sell their target amount of cars, they have to buy those credits from other companies.
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If you live in one of these states, you're in luck.īecause of these programs, electric car makers struggling to meet their quota for the year have discounted certain cars. These states have clean car programs in place: State clean car programs mandate that a certain percentage of cars that a manufacturer sells has to be electric or zero-emission vehicles. Here's what I found from my research and how I was able to save money when buying my car: State clean car programs knocked off $4,500 The Prius Prime is a semi-electric vehicle that runs on battery power before gas kicks in. What started as a 2021 Toyota Prius Prime LE with an MSRP (Manufacturer’s Suggested Retail Price) of $28,220 ended up costing me $18,539 after factoring in discounts and credits. When it comes to car buying, knowledge is power. Chip shortages have led to reduced supply of new vehicles, which has increased prices of both new and used cars.