Vermonters looking to purchase an electric vehicle will soon receive help from their government. The state has introduced the “Replace Your Ride” program, which offers people who trade in old internal combustion vehicles up to $3,000 toward the purchase of a new EV.
The vehicle being scrapped must have been produced 10 years or more and weigh less than 10,000 lbs. (4,536 kg). That should make most passenger vehicles made before 2012 eligible for this program.
The vehicle must move, but only 30 feet (9 meters) forward and backward under its own power. You also need to get off to an easy start and have a valid inspection, which means the lawn art you’ve been wanting to get back in working order might not be eligible for this program. Ultimately, though, the state says the returned vehicles will be scrapped.
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In addition to those vehicle requirements, only certain Vermonters will qualify for the program. Individuals who file their taxes as a single person household must earn less than $50,000 per year to be eligible for this program. Married couples filing jointly must earn less than $75,000, and families of eight can earn up to $97,996 and still be eligible. The incentive can only be used once per person during the life of the program.
Finally, the base price of the EV being purchased must be set at $45,000 or less for an electric vehicle and $40,000 or less for a plug-in hybrid. The program will also allow participants to lease a vehicle, but the term must be 24 months or more.
If you meet all of these eligibility requirements, then the state will give you $3,000 toward the purchase of your new EV or PHEV. That money will be sent in addition to the tax refunds offered by Vermont.
These range from $1,500 to $3,000 for PHEVs and $2,500 to $4,000 for EVs, depending on the buyer’s tax bracket. All in all, then, buyers could get up to $6,000 off the price of a plug-in hybrid and $7,000 off the price of an electric vehicle from the state of Vermont.
There are 45 dealerships statewide participating in the scheme, and vehicles like the Kia Kona Electric, VW ID.4, Mazda CX-30 and more are eligible, though people looking to buy the Ford F-150 Lightning will. Be frustrated to hear that recent price increases mean the truck can no longer be reimbursed as part of this program.
