LOS ANGELES (KABC) -- Tax credits and rebates can save you thousands of dollars on a new electric vehicle, but you may want to read the fine print first.
What you can save depends a lot on your income, the vehicle's price, and in some cases, when you bought it.
Nonrefundable federal tax credit
The most complicated incentive is the nonrefundable federal tax credit. Your new electric vehicle could qualify for up to $7,500.
If you bought it after April 18, 2023, the vehicle needs to meet battery and mineral requirements to get the full incentive. Those conditions are set to get stricter in 2024 and each year after that.
If you buy a used EV, you can still get up to $4,000 in credit.
One more way to save
Starting in 2024, you can use that tax credit as a down payment, but if your vehicle does not qualify, you can still save plenty of cash.
"There are local and state tax credits that you might be able to get on vehicles and the qualifications don't necessarily overlap," said Keith Barry, a writer and editor based at Consumer Reports' Auto Test Center in Connecticut.
California offers its own $7,500 tax rebate with fewer limitations. You can see if your vehicle is eligible on the Clean Vehicle Rebate Project's website.
You can search for more state incentives by going to the state's Drive Clean website
or check out Consumer Reports' Electric Vehicle Savings Finder for other kinds of credits.
Of course, you'll want to double check that both you and your vehicle qualify before banking on any rebates.