As the demand for electric vehicles has increased, the State of New Jersey supported the efforts to help support a greener environment by not taxing zero-emission vehicles (ZEVs). This incentive was implemented to help promote vehicles producing no emissions amongst shoppers throughout the state and many other local areas ranging from Philadelphia to Delaware. However, this policy has recently changed, and taxes now apply. Find out more about how this can affect you below.
What is Changing
Although there will no longer be zero taxes on a ZEV purchase, tax rates will not increase to the full rate yet. From now until June 2025, purchase or lease a fully electric vehicle and expect a tax rate of 3.3%. Starting in July of 2025, the rate will increase to 6.6%. So, if you are in Trooper, King of Prussia, or beyond and considering a fully electric SUV, truck, or car, the best time to purchase one is before the next tax increase. See more detailed New Jersey tax information before holding off on making an electric vehicle purchase.
Electric Vehicles This Effects
Regardless of the make and model of a fully electric vehicle purchased in New Jersey, none are exempt. However, you can still get excellent prices on used electric models at CarVision. Imagine driving a stunning pre-owned Tesla Model S to meet a friend for lunch outside Norristown or never having to hit the gas station again in a used Nissan LEAF. There are so many great ZEV options at CarVision that you can still purchase before the taxes increase.
Visit a CarVision Dealership Today
Take advantage of the lower tax rate on ZEVs before the next increase. Visit one of our CarVision dealerships in New Jersey and discover the best fully electronic vehicle that meets all your on-the-road needs. Our team members are happy to help and ready to assist you in finding the perfect ZEV for you and your family.