While President George W. Bush passed a $7,500 federal tax rebate for plug-in cars during the waning days of his presidency, only a handful of US states have followed suit. Colorado has a mixed history with EV incentives, currently offering as much as $6,000 off the price of an applicable plug-in vehicle… and as it turns out, that rebate can be applied to both new and used cars.
Green Car Reports was told by an unnamed insider that as long as the plug-in car hadn’t been previously registered with the Colorado DMV, owners could apply for the state tax rebate. In other words, if you were to buy a used plug-in car from a neighboring state and register it in Colorado, you could get up to $6,000 back from taxpayers. Colorado has a funky way of figuring out how much plug-in car buyers receive, offering back 75% of a pre-determined premium over a comparable, conventional car.
Even so, it’s one of the most generous plug-in car incentives out there, and when combined with the $7,500 federal tax rebate, you could get as much as $13,500 off the price of a plug-in car. That more than offsets the $50 per-year registration plug-in car owners in Colorado must endure. With the price of plug-in cars like the Nissan LEAF and Chevy Volt falling to less than $13,000 on the used car market, Colorado residents could end up with a free, lightly-used plug-in vehicle.
No wonder Colorado isn’t publicizing this little-known gem of an incentive. But now that it’s out there, if you’re living in Colorado, you might want to get moving on this little loophole before the powers-that-be sew it up for good.