By Rivan Stinson
From Kiplinger’s Personal Finance
Car buyers have had a tough go looking for their next road warrior. Inventories are low due to supply-chain troubles, which means prices for new and used cars have skyrocketed thanks to increased demand.
If you add in the gas price hikes that dominated summer news headlines and passage of the EV-friendly Inflation Reduction Act, you now have a cacophony of issues to consider when searching for a new vehicle. And that includes whether an electric vehicle is in your near future.
The Inflation Reduction Act extends the tax credit on new electric vehicles, including plug-in hybrids, until December 2032. The credit is worth up to $7,500, providing a hefty incentive for consumers to spring for an EV. And now used EVs that are at least two years old are eligible for a credit too—up to $4,000 or 30 percent of the price of the vehicle, whichever is less….