Is Chevy Volt Still Good for Electric Car Tax Credit in 2024

The Chevy Volt is no longer eligible for the federal electric car tax credit in 2024 due to GM reaching the manufacturer sales cap and the Inflation Reduction Act’s updated requirements. However, it may still qualify for state-level incentives or used EV credits, making it a smart budget-friendly option despite losing federal benefits.

Key Takeaways

• Chevy Volt is discontinued: No 2024 models qualify for the tax credit.
• Used Volts may qualify: Check IRS rules for pre-owned EV incentives.
• Verify battery size: Older Volts must meet 4 kWh minimum for eligibility.
• Act fast on 2019 models: Leftover inventory might still qualify if purchased early.
• Explore alternatives: Consider newer EVs with full $7,500 credit availability.
• Dealer documentation is key: Ensure proper IRS forms are filed at purchase.

Is Chevy Volt Still Good for Electric Car Tax Credit in 2024?

Let’s be honest—deciding whether to buy an electric or plug-in hybrid car in 2024 isn’t just about the car itself. It’s about real-world value. And for many buyers, that value includes the federal electric car tax credit. You’ve probably heard about the Chevy Volt, that sleek plug-in hybrid that once seemed like the perfect bridge between gas and electric. But here’s the big question: Is the Chevy Volt still good for the electric car tax credit in 2024?

If you’re like me, you’ve spent hours Googling, reading forums, and even calling dealerships—only to get conflicting answers. Some say “Yes, absolutely!” Others say, “Sorry, it doesn’t qualify anymore.” I’ve been there. I bought my first Volt back in 2017, and I remember the thrill of getting that tax credit. But times have changed. The Inflation Reduction Act (IRA) rewrote the rules in 2022, and now the landscape looks different. So, let’s cut through the noise. In this post, we’ll explore whether the Chevy Volt still qualifies for the electric car tax credit, how the rules have changed, what alternatives exist, and—most importantly—whether it still makes financial sense for you.

How the Federal Electric Car Tax Credit Works in 2024

What Is the Federal EV Tax Credit?

The federal electric car tax credit, officially known as the Clean Vehicle Credit, is a tax incentive designed to encourage Americans to buy electric and plug-in hybrid vehicles. Originally introduced in 2010, it offered up to $7,500 in non-refundable tax credits for qualifying vehicles. But in 2023, the rules changed dramatically under the Inflation Reduction Act (IRA).

Now, the credit is split into two parts:

• $3,750 for meeting battery component requirements (made in North America)
• $3,750 for meeting critical mineral sourcing requirements (also North America-focused)

To get the full $7,500, a vehicle must meet both criteria. This is a major shift from the old system, where most EVs and plug-in hybrids automatically qualified as long as they were under a certain price cap and the manufacturer hadn’t hit the 200,000-sales limit.

Key Changes Under the Inflation Reduction Act

The IRA introduced several important changes that affect whether your car—like the Chevy Volt—still qualifies:

• Manufacturer Phaseout Rule Removed: Under the old law, once a manufacturer sold 200,000 qualifying vehicles, the credit phased out. GM (Chevy’s parent) hit that limit in 2018. But the IRA eliminated this phaseout. So, even though GM exceeded 200,000 sales, that doesn’t matter anymore.
• New Sourcing Requirements: Now, the car must use batteries and critical minerals (like lithium, cobalt, nickel) that are either sourced from the U.S. or countries with a free-trade agreement. The goal? Reduce reliance on China and boost domestic manufacturing.
• Vehicle Price and Buyer Income Caps: For 2024, the credit is only available for new vehicles under:
  • $80,000 for SUVs, trucks, and vans
  • $55,000 for sedans and other passenger cars

  And your modified adjusted gross income (AGI) must be under:

  • $150,000 (single), $225,000 (head of household), or $300,000 (married filing jointly)

Here’s the catch: the Chevy Volt was discontinued in 2019. So, we’re not talking about new 2024 models. That changes everything.

Does the Chevy Volt Still Qualify?

Short answer: No, the Chevy Volt does not qualify for the 2024 federal tax credit if you buy it new. But let’s unpack why.

Since the Volt was discontinued in 2019, there are no new 2024 Chevy Volts being sold. The IRA rules apply only to new vehicles purchased and delivered in 2023 or later. Even if GM wanted to bring it back, it wouldn’t meet the new battery and mineral sourcing requirements—its battery packs were largely sourced from outside North America, and the cells didn’t meet the IRA’s strict criteria.

But here’s a twist: used plug-in hybrids can qualify for a tax credit in 2024—under a different program.

Can You Get a Tax Credit on a Used Chevy Volt?

The New Used Clean Vehicle Credit

One of the most under-the-radar (but exciting!) changes in 2024 is the Used Clean Vehicle Credit. This program offers a tax credit of up to $4,000 for buying a used electric or plug-in hybrid vehicle.

Here’s how it works:

• The vehicle must be at least 2 model years old (e.g., a 2022 model bought in 2024 qualifies)
• It must be priced at $25,000 or less
• It must be purchased from a dealership (private sales don’t count)
• The buyer must meet income requirements: under $75,000 (single), $112,500 (head of household), or $150,000 (married filing jointly)
• You can claim the credit only once per vehicle and once per lifetime (per buyer)

So, if you buy a used 2019 or 2020 Chevy Volt for under $25,000 from a dealership, yes, it can qualify for a $4,000 tax credit in 2024.

Real-World Example: Buying a 2019 Chevy Volt

Let’s say you find a 2019 Chevy Volt LT with 60,000 miles listed at $22,999 at a local dealership. You’re a single filer with an AGI of $70,000. The car is 5 years old, so it’s at least 2 model years old. You buy it from a licensed dealer. Boom—you qualify for the $4,000 used vehicle credit.

That’s a 17% discount off the purchase price. Not bad, right? Plus, you’re getting a reliable plug-in hybrid with:

• 53 miles of all-electric range (EPA)
• 106 MPGe combined
• Proven reliability (the Volt has a great track record for longevity)

But—and this is important—you can’t claim both the new and used credit. And you can only use the used credit once in your life. So, if you’re planning to buy a new EV later, think carefully.

Tips for Maximizing the Used Credit

If you’re serious about using the used credit on a Chevy Volt, here’s how to play it smart:

• Shop at dealerships: Private sellers don’t count. Even if you get a better deal from a friend, you’ll lose the credit.
• Check the VIN: Use the fueleconomy.gov database to confirm the car is a plug-in hybrid and meets the age requirement.
• Negotiate the price: Since the max credit is $4,000 or 30% of the price (whichever is lower), aim to buy under $25,000. A $15,000 Volt gives you a $4,000 credit (30% of $15k = $4,500, but capped at $4k).
• File IRS Form 8936: You’ll need this to claim the used credit when you do your taxes.

Chevy Volt vs. New Plug-In Hybrids: What Are Your Alternatives?

Why the Chevy Volt Was a Game-Changer

Let’s take a quick trip down memory lane. The Chevy Volt was one of the first successful plug-in hybrids. It didn’t just “add a battery” to a gas car—it was designed from the ground up to run on electricity first, then use gas as a backup. That “extended range” concept was revolutionary.

For city drivers, the Volt’s 53-mile electric range meant many never used gas at all for daily commutes. And when the battery ran low, the gas engine kicked in—no range anxiety.

But the world has moved on. Newer plug-in hybrids offer more range, better tech, and—crucially—qualify for the full $7,500 new credit.

Top Alternatives That Qualify for the Full New Credit

Here are some 2024 plug-in hybrids that do qualify for the full federal tax credit and offer better value than a used Volt—especially if you want new-car peace of mind:

Vehicle	Electric Range (EPA)	Total Range	MSRP	Tax Credit (2024)	Notes
2024 Toyota Prius Prime	44 miles	600+ miles	$32,350	$4,502 (partial)	Stylish redesign; qualifies for partial credit
2024 Ford Escape PHEV	37 miles	500 miles	$37,995	$3,750 (partial)	Good for families; SUV utility
2024 Chrysler Pacifica Hybrid	32 miles	520 miles	$49,995	$7,500 (full)	Only minivan with full credit; great for large families
2024 Hyundai Tucson PHEV	33 miles	420 miles	$39,950	$3,750 (partial)	Strong warranty; modern tech
2024 Kia Sorento PHEV	32 miles	460 miles	$47,890	$3,750 (partial)	Three-row seating; rugged design

Notice something? None of these offer the full $7,500 credit except the Chrysler Pacifica Hybrid. That’s because most PHEVs don’t meet the critical mineral sourcing requirement. The Pacifica is built in Canada with North American-sourced batteries, so it gets both halves.

When a Used Volt Might Still Be the Better Choice

Despite the new options, the Chevy Volt can still be a smart buy—especially if:

• You want more electric range: The Volt’s 53-mile range beats most 2024 PHEVs (32–44 miles). For a 40-mile round-trip commute, you’ll rarely use gas.
• You’re on a tight budget: A $15,000–$20,000 Volt is much cheaper than a $40,000+ new PHEV.
• You value simplicity: The Volt’s tech is older, but it’s rock-solid. No fancy screens or software bugs to worry about.
• You can claim the $4,000 used credit: That’s like getting a free upgrade to a higher trim.

State and Local Incentives: Don’t Forget the Extras

State-Level EV Tax Credits and Rebates

Even if the federal credit doesn’t fully apply, your state might offer extra incentives. These can make a used Chevy Volt even more affordable.

For example:

• California: Offers a $1,000–$2,000 Clean Vehicle Rebate Project (CVRP) for used EVs and PHEVs, depending on income.
• Colorado: $1,500 state tax credit for used EVs/PHEVs under $30,000.
• New York: $2,000 Drive Clean Rebate for new and used PHEVs.
• Oregon: $1,500–$2,500 rebate for used EVs, based on income.

Pro tip: Check your state’s Department of Energy or Environmental Protection website. Some programs are first-come, first-served, so apply early.

Utility Company and Local Incentives

Don’t stop at the state level. Many local utilities offer:

• EV charger rebates: $300–$500 off home charger installation
• Off-peak charging discounts: Save 30–50% on electricity at night
• Free public charging: Some cities offer 1–2 years of free charging at public stations

For example, in Austin, TX, Austin Energy gives a $500 rebate for buying a used EV. In Seattle, Puget Sound Energy offers $250 for charger installation. These add up!

Example: Total Savings on a Used Volt in California

Let’s say you buy a $20,000 used 2019 Chevy Volt in California:

• Federal used credit: $4,000
• California CVRP rebate: $1,500 (if your income qualifies)
• Utility charger rebate: $400
• Total savings: $5,900
• Effective price: $14,100

That’s like buying a $30,000 car for less than half price. Not bad for a reliable, efficient plug-in hybrid.

Long-Term Value: Is the Chevy Volt Still Worth It?

Reliability and Maintenance Costs

Let’s talk real-world ownership. The Chevy Volt has a stellar reliability record. According to Consumer Reports and J.D. Power, it consistently scores above average. The electric motor is simple, and the gas engine only runs when needed—so it’s used less and lasts longer.

Common issues? A few owners report:

• 12V battery failures (easy fix, $100–$150)
• Software glitches (usually fixed with a dealer update)
• HVAC system quirks (rare)

But overall, maintenance costs are lower than average for a car its age. No oil changes needed (the gas engine is used sparingly), and brakes last longer thanks to regenerative braking.

Resale Value and Depreciation

Here’s the downside: the Chevy Volt has depreciated faster than many EVs. Why? Because it was discontinued, and newer models offer more range and tech. A 2017 Volt might have cost $35,000 new—now it’s worth $10,000–$15,000.

But that depreciation is your gain as a buyer. You’re getting a high-quality car at a fraction of the original price. And with the tax credits, it’s even better.

Environmental Impact

If you care about your carbon footprint, the Volt is still a great choice. Even with a small gas engine, it emits less than half the CO2 of a typical gas car over its lifetime. And if you charge it daily, you might never burn gas at all.

Plus, buying used is inherently sustainable. You’re extending the life of a well-built car instead of creating demand for a new one.

Final Verdict: Should You Buy a Chevy Volt in 2024?

So, is the Chevy Volt still good for the electric car tax credit in 2024? The answer is a nuanced “yes, but…”

Yes, if you buy a used 2019–2020 model from a dealership for under $25,000, you can claim the $4,000 federal used vehicle credit. Add state and local incentives, and you could save $6,000 or more. That makes a used Volt an incredible value—especially for city drivers who want electric range without the price tag of a new EV.

But, if you’re looking for a new car, the Chevy Volt is no longer an option. And even among new plug-in hybrids, few qualify for the full $7,500 credit. You’ll get better tech, more range, and new-car warranties with a 2024 PHEV—but at a higher price.

My advice? Buy a used Chevy Volt if:

• You drive 40 miles or less daily
• You want low maintenance and high reliability
• You can claim the $4,000 used credit (and any state incentives)
• You don’t need the latest tech or features

Consider a new PHEV if:

• You want a warranty and modern safety features (like adaptive cruise, lane keep)
• You need more cargo space or seating
• You’re okay with a slightly higher price for the full (or partial) tax credit

At the end of the day, the Chevy Volt may be retired, but it’s far from obsolete. With smart shopping and the right tax credits, it can still be one of the best values in the electric car market in 2024. Just don’t expect it to qualify for the new $7,500 credit. But hey, $4,000 off a $20,000 car? That’s a deal worth driving for.

Frequently Asked Questions

Is the Chevy Volt still eligible for the electric car tax credit in 2024?

No, the Chevy Volt is no longer eligible for the federal electric car tax credit. The credit was phased out after GM reached the 200,000-vehicle sales threshold in 2019, disqualifying the Volt from future incentives.

Can I claim the electric car tax credit if I buy a used Chevy Volt?

Yes, the used electric car tax credit (up to $4,000) may apply for qualifying pre-owned Volts purchased through a dealership. The vehicle must be at least 2 years old and priced under $25,000 to qualify.

Why was the Chevy Volt disqualified from the tax credit?

The IRS removes manufacturers from the credit program after they sell 200,000 eligible vehicles. GM hit this cap in 2019, ending the Volt’s eligibility for the federal incentive.

Are there state-level incentives for Chevy Volt owners in 2024?

Some states offer local rebates or tax credits for plug-in hybrids like the Volt. Check programs like California’s Clean Vehicle Rebate Project (CVRP) for current regional incentives.

Does the Chevy Volt’s plug-in hybrid status affect tax credit eligibility?

Yes. While fully electric vehicles may still qualify, the Volt’s PHEV classification and GM’s sales cap mean it’s excluded from the federal electric car tax credit—even with its electric-only range.

Will the Chevy Volt return to the tax credit program if GM launches a new version?

Unlikely. Even if GM revives the Volt, its 200,000-vehicle cap remains, barring it from the credit. Newer GM EVs like the Equinox EV or Silverado EV are now the focus for incentives.