Updated 11/10/2024  Latest Version of this document is on the web at:  ev.boulderh.com

2024 Rebates for Colorado USED EVs & PHEVs: Useful Links & Info

Note, there are other rebates programs for NEW EVs & PHEVs but this document does not address them.

Boulder Hybrids is a Colorado Licensed Used Car Dealer participating in both programs below pertaining to Used Electrified Vehicles. 

Applicable/Assigned Credits can be Stacked and are Applied as Payments at Time of Purchase.  This means you could Save up to $8,000 on purchase of a used EV or PHEV before you leave the dealership!  Some of the cars we have for sale are close to free (you’ll just pay the sales tax and DMV fees)

Contact sales@boulderh.com for more information.  (720) 513-2427

Our current inventory is at www.boulderh.com but please call with your needs and get on our waiting list since new inventory is always coming in.  Many vehicles get sold before even getting posted to our website.

Here’s what you need to know!

There are now just 2 programs for Used Electrified Vehicles; Colorado VXC, and IRS/Federal.   The previous program through Xcel Energy has been canceled.  You may or may not qualify for both remaining programs depending on your household income and where you live.

Here are the 2 separate programs:

$4,000  Colorado VXC 

Colorado VXC Program (Vehicle Exchange Colorado) aka “clunker” program

• $4,000 voucher towards a used EV or PHEV for giving up your old clunker.
• You must have a valid Colorado Driver's license.
• Replacement vehicle must be sold by a CO licensed car dealer.
• Eligibility restricted by household Income for your county.  
• Must earn LESS than 80% median income of your county. click here for Income spreadsheet
• i.e. compare to first page of your IRS 1040 line 9.   You can use your 2022 or 2023 tax return
• Clunker must be an older gas or diesel powered vehicle 2012 or older (no Hybrids or EVs)
• Clunker Vehicle must be titled in Colorado in your name only and be currently registered (temporary registration is good enough which is easy to get)
• Engine has to start and run.  Rest of car can have issues, it DOES NOT NEED TO PASS EMISSIONS.
• No ownership time limit i.e. you can buy the clunker yesterday, title it then apply for the VXC voucher today.
• Must pre-register and wait for e-voucher from Colorado before purchasing your electrified car.  

• This VXC processing delay is the worst part about all of these programs.
• The VXC application review will take 2-4 weeks so start your application here ASAP

• If you don’t have a clunker, call Boulder Hybrids for guidance on how to find one.

$4,000 (up to)  IRS Federal USED EV or PHEV Tax Credit

• 30% of vehicle selling price up to a max $4,000 credit.  
• Vehicle you are purchasing (EV or PHEV) must sell for $25,000 or less before taxes.
• Purchased vehicle must be 2022 model year or older and have had same owner since Aug 2022
• No pre-registration or voucher application required for IRS rebate. 
• Rebate applied/processed at time of purchase.
• IRS has a higher Income ceiling/eligibility than CO VXC and Xcel Programs.
• https://www.irs.gov/pub/irs-pdf/p5866a.pdf
• https://www.irs.gov/credits-deductions/used-clean-vehicle-credit

As of Nov 9, 2024, The Xcel Energy EV program has been shut down.

No more applications will be accepted, No more funds will be distributed from Xcel, even if you were previously emailed a voucher that has not expired yet.

$3,000  Xcel Energy - Electricity Customer 

If you use Xcel Energy as your electricity supplier you can get another $3000 e-voucher.

• Similar income restrictions apply to the VXC program.
• Voucher can be applied for right away, without an existing vehicle if you are an Xcel customer.
• The Xcel account must be in your name.  I.e.  If it’s in a housemate's name, change the billing name to your name before applying for Xcel vehicle voucher here.   You can always change the billing name back after you get your new vehicle.  There is also a separate Xcel program for financial assistance to install a home EV charger here
• Usually takes around 10 days to obtain the Xcel vehicle voucher.  

Other Frequently asked Questions;

WILL I GET $8,000 OF THE PRICE OF A USED ELECTRIFIED VEHICLE AT TIME OF PURCHASE?

Not quite.   If you qualify, the $8,000 is treated as payment to the bottom line, not a discount off the price of the car.  For example, if you are buying a $20,000 car, appropriate sales tax will first be added to the $20,000 then $8,000 is taken off the total amount due.   Think of the $8,000 as a payment voucher or gift card.

Sales tax rates on vehicles vary in Colorado based on your address.  You can lookup your specific tax rate here: CO Sales Tax Lookup  Boulder Hybrids WILL APPLY the discounts before you leave the dealership.

I HAVE A QUALIFYING CLUNKER AND WANT TO BUY AN ELECTRIFIED CAR TODAY

Hold your horses!  First you need to first get a VXC voucher from Colorado/APTIM before you can take delivery of your new vehicle.  This will take 2-4 weeks so apply here ASAP 

I’M NOT SURE YET IF AN EV OR PHEV IS BEST FOR ME

You should still apply before the vouchers run out.  You DO NOT have to REDEEM the voucher.  If you change your mind and keep your old car you can return the voucher to APTIM without any penalties.

WHAT IS THE DIFFERENCE BETWEEN AN EV AND PHEV?

EV = Fully Electric Vehicle.   PHEV = Plug In Hybrid Electric Vehicle.  

PHEVs have a gas hybrid engine as well as a battery and can be plugged into the wall to charge.  They usually have a 15-50 mile all electric range (depending on model) then they seamlessly switch to Gasoline Hybrid mode when their battery is depleted.  PHEVs are often a better option for one car households since they have no range limitations.

If the car you are thinking of buying DOES NOT PLUG INTO THE WALL it is NOT ELIGIBLE for any of these rebates.  I.e. Regular Hybrid vehicles like the Toyota Prius and regular gas powered cars do not qualify for any of these rebates/credits in Colorado.

ONE, SAME PERSON NAME FOR EVERYTHING

• Everything must be in ONE PERSONS NAME ONLY.   If your clunker has a co-owner on the title, get a new title from your county DMV with only your name on it.
• The name on you clunker title must match the name on your Colorado Drivers license EXACTLY i.e. if the name on your license is “Jane Mary Smith” you cannot title the car under “Jane M Smith”.
• Make sure your Xcel account has only your name on it.
• The replacement electrified car you buy must have only your name on the paperwork (you can add a co-owner later at the DMV if desired)

CAN I BUY USED VEHICLE FROM A PRIVATE PARTY?

No, these programs are only available if you purchase the EV / PHEV from a licensed CO car dealer like Boulder Hybrids.  However, if you find a great deal from a private seller anywhere in the country there is a possible workaround.  Call Boulder Hybrids for more info.

YOU CANNOT BUY FROM “A FLIPPER”

The vehicle you are purchasing must have had the same ownership since August 2022 to qualify for IRS federal rebate.  (sales to/between licensed dealers do not count)

Contact sales@boulderh.com for more information.  (720) 513-2427

Our current inventory is at www.boulderh.com but please call with your needs and get on our waiting list since new inventory is always coming in.  Many vehicles get sold before even getting posted to our website.