Using tax credits and rebates to your advantage could save you thousands on a new electric vehicle [Video]

While electric-vehicle prices have come down in the past year, affordability is still an issue for US buyers.

According to Cox Automotive, new EVs sold for an average of $56,328 in September, while the average price paid for any new car was $48,397.

Such high pricing is making it harder for a new wave of shoppers to commit to an electric car, but federal and state tax credits that give you money back for buying an EV could mean you’re in luck if you’re looking to plug in. You just need to know how to cash in.

New requirements for a $7,500 federal tax credit under the Inflation Reduction Act went into effect at the start of this year. The revised rules limited the number of EVs on the market that qualify for the credit, but more vehicles are expected to qualify as automakers adjust. In the meantime, …