Colorado Launches New Vehicle Exchange Program to Increase Number of Electric Vehicles

Drivers can apply for incentives to trade in their gasoline-powered vehicles for an electric vehicle. 

The state’s new Vehicle Exchange Program kicked off September 7th and is intended to provide rebates that will help cover the up-front costs of buying or leasing an EV. The average cost of an EV is said to be $54,000. 

Drivers who qualify for the program will receive a rebate of $4,000 to $6,000 for a used or new EV, respectively, at the time of acquisition from an authorized dealer. 

The goal of the program is to increase the number of EVs on Colorado roads to more than 940,000; currently, the number stands at just under 73,000.