With electric vehicles (EVs) becoming increasingly popular, the EV tax credit remains a crucial incentive for prospective buyers looking to make the switch to eco-friendly transportation and look for vehicles eligible for EV tax credit.
What Makes Vehicles Eligible for the Incentive?
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Not all electric cars qualify for this tax credit, making it essential for consumers to know the vehicles eligible for EV tax credit. Under the current guidelines for vehicles eligible for EV tax credit, the EV tax credit allows buyers to receive up to $7,500 for purchasing a new electric car, while used EV buyers may still claim a credit of up to $4,000. To qualify for vehicles eligible for EV tax credit, both the vehicle and its manufacturer must meet specific requirements, including sourcing battery minerals from the U.S. or countries with free trade agreements with the U.S., as well as assembling or manufacturing the batteries within the U.S. Here is the comprehensive list of vehicles eligible for EV tax credit: BMW’s 2024 X5 xDrive50e plug-in hybrid, Cadillac’s 2023-2024 Lyriq, Chevrolet’s 2024 Blazer EV, 2022-2023 Bolt EV, 2022-2024 Bolt EUV, 2024 Equinox EV, and 2024 Silverado EV.
Up to $7,500 Savings: Check Out the Full List of Vehicles Eligible for EV Tax Credit
Qualification Requirements for Eligible Vehicles (PHOTO: SlashGear)
Chrysler’s 2022-2023 Pacifica plug-in hybrid, Ford’s 2022-2023 Escape plug-in hybrid, 2022-2023 F-150 Lightning, 2022-2023 Mustang Mach-E, and 2022-2023 E-Transit are also eligible. Additionally, Jeep’s 2022-2023 Grand Cherokee 4xe plug-in hybrid and 2022-2023 Wrangler 4xe plug-in hybrid, Lincoln’s 2022-2023 Aviator Grand Touring plug-in hybrid and 2022-2023 Corsair Grand Touring plug-in hybrid, as well as Rivian’s 2023 R1T and 2023 R1S meet the requirements. Lastly, Tesla’s 2022-2023 Model 3 and 2022-2023 Model Y, along with Volkswagen’s 2023 ID.4, are on the list of vehicles eligible for ev tax credit. As the EV market continues to grow, staying informed about the vehicles eligible for EV tax credit is crucial for potential buyers aiming to maximize the benefits of this incentive. Keep in mind that the list of vehicles eligible for EV tax credit may change over time, so it’s essential to verify the qualification status of the specific EV you intend to purchase to ensure you can take full advantage of the available tax credit.
