The new tax rules have kicked in and only 8 EVs still qualify for the full 7500 dollar tax credits. Find out which EVs are eligible for the maximum credit and if your EV is on the list.
Cadillac Lyriq, Chevrolet Blazer, Chevrolet Bolt and Bolt EUV, Chevrolet Equinox and Chevrolet Silverado, Ford F-150 lightning, Tesla Model 3 and Tesla Model Y are the only EVs that can still get you the full 7,500 dollar tax credit.
EVs like Nissan Leaf and Volkswagen ID.4 have lost their full tax credit. Certain EVs will get you a tax credit of 3,750 dollars whereas some pre-owned EVs can get you 4,000 dollars in tax credit.
The drivers are still eligible for a tax credit as long as the price of their sedan is less than 55k dollars or less than 80k dollars in the case of SUVs and vans.
The average EV price in February 2023 was 58,385 dollars and in March it went up to 58,940 dollars. If the US wants to reduce its dependence on fossil fuels then they need to do something about the affordability of EVs.
The Biden administration also wants to reduce the dependency on foreign nations for materials required for EV batteries. This in part is also the reason why so many automobile companies are no longer eligible for tax credits or the whole figure of 7.5k dollars.
As you that, new tax rules have kicked in and only 8 EVs still qualify for the full 7500 dollar tax credits. However, if you want to look at the EVs and hybrids that no longer qualify for government tax credits then here they are:
- BMW 330e
- Nissan Leaf models â€” including the S, S Plus, SL Plus, SV, and SV Plus
- Volvo S60 models â€” including the Extended Range and T8 Recharge
- Audi Q5 TFSI e Quattro
- BMW X5
- Chrysler Pacifica
- Ford Escape Plug-In
- Lincoln Aviator Grand Touring
- Rivian R1S
- Rivian R1T
- Volkswagen ID.4 models â€” including the Pro, Pro S, S, AWD Pro, and AWD Pro S
When it comes to partial tax credits the list comprises four hybrids and three EVs and those are the Ford Escape, Jeep Grand Cherokee, Jeep Wrangler, Lincoln Corsair Grand Touring, Ford E-Transit, Mustang Mach-E, and Tesla Model 3 Standard Range.
So now when you decide on your next EV you might want to consider the names in various lists before you settle on the one you wish to get.