The EV Tax Credit Now Acts Like an Instant Rebate
The EV Tax Credit Now Acts Like an Instant Rebate
Changes to the EV tax credit in 2024 allow an immediate discount on an EV purchase -- but there are additional requirements that shorten the list of eligible EVs.
Changes to the EV tax credit in 2024 allow an immediate discount on an EV purchase -- but there are additional requirements that shorten the list of eligible EVs.
The Clean Vehicle Tax Credit -- up to $7,500 for electric vehicles -- can now be used at the point of sale like an instant rebate.
Effective this year, the changes may help steer more potential buyers toward EVs and away from gas-powered vehicles. "The tax credit -- most Americans still aren't aware of it," said Loren McDonald, CEO of the analyst firm EVAdoption. "That's why the point of sale [change] is important."
But as of early 2024, the changes are a bit of a mixed bag for consumers. While the changes do mean you can save money immediately on an EV purchase versus waiting for your tax return, it limits your EV options, too. Price caps, income requirements, dealership participation and battery sourcing requirements have caused the 2024 list of eligible EVs to shrink -- at least for now.
Isn’t the list of cars that are eligible only like 5 or so?
It's only 4… that's really disappointing.
As for qualifying models currently in production, there's the F-150 Lightning, the Tesla Model 3, the Model X, and the Model Y.
(Source)
As for qualifying models currently in production, there’s the F-150 Lightning, the Tesla Model 3, the Model X, and the Model Y.
Even THAT list isn't totally accurate.
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Tesla Model 3 RWD doesn't qualify
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Tesla Model 3 LR doesn't qualify
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Tesla Model 3 performance DOES qualify
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Tesla Model X Plaid doesn't qualify
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Tesla Model X LR DOES qualify
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F-150 Lightning Limited doesn't qualify
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F-150 Lightning all other models configured under $80k qualify
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