$7500 EV Tax Credit
Carolina Kia is a family-owned business and we are dedicated on keeping our customers informed about the latest vehicle news. Have you heard about one of the best perks about buying an electric vehicle? You may qualify to get a $7500 tax credit on your annual tax return! However, not all vehicles qualify anymore, so one of the most common questions we get is, what cars still get the $7500 EV tax credit? Let’s answer that question!
Does my vehicle qualify for the full 7500 EV tax credit?
Buying an electric vehicle comes with the benefits of less money spent on gasoline, less of a carbon footprint on planet earth, and a better vehicle for our environment. The United States and individual states and cities recognize this huge help to the environment and that is why they offer an EV tax credit.
When purchasing an electric vehicle, the price tag could be intimidating compared to traditional gasoline driven vehicles and hybrids. But when you consider that you could get up to a $7500 EV tax credit, it makes it more of a price contender with the other vehicles. However, it should be noted that not every electric vehicle receives the tax credit or receives the whole $7500 credit.
For example, Tesla has a cap of 200,000 vehicles that can receive the full $7500 credit which it is close to, and may have passed depending on when you are reading this. The EV tax credit is based on vehicle size and battery capacity. This explains why plug-in hybrids like the Honda Clarity qualify but the Toyota Prius Prime would not.
The vehicles that are still eligible (AT THE TIME OF THIS WRITING) for the full $7500 EV tax credit are:
- BMW i3
- Chrysler Pacifica Hybrid
- Fiat 500e
- Honda Clarity Plug-in Hybrid
- Hyundai Ioniq Electic
- Hyundai Kona Electric
- Jaguar I-Pace
- Kia Soul EV
- Nissan Leaf
- Smart Fortwo Electric Drive
- Volkswagen eGolf
Note that you can sometimes get up to $7500 EV tax credit plus state and local incentives. To find if your vehicle qualifies for the tax credit, visit fueleconomy.gov.
When applying for the incentive, it will not be like sending in a rebate. You would have to apply for it when you are completing your annual tax return. The form that will need to be filled out is the IRS Form 8936. Sometimes online tax programs do not offer this form so make sure you double check before going through their program.
Carolina Kia is here to help you with your vehicle needs!
Our dealership puts an extra emphasis on customer service. We are happy to help you purchase a new vehicle, a preowned vehicle, or have your vehicle serviced by our expert technicians. If you have questions for us or would like to purchase an electric vehicle, we will be happy to assist you.
When you purchase a new vehicle at our dealership, you also leave with a gift from us, the Carolina Advantage plan. This plan features a Lifetime Powertrain Warranty, 1 year of oil changes and tire rotations, complimentary car wash with each service and more. Don’t miss out on this amazing plan!
We invite you to visit our dealership located at 2445 N Main Street in High Point. You can also give us a call at (866) 824-7081 to schedule a personal appointment and test drive. We look forward to helping you with your vehicle needs!