Which EVs Qualify For A Tax Credit?
Charge Forward With Savings: Navigating The 2024 EV Tax Credits
The exciting world of electric vehicles is becoming more accessible than ever, thanks to the generous tax credits offered by the federal government. But with recent updates to the program, navigating the landscape can feel overwhelming. At Mike Castrucci Ford of Alexandria, we're here to demystify the EV tax credits for 2024 and guide you toward the perfect Ford EV that qualifies for tax credit to maximize your savings and adventurous lifestyle.
Charging Up Your Knowledge: EVs That Qualify for Tax Credit
Looking to unlock the benefits of the EV tax credit? Not all electric vehicles qualify. Here's a breakdown of eligible Ford EV models:
- Fully Electric Vehicles (BEVs): These zero-emission powerhouses like the Ford F-150 Lightning qualify for a $7,500 EV tax credit, provided they meet specific MSRP and battery capacity requirements.
- Plug-In Hybrid Electric Vehicles (PHEVs): Enjoying both electric and gasoline power, models like the Ford Escape Plug-In Hybrid qualify for a partial EV tax credit of $3,750.
Understanding the EV Tax Credit 2024 Changes
The EV tax credit landscape underwent some significant changes in 2024. Here are the key points to remember:
- Specific Models: The Ford Mustang Mach-E no longer qualifies for EV tax credits.
- MSRP limits: BEVs must have an MSRP of $80,000 or less for SUVs, vans, and trucks, and $55,000 or less for all other vehicles to qualify for the full credit.
- Manufacturer cap: Each manufacturer is limited to delivering 200,000 eligible vehicles before their models no longer qualify for the full EV tax credit. As of October 2023, Tesla and General Motors have reached this cap, affecting some of their models.
- Income limits: Individual taxpayers with modified adjusted gross income (MAGI) exceeding $150,000 and joint filers exceeding $300,000 may see the credit phased out.
Navigating the New Landscape
While the changes might seem complex, our team at Mike Castrucci Ford of Alexandria is here to help. We can guide you through the eligibility criteria, explain the latest updates, and ensure you choose the perfect Ford EV that qualifies for tax credit to maximize your savings.
Drive Electrified, Save Wisely
Embracing the electric future with Ford doesn't just mean enjoying sustainable driving; it means unlocking significant financial rewards. With our expert guidance, you can confidently navigate the 2024 EV tax credit landscape and choose a Ford EV that perfectly aligns with your needs and budget. Visit Mike Castrucci Ford of Alexandria and take a test drive of a Ford EV that qualifies for tax credit in Alexandria, KY.
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Mike Castrucci Ford Alexandria
7400 Alexandria Pike
Alexandria, KY 41001
- Sales: (855) 299-1953
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