If you’re interested in reducing your carbon footprint, an electric vehicle can be a great start. With additional perks ranging from Chevy Bolt incentives to tax credits, there are lots of reasons to make the switch. Heritage | MileOne Autogroup is providing all the details.
Federal Tax Credit
Car buyers may qualify for a nonrefundable tax credit, which is offered to taxpayers that purchase a qualifying electric vehicle (EV) or plug-in hybrid electric vehicle (PHEV). You’re eligible for a tax credit of up to $7,500 if you purchase a new vehicle. If you purchase a pre-owned vehicle, you may qualify for a credit of up to $4,000.
Claiming the Credit
You can choose to claim the credit on your taxes or you can transfer the credit to an eligible dealer and receive an immediate discount at the time of purchase. To qualify, you must fall under the income thresholds. Your EV must also meet the IRS specifications.
Which Vehicles Qualify?
In order to qualify, the vehicle must have had its final assembly in North America. Also, its MSRP must be under $80,000 (or under $55,000 if it’s a sedan or passenger car). Used vehicles must be $25,000 or less. Depending on the trim level you choose, these vehicles currently qualify:
- Acura ZDX
- Cadillac LYRIQ, Cadillac OPTIQ, and Cadillac VISTIQ
- Chevy Blazer EV, Chevy Equinox EV, and Chevy Silverado EV
- Chrysler Pacifica PHEV
- Ford F-150 Lightning
- Honda Prologue
- Jeep Wagoneer S
- Kia EV6 and Kia EV9
- Tesla Cybertruck, Tesla Model 3, Tesla Model X, and Tesla Model Y
Explore Our EV Inventory Near Baltimore, MD
EVs are also eligible for many local incentives. Plus, there are also often manufacturer incentives available. If you’re interested in a particular vehicle or offer, don’t wait and stop by Heritage | MileOne Autogroup to shop today!