If you’ve been holding off on buying an EV because of concerns about getting your EV tax credit, now is the perfect time to buy!
For 2024, the $7,500 EV tax credit is instantly applied to your purchase!
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How does the updated EV tax credit work?
The new EV tax credit, or clean vehicle tax credit, can be applied directly to your vehicle purchase in the form of an instant rebate, giving you an immediate $7,500 off your purchase! Previously, you would have to wait until the next tax season to claim the credit.
What are the qualifications for the updated EV tax credit?
Vehicle Qualifications:
Not all EVs will qualify for the updated EV tax credit, but many EVs do. Additionally, some EVs that do not meet certain criteria for the full EV tax credit can qualify for a partial tax credit. The qualifications below are some of the most notable qualifiers for an EV to be eligible for the full tax cedit.
- EV trucks, SUVs, and vans must have an MSRP of $80,000 or less.
- EV passenger cars must have an MSRP of $55,000 or less.
- Used EVs must have a price of $25,000 or less.
Other determining factors include the manufacturing specifications of a particular EV model. Continue reading to see which vehicles you can find at DriveHH.com that qualify for an EV tax credit.
Annual Income Limits:
Eligibility for the EV tax credit does have some annual income qualifications. Most buyers should fall within these guidelines and have a high likelihood of acquiring an EV tax credit on their purchase.
New EVs:
- Single or filing separately: $155,000.
- Head of household: $225,000.
- Married, joint filing: $300,000.
Used EVs:
- Single or filing separately: $75,000.
- Head of household: $112,500.
- Married, joint filing: $150,000.
Personal Qualifications:
Beyond the vehicle MSRP and specifications and annual income of the buyer, there are a few more qualifying factors for acquiring the EV tax credit on your EV purchase, which pertain to the usage of the vehicle.
New EVs:
- You must buy the vehicle for personal use, not for resale.
- You must use the vehicle primarily in the U.S.
Used EVs:
- You must be an individual buying the vehicle for use, not for resale.
- You cannot be the original owner.
- You cannot be claimed as a dependent on another person’s tax return.
- You cannot have claimed another used clean vehicle credit in the 3 years before the purchase date.
What vehicles qualify for the new EV tax credit?
At DriveHH.com, you can select from any of the following vehicles to get a tax credit on your purchase!
Full $7,500 Tax Credit:
- 2022 and 2023 Chevrolet Bolt and Bolt EUV (MSRP $55,000 and below)
- 2024 Chevrolet Blazer EV (MSRP $80,000 or below)
- 2022–2024 Chrysler Pacifica Hybrid PHEV (MSRP $80,000 or below)
Partial $3,750 Tax Credit:
- 2022–2024 Jeep Grand Cherokee 4xe (MSRP $80,000 or below)
- 2022–2024 Jeep Wrangler 4xe (MSRP $80,000 or below)
How do I get the new EV tax credit?
Select your favorite EV from our selection at DriveHH.com, fill out the lead form, and get connected with a Sales Advisor at one of our H+H dealerships!
Finding your dream EV for less has never been so easy!
