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The List Is In: Electric Cars and Plug-In Hybrids That Qualify for US Federal Tax Credits In 2024

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Category: CAValier Lifestyle
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Car driving at dusk.
Front passenger side of the 2023 Cadillac LYRIQ driving at dusk. Image Credit: Cadillac

The Chevy Bolt, Ford F-150 Lightning, and Tesla Model 3 are among the 11 electric vehicles (EVs) that get the full $7,500 credit. Oh, and guess what? The base-model Bolt 1LT can cost as low as $19,995 with the tax credit and destination fee. Notably, the Ford F-150 Lightning now has more versions that qualify for big MSRP discounts, and even the Tesla Model X is eligible. And hey, here's a fun fact: the Tesla Model 3 is the only vehicle recommended by Consumer Reports that still gets the full credit.

A partial credit of $3,750 will be allocated to eight vehicles, like the Ford Mustang Mach-E and certain plug-in hybrid (PHEV) cars. The credit for some vehicles, such as the Chevrolet Volt and Tesla Model S, has been reduced to $1,875. These changes are based on differences in production volume and market share among automakers. If a company has sold more EVs, they may qualify for a smaller tax credit, whereas those with fewer sales can get the full amount.

Let us shut up for a moment. Here is the full list...

Electric Cars and Plug-In Hybrids That Qualify for US Federal Tax Credits In 2024

  • Cadillac Lyriq (2023 and 2024 model years)
  • Chevrolet Bolt (2022 and 2023 model years)
  • Chevrolet Bolt EUV (2022 and 2023 model years)
  • Chevrolet Blazer (2024 model year)
  • Chevrolet Equinox (2024 model year)
  • Chevrolet Silverado EV (2024 model year)
  • Chrysler Pacifica PHEV (2022, 2023, and 2024 model years)
  • Ford F-150 Lightning (2022 and 2023 model years)
  • Lincoln Aviator Grand Touring PHEV
  • Tesla Model 3 Long Range AWD, Performance, and Standard Range RWD (2022 and 2023 model years)
  • Tesla Model X Long Range (2023 model year)
  • Tesla Model Y All-Wheel Drive, Long Range, and Performance (2022 and 2023 model years for All-Wheel Drive and Long Range, 2022 model year only for Performance)
  • Volkswagen ID.4 (2023 model year)

Check the specs to be sure you get the full credit. It sounds crazy but the same make and model and year of a Tesla could get different credit amounts based upon where that particular car was manufactured. 

Besides the federal tax credit, there are also some states that give their own perks for buying electric vehicles. California, Connecticut, and New York are among the 14 states that offer rebates or tax credits to encourage people to go for EVs. These incentives can range from a couple of hundred bucks to as much as $5,000, which makes electric vehicles more pocket-friendly and appealing to consumers.

With the growing focus on clean energy solutions to combat climate change, electric vehicles are becoming more popular. The federal tax credit is a great incentive that can help make buying an EV more affordable for consumers, leading to wider adoption of these eco-friendly vehicles.

With the Treasury Department's updated list of qualified electric vehicles and various state incentives, there are more opportunities than ever for individuals to make the switch to an electric car or plug-in hybrid. Still, it's important to do thorough research and stay updated on any changes in tax credits and incentives to make an informed decision about purchasing an electric vehicle. By doing so, we can all contribute to reducing our carbon footprint and creating a more sustainable future. So, if you're considering buying or leasing an EV in the next few years, keep an eye out for these incentives and make the switch to cleaner transportation. 

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