Or is a plug-in hybrid more for you? They split the difference between a hybrid and an EV, with a rechargeable battery that provides 20 to 40 miles of electric range before transitioning to regular hybrid operation. So it’s important to understand how they work, and to match their strengths with your driving needs and preferences.įor instance, should you stick with a traditional gasoline-electric hybrid that never needs to be plugged in? They’re fuel-efficient, and most are reliable, but they aren’t emissions-free.
These models provide energy-efficient transportation while lowering or eliminating tailpipe emissions, diminishing noise, and reducing operating costs.īut living with an electrified vehicle-especially a pure EV-is different from owning a typical gasoline model. The rollout of new EVs, plug-in hybrids, and traditional hybrids is good news if you’re looking for an alternative-fuel vehicle. In fact, a few dozen all-new, pure electric models are set to debut by the end of 2024. To claim the credit, you'll need to provide your vehicle's VIN on a specific form with your taxes.The pandemic has slowed auto production, but not carmakers’ plans for new electrified vehicles. This list is for vehicles purchased new and driven off lots after April 18. The rules were in flux between the bill's passage into law and the full set of rules being released by the Treasury Department. The tax credits are meant to incentivize the auto industry to move their supply chains and invest in electric vehicle development in the US. For a buyer to be eligible, they'll need to meet certain income requirements and use the car primarily in the US. Credit qualifications are determined by the vehicle's sticker price ($80,000 for vans, SUVs, and trucks and $50,000 for everything else) and whether it was assembled in the US.
The list also details which electric vehicles qualify for half the credit, or $3,750. The US Treasury Department has updated its list of electric and plug-in hybrid vehicles that qualify for up to $7,500 of EV tax credits, which stem from the massive Inflation Reduction Act passed in August 2022.Īmong eligible vehicles are the Tesla Model 3 and Tesla Model Y, both qualifying for the full tax credit. Account icon An icon in the shape of a person's head and shoulders.
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