Unlock the Best Time to Buy an Electric Vehicle: Top Reasons to Make the Switch

Trump’s Team May Kill the Federal EV Tax Credit: What You Need to Know

The days of enjoying a $7,500 rebate on EV purchases may be numbered. The federal EV tax credit, a long-standing incentive for many to opt for electric vehicles over their gas-powered counterparts, is under threat. The credit has been a game-changer for many, especially for those looking to transition from traditional gas-powered vehicles to more eco-friendly alternatives.

The Best Models That Currently Qualify

If you’re in the market for an EV, you may want to act fast. The likes of the Tesla Model 3 and Model Y, Kia EV6, and Hyundai Ioniq 5 are just a few of the many models that currently qualify for the tax credit. These popular EVs are known for their impressive range, features, and affordability.

How to Take Advantage of the Federal EV Tax Credit

To fully benefit from this incentive, keep these guidelines in mind:

• North American origin: Only vehicles manufactured in North America qualify.
• Price cap: The vehicle’s MSRP must be under $55,000 for sedans and hatchbacks or $80,000 for SUVs and trucks.
• Leasing: You can still get the credit if you lease a vehicle instead of buying one.
• Plug-in hybrids: These vehicles may also qualify, but traditional hybrid cars do not.

Income Limitations

When it comes to income, the following limits apply:

• Single or married, filing separately: $150,000
• Head of household: $225,000
• Married, filing jointly: $300,000 (for new EVs)
• Half these amounts for used EVs

What’s Next?

While the Trump administration’s plan to kill the EV tax credit is yet to be confirmed, it’s essential to consider the potential impact on the market. Many manufacturers have built plants in the US to ensure their vehicles qualify for the credit. If the plan goes ahead, it could affect the availability of EVs in the future.

What You Can Do Now

If you’re planning to buy an EV, do your research and explore the best models that currently qualify. Take advantage of the tax credit while it’s still available, and consider leasing or buying a plug-in hybrid vehicle. Stay informed about the latest developments in the automotive industry to make the most of this incredible market.