Buying an EV just got a bit more expensive
We get that there are many out there who are still skeptical when it comes to purchasing an electric vehicle (EV). We imagine that one of the reasons is due to the fact that charging an EV still isn’t quite as convenient compared to refueling a car the traditional way, but we are getting there.
EVs are expected to become the new standard of motor vehicles in the future and if you’d like to get your hands on one, you might want to take note that buying one just got a little bit more expensive. This is due to revised IRS guidelines announced last month in which there are now fewer EVs that qualify for the full $7,500 in federal tax credit.
This means that those hoping to save some money through this tax credit will now have less EVs to choose from. The good news is that not all vehicles have been taken off this list. There are still six models that qualify for the full $7,500 in tax credit and that includes the Cadillac Lyriq, Chevy Bolt, Chevy Bolt EUV, some Tesla Model 3 models, some Tesla Model Y models, and the Ford F-150 Lightning.
If none of those models sit right with you, you can opt for other EVs not on the list and get $3,750 in tax credit, but there must be certain requirements that have to be met. Keep in mind that these guidelines can change over time so if you are thinking of buying an EV, you might want to move quickly.
In the meantime, if you want to see if the EV you’ve chose qualifies for the full $7,500 in tax credit or $3,750 in half credit, you can head on over to the US Department of Energy’s website and check the model you’re looking at.
Source: Engadget