You may have heard some rumor that buying a Ford EV qualifies for a federal tax credit. With legal and regulatory changes, you might wonder whether that’s still true. Good news – it is. Today, O’Brien Ford of Shelbyville is taking a closer look at what you might qualify for when buying or leasing a new Ford electric vehicle and the eligible models.
What Are the Federal EV Tax Credit Requirements?
As EVs become increasingly popular, the U.S. government offers tax credits to incentivize vehicle manufacturers and potential customers. You’re probably wondering what the catch is, and there are a few of them.
- The highest credits apply to new EVs.
- Each must meet or exceed a seven kWh minimum of battery capacity.
- Sedans and hatchbacks must have a maximum MSRP limit of $55,000, while SUVs must have $80,000.
- To qualify for the first $3,750 tax credit, a predetermined portion of the EV battery pack must be assembled in the USA; to get the full $7,500, it must also meet strict mining regulations.
- The rules differ for leased or used vehicles; income restrictions also apply.
Your Ford dealer will help you navigate these requirements. We also suggest talking to your accountant or tax preparer.
Which Ford EV Models Qualify For The Tax Credit?
Currently, two different Ford EV models qualify for a tax cut. Because the Ford Escape Plug-in Hybrid is not a full EV, it qualifies for a $3,750 tax credit. The all-electric Ford F-150 Lightning can be eligible for the full $7,500 credit. The Ford Mustang Mach-E no longer qualifies.
Test-Drive and Purchase a Ford EV in Shelbyville, KY
Any major purchase raises questions. When that purchase involves federal regulations, the number of questions seems to increase exponentially. For answers you can trust and an excellent selection of innovative and efficient Ford models, visit O’Brien Ford of Shelbyville today.
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