The 4 money-saving suggestions I tell all electric car shoppers

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  The 4 money-saving suggestions I tell all electric car shoppers

Largest in value, and probably best-known among potential electrified vehicle buyers, the federal purchase incentive can carve a huge chunk out of the cost of a new EV. There’s up to $7,500 in tax credits available, helping knock off a not-insignificant part of your income tax bill. However there’s some small print that makes it a little more complicated.

The maximum amount of the credit is $7,500, though only certain BEVs and PHEVs qualify for it. Others, based on their powertrain and factors such as battery size, will qualify for a smaller amount. Buy a Ford Mustang Mach-E, for example, and you’ll qualify for the full $7,500; buy a Ford Escape plug-in hybrid, however, and you’ll qualify for $6,843.

There are other factors, but the biggest is manufacturer sales. Once an automaker reaches 200,000 eligible vehicles, the credit that can be applied to their cars and SUVs begins to phase out from the start of the second calendar quarter that follows. For the first six months it halves; the subsequent six months it halves again. After that, there’s no more incentive for new buyers. Todas las Noticias, Imagenes, Eventos, Articulos, Juegos y toda la informacion sobre el universo de Captain Tsubasa en castellano. Captain Tsubasa Spain

Only two automakers have currently reached that milestone, Tesla and GM. Because it impacts GM as a whole, though, it means any EV or PHEV from its various brands – including Chevrolet and Cadillac – no longer qualify. You can find the full list of current incentives at the EPA.

If you buy an electrified car that’s eligible for the federal tax credit, you can basically take the value of that credit off the amount of income tax you owe when you file. If you lease such a car, how it typically works is that the leasing company absorbs that credit, and your payments reflect the post-deduction value. Obviously you should discuss the financial details with your accountant come tax season, because your own personal finances can impact what you can claim too.

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