Power Up Your Savings: EVs That Qualify For Tax Credits In 2024
The electric vehicle revolution is surging forward, driven by technological advancements, a growing focus on environmental responsibility, and — wait for it — significant tax credits! If you’re considering switching to an electric car in 2024, you’re in luck. The U.S. government offers attractive tax credits to incentivize the purchase of EVs, making them more affordable than ever before. But with various brands and models available, navigating the world of EV tax credits can feel overwhelming. Here at Moon Township Ford, we’re dedicated to helping you understand the landscape of EVs that qualify for tax credits in 2024 and guide you toward the perfect electric Ford for your needs. Buckle up and get ready to discover the exciting world of electric vehicles and the tax savings that come with them!
EVs That Qualify for Tax Credit in 2024: Unveiling Your Options
The restrictions for EVs qualify for tax credits in 2024 were tightened, however, it’s easier to access these credits since they can now be applied directly at purchase. To qualify, the Ford EV must meet specific battery capacity, MSRP, materials sourcing, and assembly requirements, along with income requirements for buyers. Here’s a breakdown of the exciting Ford options that qualify for tax credits in 2024.
The Eco-Friendly Ford Escape Plug-In Hybrid
If you’re looking for a versatile and fuel-efficient option, the Ford Escape Plug-In Hybrid is a fantastic choice. This hybrid SUV combines a powerful electric motor with a gasoline engine, offering the ability to drive on electric power alone for shorter commutes and a seamless transition to the gasoline engine for longer journeys. The Ford Escape PHEV allows you to experience the benefits of electric driving while enjoying the flexibility of a gas-powered backup, all while potentially qualifying for a tax credit.
The Ford F-150 Lightning: Electrifying Every Job
The iconic Ford F-150 gets a revolutionary makeover with the all-electric Ford F-150 Lightning. This powerhouse truck delivers incredible power, impressive towing capacity, and innovative features, making it ideal for work and play. The Ford F-150 Lightning redefines what a truck can be and, with its electric drivetrain, could qualify for a substantial tax credit in 2024.
EV Tax Credit 2024 Changes: Understanding the Updates
The Inflation Reduction Act of 2022 fundamentally changed the EV tax credit program for 2024 and beyond. Here’s a quick rundown of what you need to know.
Increased Credit Amounts: The maximum federal tax credit for qualifying EVs has increased to $7,500 in 2024. This translates to potentially significant savings on your new electric Ford.
Battery Requirements: To qualify for the full credit, the EV’s battery pack must contain a certain percentage of critical minerals sourced from North America or a free trade agreement country.
New Income and MSRP Limitations: To qualify for the EV tax credit, you must be under the income and vehicle MSRP caps. Taxpayers filing individually with a modified adjusted gross income exceeding $150,000 and joint tax filers exceeding $300,000 may see the credit phased out. However, for the EV to qualify for tax credit, the vehicle you choose must also be under the MSRP cap. Fully electric vehicles must have an MSRP of $80,000 or less for SUVs, vans, and trucks, and $55,000 or less for electric sedans, hybrids, and plug-in hybrids to qualify for the full credit.
Powering Up Your Future with Moon Township Ford
The world of electric vehicles is brimming with exciting possibilities, and the tax credits available in 2024 make them more attractive than ever. At Moon Township Ford, we’re here to spill the scoop on EVs that qualify for tax credits, and we’re passionate about helping you discover the perfect electric Ford that aligns with your needs and budget. Whether you’re drawn to the versatility of the Ford Escape PHEV or the revolutionary capabilities of the Ford F-150 Lightning, we have an electric Ford waiting to take you on your next adventure. Visit Moon Township Ford today and explore our selection of EVs that qualify for tax credits in 2024. Our team can answer all your questions about electric vehicles and the tax credit program, empowering you to make an informed decision and save big on your new electric Ford. Let’s pave the way for a more sustainable future together!
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