If you are thinking this is the year to buy an electric vehicle, the rules just got more complicated.
Consumer reporter John Matarese explains why some will no longer qualify for tax credits.
For 2024, there is good and bad news for buyers.
The good: dealers will now be able to give you that tax credit at purchase time. You won’t have to wait to claim it on next year’s taxes.
But now the bad news: That EV you want may no longer have a tax credit.
As of January 2024, several EVs no longer qualify for tax credits including:
Ford Mustang Mach E
Volkswagen ID/4
Nissan Leaf
It all has to do with the country of origin, but more specifically it comes down to the battery. Not where the vehicle was built but where the battery comes from.
Batteries made in China will no longer make the cut.
Some popular models, however, still qualify for the full $7,500 credit including:
Ford F150 Lightning
Chrysler Pacifica
And most Teslas
Dealer marketing director Kevin Frye advises buyers to check with the salesperson before you fall in love with a car because they communicate directly with the manufacturer to let you know which car qualifies, and which credit is best for you.
GM, Ford and Volkswagen said they are working on getting their vehicles to qualify for credits again, which would be good news for buyers.
If you will be EV shopping this year, be sure to check current credits, not last year’s credits.
Source: WDRB
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