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\nIf you are thinking this is the year to buy an electric vehicle, the rules just got more complicated.<\/p>\n
\nIf you are thinking this is the year to buy an electric vehicle, the rules just got more complicated.<\/p>\n
Consumer reporter John Matarese explains why some will no longer qualify for tax credits.<\/p>\n
For 2024, there is good and bad news for buyers.<\/p>\n
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. <\/p>\n
But now the bad news: That EV you want may no longer have a tax credit.<\/p>\n
As of January 2024, several EVs no longer qualify for tax credits including:<\/p>\n
Ford Mustang Mach E
\nVolkswagen ID\/4
\nNissan Leaf<\/p>\n
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. <\/p>\n
Batteries made in China will no longer make the cut. <\/p>\n
Some popular models, however, still qualify for the full $7,500 credit including: <\/p>\n
Ford F150 Lightning
\nChrysler Pacifica
\nAnd most Teslas<\/p>\n
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. <\/p>\n
GM, Ford and Volkswagen said they are working on getting their vehicles to qualify for credits again, which would be good news for buyers. <\/p>\n
If you will be EV shopping this year, be sure to check current credits, not last year’s credits.
\nSource: WDRB<\/p>\n","protected":false},"excerpt":{"rendered":"
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