So as you’ve seen in the news there’s a lot going on with electric vehicles. One of the first things is this new inflation reduction act has put some new incentives and new rules for incentives into electric vehicle tax credits. This article in the Wall Street Journal talks about some of that, but not all of the credits and the calculations even have been analyzed yet. The most important thing that’s different is there are income limits meaning that if the applicant makes over a certain threshold they’re not eligible for tax credits, basically, they don’t want rich people to get tax credits on electric vehicles.
They’re also vehicle price caps for the same reason. They’re not going to give EV credits for very high-end vehicles. And there are other variations that affect the cost of an electric vehicle. One of them has to do with the manufacturing location. Certain imported electric vehicles are not eligible, only domestic vehicles like Ford and other ones. So we’ll have a list on our website of all the calculations and all the forms you need. But also keep in mind is you might want to act quickly because Ford about the same time this came out announced that there’s some bad news for their electric vehicles. They have announced price increases. So for vehicles that are eligible for the tax credits, price increases are between $6,000-$8,500 depending on the model. This is for the F-150 lightning, they also are doing this for the eMustang. So if you are in the market you might want to try to purchase one before these price increases kick in. General Motors is reported to be looking at the same thing so be aware that a lot of changes with the electric vehicle pricing and also with the electric vehicle incentives. So you want to make sure that you match what you’re buying with the maximum availability of what these incentives might be.