So are there still incentives for electric vehicles? Do you still get a rebate tax credit? How does it work? Because the inflation reduction act of 2022 has changed the incentives and the available rebates on electric vehicles. So you really have to kind of look up what vehicle you’re getting to see if it qualifies. Many vehicles have now been made ineligible for rebates.
So let’s take a look at what the Department of Energy says about electric vehicles and tax rebates. First thing is that the final assembly must be in North America for the vehicle to be eligible. So that clean vehicle credit so to speak is what they call it has a requirement that the vehicle is a US-produced vehicle. The following table provides a list of model 20-year vehicles, which. Appear to meet that category. Here’s the list of electric vehicles assembled in North America and it goes down the list Audi Q5, and Chevrolet bolt but some of them have sales caps already been met meaning that you can only sell so many vehicles with credits before the future vehicles are no longer eligible. So make sure that your vehicle, first of all, is on the list Second of all, there’s still an available cap left over which means this blank space is open. Audi, BMW, the Chevy Bolt, the Ford F series, the Ford Transit van, and the Mustang Mach E are all still available. The GMC Hummers, the manufacturer sales cap has already been met. A couple of Jeep vehicles, Lincoln’s, Nissan Leaf, and of course, Rivian, and all their models are still open. All the Tesla model manufacturer sales caps have been met. And then 23 models even a couple of those have been met already. You can check your VIN number to see if the assembly location based on the VIN is still a US-manufactured vehicle, but this is a good resource to see if your vehicle qualifies for that tax credit. Keep an eye on the laws because there may be an adjustment to this law as well to see if those incentives are expanded or if they limit it to other vehicles.