Tax Benefits of Electric Vehicles at Springfield Ford
 

If you're a Ford EV owner-or have plans to purchase one in the future-you're likely curious if your current or future electric vehicle qualifies for the federal tax credit. In Ford's case, the all-electric vehicles and plug-in hybrids that make up their inventory both feature qualified models. One example is the Mustang Mach-E, which just so happens to qualify for the full credit. After the recently-released 2022 Inflation Reduction Act, plug-in hybrids will continue to be eligible for a partial credit. Let's take a closer look at the Act's updated details to see if your preferred electric vehicle offers you benefits from this credit.

 
 

Tax Benefits for Electric Vehicles

One of the great advantages of going electric or making the switch to a hybrid car is the ability to use tax incentives or rebates to help you save. Depending on the new Ford EV you choose, you may qualify for federal electric car tax credits up to $7,500 if your vehicle was purchased before August 17, 2022. When combined with how much you'll save on fuel and maintenance behind the wheel of an EV, you'll keep even more money in your pocket when you opt for an electric vehicle at Springfield Ford.

 

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How Does My Electric Vehicle Qualify?

Qualifying vehicles have to be assembled in North America. Additionally, a substantial amount of their battery components and their battery minerals production must also be located in North America. Starting in 2023, 40% of the critical minerals used to manufacture a qualifying vehicle's battery must be sourced or processed in the United States or a country that has a free trade deal with the US. By 2027, that percentage will rise to 80% of a qualifying EV's battery minerals. Your EV's battery components also have to be 50% manufactured or assembled in North America beginning in 2023, and 60% in 2024 and 2025.

 

Our Financial & Tax Guidance

If you're still trying to parse exactly how the 2022 tax credit actually applies to your current or new electric vehicle, or just want to know more about it, don't hesitate to ask for the expert guidance provided by our finance center. Our experienced and friendly group of finance professionals can offer all the support you need. Whether you want to start the car-buying or leasing process of an EV, need more information about how tax credits factor into buying vs. leasing a qualified EV, Springfield Ford is here to help.

 

Our dealership always strives to offer guidance with unmatched customer service, the latest innovative electric vehicles, and financing options that can be adjusted to fit any lifestyle. Learn more about the Clean Vehicle Credit here, and stay up-to-date with the latest Plug-In Electric Drive Vehicle Credit information here. If you have any questions, reach out to contact us by phone or live chat. Schedule a visit to Springfield Ford today!

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