Driving Change: Electric Vehicle Incentives & Pricing Shifts You Need to Know
Download MP3 Description:
- Overview of Electric Vehicle (EV) Updates
- The new Inflation Reduction Act brings changes to EV tax credits, including new incentives and rules.
- Key updates include income limits and vehicle price caps for eligibility. Higher-income individuals and high-end vehicles are not eligible for EV tax credits.
- Tax Credit Changes
- Income limits: Applicants must meet specific income thresholds to qualify for tax credits.
- Vehicle price caps: Only certain price ranges of electric vehicles will be eligible for tax credits.
- Manufacturing location matters: Domestic vehicles, such as Ford, are eligible, but imported EVs may not be.
- Impact on Vehicle Pricing
- Ford has announced price increases for EVs, including the F-150 Lightning and the E-Mustang, ranging from $6,000 to $8,500 depending on the model.
- General Motors is also considering price hikes for their EV models.
- What You Need to Know
- Keep an eye on EVCheckout.com for the latest updates, forms, and calculations.
- If you're in the market for an EV, consider acting quickly before these price increases take effect to make the most of available incentives.
