Drivers are drawn to electric vehicles for many reasons — sustainability, cost-effectiveness, and more. But there’s another reason why electric cars can be a beneficial choice when looking for a new Ford vehicle in New York. Here’s more information on the EV tax credit and what exactly it takes to qualify for it.
How Does the Tax Credit Work?
The idea is that to promote the adoption of electrified vehicles, qualifying EVs are eligible for a federal tax credit. While you aren’t handed a direct sum, the amount you qualify for becomes a credit toward whatever federal taxes you owe.
How Much Is the Tax Credit?
According to the US Department of Energy, a qualifying hybrid or electric vehicle could earn you a federal tax rebate of up to $7,500. It’s important to note that not all cars qualify for the full amount, though. Your specific rebate depends on how much you owe in taxes, as well as the size of your Ford vehicle’s battery.
Can I Get a Tax Credit on a Used Car?
Unfortunately, the federal tax credit only applies to newly purchased electric vehicles in or after 2010. The rebate is a one-time instance, so it does not apply to used cars.
Can I Get a Rebate on a Leased Car?
To qualify for the rebate, you must purchase the electric vehicle yourself. Leased Ford cars and trucks do not meet the criteria for the EV tax credit.
So the next time you’re shopping for a new Ford vehicle, check out our hybrid and EV inventory at Don’s Ford of Utica to qualify for the tax credit next spring.