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Which electric vehicles still qualify for a tax credit?
I was thinking about buying a new Chevy Bolt but was disappointed to realize that Chevrolet no longer qualifies for the $7,500 electric vehicle tax credit. Which EVs still qualify?
Allison Stone · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The
$7,500 federal tax credit
can make a huge difference when it comes to buying an electric car
, as it helps to close the gap between gas-powered cars and EV prices. However, in order for a manufacturer to qualify, they have to meet certain stipulations. When a manufacturer sells its 200,000th qualified vehicle, the tax credit reduces by half to $3,750 and then half again over a period of time before being reduced to nothing.
Tesla, for example, sold its 200,000th vehicle in 2019, and the credit fully expired by the end of 2019. GM, which makes the Chevrolet Bolt EV and the Bolt EUV, is also no longer eligible.
Thankfully, there are many other great cars that still qualify, like the Nissan Leaf, the Ford Mustang Mach-E, the Chrysler Pacifica Hybrid, The Audi E-tron, and the BMW i4.
As time goes on, of course, more automakers will no longer be eligible for the credit. For a full updated list of eligible cars, check the
EPA website
. If you’re shopping around for a new car, having the right
car insurance
plan is essential. Car insurance comparison app Jerry makes getting the right car insurance easy by giving you quick access to car insurance quotes and a hassle-free shopping experience.If you already have car insurance,
Jerry
can get you an even better deal! Jerry will even cancel your old policy for you. Accidents can be tough to deal with, but getting the right insurance coverage doesn’t have to be.View full answer
- Gregory R.
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