Inflation Reduction Act Impact on Electric Car Tax Credits: New Rules Explained for 2024!
The inflation reduction act new rules took effect on January 1st the number of electric cars eligible for consumer tax credit of up to $7,500 fell sharply from two dozen cars to just 13 among the still eligible cars are the Tesla’s model Y rivan’s r1t which is a pickup truck and the Ford
F-150 Lightning now these are certain models cars that don’t qualify now include the Tesla cyber truck and some versions of the Tesla Model 3 as well as the Nissan Leaf the Chevy Blazer and the Silverado the treasury Department Provisions which exclude cars made outside North America and those with battery components from Chinese
Manufacturers also ruled out a suite of electric models from Hyundai lacking any operational EV plant in the US Hyundai is building one in Georgia that could start assembly later this year the company and its Kia affiliate sold 69,000 battery powered cars in the US the most of any car maker other than Tesla
The instant tax credit just started on January 1st and it results in a 7500 dollar price drop for the Tesla Model Y and the Chevy bolt EV both are technically uh SUVs or crossovers essentially now these can be taken at the point of sale so these are the
Number one and number three bestselling EVS in the US for 2023 the model y sold $394,000 vehicles in the US last year which beat the Chevy bolt which sold 62,000 but the bolt is far cheaper than the model Y and it’s a good EV and a
Downright steel if you opt for the base model now the model y base model with the $7,500 tax credit added in to discount it is only 38,1 this model has a EPA estimate of 260 Mi of range it’s the least expensive uh model y configuration and eligible customers receive the
$7,500 off at the time of delivery this applies cash or loan purchases and basically the vehicle needs to be below $80,000 and if it’s a family your adjusted gross income needs to be below 300,000 it’s 150,000 for single now the price here long range model y with 310 miles is 43,000 at the
Federal tax credit the 7500 Ira tax credit also applies to Tesla leases which have lower monthly payments typically than loans the Chevy bolt price though after the $7,500 tax cred is about $185 and that’s for the base bolt ev1 LT trim at dealers in Los Angeles it’s getting down into Bargain Basement
Pricing the bolt euv Premier Redline edition the top the line model drops below $332,000 with the $7,500 tax credit still a good deal for a fully loaded electric SUV that includes things like super Cruise which is roughly equivalent to Tesla’s autopilot the buol euv model Sans of super Cruise are even cheaper if
You don’t op for super Cruise you can save an additional $2,200 hi I’m David with EV world news if you like this video then please press the like button if you like the content would like to see more videos on electric vehicles then please hit the Subscribe button
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Discover the latest changes in electric car tax credits under the Inflation Reduction Act! As of January 1st, the rules have transformed, affecting popular models like Tesla’s Model Y, Rivian’s R1T, and the Ford F-150 Lightning. Learn which electric cars now qualify for a consumer tax credit of up to $7,500, and why certain models, including the Tesla Cybertruck and some versions of the Model 3, no longer make the cut. Explore the implications for top-selling EVs, such as the Tesla Model Y and Chevy Bolt, and find out how this tax credit impacts their prices. Join David from EV World News for an insightful breakdown, and don’t forget to like, subscribe, and share your thoughts in the comments! Stay informed on the latest electric vehicle updates.
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