Frequently Asked Questions Regarding the EV Tax Credit

As fully electric vehicles become more popular, the federal government has introduced the EV tax credit to incentivize buyers towards emission-free cars. The EV tax credit is a great way to get a retroactive discount on your lease or purchase, offsetting the higher sticker price. Here are some of the most frequently asked questions we get about the EV tax credit at Gillman Chevrolet Harlingen.

What is the EV Tax Credit?

The EV tax credit is a nonrefundable credit offered to anyone who purchases a qualifying electric or plug-in hybrid Chevy vehicle. You can choose to either claim the credit on your next federal tax return or transfer the credit to our dealership. If you transfer the credit, you'll benefit from a lower vehicle cost or cash rebate.

Who is Eligible for the EV Tax Credit?

To qualify for the EV tax credit, you must make under a certain amount of money per year - single car buyers can make up to $150,000 if claiming the credit on a brand-new vehicle. The car you're purchasing must also have a certain MSRP. Vans, SUVs, and large trucks must cost under $80,000 while sedans and other small cars have a limit of $55,000.

What Vehicles Qualify for the EV Tax Credit?

Several different Chevy vehicles are eligible for the EV tax credit. There's the Chevy Bolt and Bolt EUV, two fully electric vehicles with zero emissions. You'll also receive credit for purchasing the newly electric versions of the Chevrolet Blazer or Chevrolet Equinox.

Do Leased Vehicles Qualify?

When you lease an electric vehicle, you may still be able to benefit from the EV tax credit. Since the dealership receives the tax credit directly, there are often special lease offers that allow you to pay less over time for the same vehicle. Be sure to check our online section of lease specials to see if any EVs qualify.

Find Your Next Electric Vehicle in Harlingen, TX, Today

If you're ready to purchase a vehicle that qualifies for the EV tax credit, contact our Harlingen, TX, Chevy dealership. We'll walk you through the car-buying process to ensure that you are eligible for this excellent offer. Give us a call today to get started!