With prices of all cars running high, a $7,500 tax credit for an EV may sound appealing. Here’s all the EVs on the U.S. market, and which ones are eligible for the credit.
It’s not a great time to get a deal on a car. Prices are high. Inventory is low. Some models are backordered. Dealers aren’t likely to negotiate. Interest rates on loans are higher.
The average new car price in the U.S. was $45,927 in March, according to Kelley Blue Book. If you could get a $7,500 tax credit on a new car, it would help, right?
With gas prices going through the roof, more people are looking to electric cars. There are more electric models to choose from than ever, and lots of them are eligible for a federal tax credit of up to $7,500.
How to Find EV Charging Stations Near You
There’s nothing easy about the IRS tax code, so before plunking down the price of a new EV, check with a tax professional and read up on it first. The credit only applies to the first 200,000 eligible vehicles sold by an automaker, and companies like Tesla (TSLA) – Get Tesla Inc Report and GM (GM) – Get General Motors Company Report have already passed that point. Plug-in hybrids also can qualify for the credit, so Toyota (TM) – Get Toyota Motor Corp. Report is approaching the 200,000 limit, too.
There may also be state and local tax credits or incentives for an EV purchase where you live.
Here are 30 electric cars now available new on the U.S. market as of April 2022. There are economical ones, SUVs, trucks and luxury cars for every taste. We included their sticker price followed by the cost if you got the full federal tax credit.
Nissan Leaf
Starts at: $27,400 After $7,500 tax credit: $19,900Horsepower: 147Combined fuel economy: 111 MPGeEstimated range: 149 miles
Nissan
Mini Cooper SE
Starts at: $29,900After $7,500 tax credit: $22,400Horsepower: 181Combined fuel economy: 110 MPGeEstimated range: 114 miles
MINI USA
Chevrolet Bolt EV
Starts at: $31,500 After $7,500 tax credit: Does not qualifyHorsepower: 200Combined fuel economy: 120 MPGeEstimated range: 259 miles
Chevrolet
Mazda MX-30
Starts at: $33,470 After $7,500 tax credit: $25,970Horsepower: 143Combined fuel economy: 92 MPGeEstimated range: 100 miles
Mazda
Chevrolet Bolt EUV
Starts at: $33,500 After $7,500 tax credit: Does not qualifyHorsepower: 200Combined fuel economy: 115 MPGeEstimated range: 247 miles
Chevrolet
Hyundai Kona Electric
Starts at: $34,000 After $7,500 tax credit: $26,500Horsepower: 201Combined fuel economy: 120 MPGeEstimated range: 258 miles
Hyundai
Kia Niro EV
Starts at: $39,990 After $7,500 tax credit: $32,490Horsepower: 201Combined fuel economy: 112 MPGeEstimated range: 239 miles
Kia
Volkswagen ID.4
Starts at: $40,760 After $7,500 tax credit: $33,170Horsepower: 201Combined fuel economy: 99 MPGeEstimated range: 260 miles
Volkswagen
Kia EV6
Starts at: $40,900 After $7,500 tax credit: $33,400Horsepower: 167Combined fuel economy: 117 MPGeEstimated range: 232 miles
Kia
Hyundai Ioniq 5
Starts at: $43,650After $7,500 tax credit: $36,150Horsepower: 168Combined fuel economy: 110 MPGeEstimated range: 220 miles
Hyundai
Ford Mustang Mach-E
Starts at: $43,895After $7,500 tax credit: $36,395Horsepower: 266Combined fuel economy: 103 MPGeEstimated range: 247 miles
Ford
Audi Q4 e-tron
Starts at: $43,900After $7,500 tax credit: $36,400Horsepower: 295Combined fuel economy: 95 MPGeEstimated range: 241 miles
Audi
Tesla Model 3
Starts at: $44,990After $7,500 tax credit: Does not qualifyHorsepower: 283Combined fuel economy: 132 MPGeEstimated range: 272 miles
Shutterstock
Polestar 2
Starts at: $45,900After $7,500 tax credit: $38,400Horsepower: 231Combined fuel economy: 107 MPGeEstimated range: 270 miles
Polestar
Tesla Model Y Long Range
Starts at: $53,940After $7,500 tax credit: Does not qualifyHorsepower: 480Combined fuel economy: 122 MPGeEstimated range: 330 miles
Tesla
Volvo XC40 Recharge
Starts at: $55,300After $7,500 tax credit: $47,800Horsepower: 402Combined fuel economy: 85 MPGeEstimated range: 223 miles
Volvo USA
BMW i4 eDrive40
Starts at: $55,400After $7,500 tax credit: $47,900Horsepower: 335 hpFuel economy: 109 city / 108 highwayEstimated range: 301 miles
BMW
Volvo C40 Recharge
Starts at: $58,750After $7,500 tax credit: $51,250Horsepower: 402Combined fuel economy: 87 MPGeEstimated range: 226 miles
Volvo
Audi e-tron
Starts at: $65,900After $7,500 tax credit: $58,400Horsepower: 402Combined fuel economy: 78 MPGeEstimated range: 222 miles
Audi USA
Rivian R1T
Starts at: $67,500After $7,500 tax credit: $60,000Horsepower: 600+Combined fuel economy: 70 MPGeEstimated range: 260+ miles
Rivian
Jaguar I-Pace
Starts at: $69,900After $7,500 tax credit: $62,400Horsepower: 394Combined fuel economy: 76 MPGeEstimated range: 234 miles
Jaguar
Rivian R1S
Starts at: $72,500After $7,500 tax credit: $65,000Horsepower: 600+Combined fuel economy: N/AEstimated range: 260+ miles
Rivian
Lucid Air Pure
Starts at: $77,400After $7,500 tax credit: $69,900Horsepower: 480Combined fuel economy: N/AEstimated range: 406 miles
Lucid
Porsche Taycan
Starts at: $82,700After $7,500 tax credit: $75,200Horsepower: 321Combined fuel economy: 79 MPGeEstimated range: 200 miles
Porsche
BMW iX xDrive50
Starts at: $83,200After $7,500 tax credit: $75,700Horsepower: 516Fuel economy: 86 city/87 hwyEstimated range: 324 miles
BMW
Tesla Model S
Starts at: $94,990After $7,500 tax credit: Does not qualifyHorsepower: 670Combined fuel economy: 120 MPGeEstimated range: 405 miles
Tesla
Tesla Model X
Starts at: $98,940After $7,500 tax credit: Does not qualifyHorsepower: 670Combined fuel economy: 102 MPGeEstimated range: 348 miles
Tesla
Mercedes EQS
Starts at: $102,310After $7,500 tax credit: $94,810Horsepower: 329Combined fuel economy: 97 MPGeEstimated range: 350 miles
Mercedes-Benz
Audi e-tron GT
Starts at: $102,400After $7,500 tax credit: $94,900Horsepower: 469Combined fuel economy: 82 MPGeEstimated range: 238 miles
Audi
GMC Hummer EV Pickup
Starts at: $110,295After $7,500 tax credit: Does not qualifyHorsepower: 1,000Combined fuel economy: N/AEstimated range: N/A
GM
Other EVs Coming Soon:
The Toyota bZ4X
Toyota
Toyota’s new bZ4X starts at $42,000, but is currently available only in some states and in extremely limited quantities, according to Toyota. Toyota is also reaching the threshold of EV sales this summer that will disqualify the company for the federal tax credit, Electrek reports.
The 2022 Ford (F) – Get Ford Motor Company Report F-150 Lighting is on the market starting at $39,974, but Ford has closed orders for it for 2022. Ford EVs are still eligible for the $7,500 tax credit.
Subaru’s Solterra, starting at $44,995, is coming this year.
The Mercedes-Benz EQE is coming in the mid part of this year, priced around $85,000-$100,000, according to Consumer Reports.
Genesis will start delivering its GV60 EV this year, priced somewhere around $55,000, according to Car and Driver.
Later in 2022, look for the Fisker Ocean (FSR) – Get Fisker Inc Class A Report, Lexus RZ and the VinFast VF8 and VF9.
The Cadillac Lyriq comes in early 2023.
Also in spring 2023 Chevy expects to release its Silverado EV and in fall 2023 the Chevy Equinox.
In late 2023, California electric vehicle startup Indi will launch its first model, the Indi One.
Tesla’s Cybertruck is now planned for 2023 at the earliest, and look for the Tesla Roadster in 2024.
PlugStar has a shopping assistant to help you find an EV that fits your needs and budget. You can search for incentives in your area by plugging your Zip Code into this tool at Electricforall.org.
Sources: Consumer Reports, Edmunds, FuelEconomy.gov, Electrek, Visual Capitalist.
