2024 Electric Car Tax Credit Information
Did you know that there are plenty of ways to save on an electrified Lincoln in Texas when you shop at North Park Lincoln? Thanks to a combination of federal EV tax credits and our exclusive new Lincoln specials, you can take advantage of various cost-saving opportunities.
Speak with the auto financing specialists at our Lincoln dealership near San Marcos and we'll walk you through everything from EV tax credit qualifications to showing you which Lincoln vehicles qualify for a federal tax incentive. Visit us today to get started!
How Much Is the Electric Vehicle Tax Credit for 2024?
The 2024 EV tax credits remain unchanged from last year. Eligible new cars qualify for up $7,500 in tax credits; the limit for used cars is $4,000.1
How Do Vehicles Qualify for the Federal EV Tax Credit?
There are stringent qualifications a vehicle must meet in order to qualify for the federal EV tax credit. Eligible EVs must:1
- Have a battery capacity of at least 7 kilowatt-hours.
- Have a gross vehicle weight rating of less than 14,000 pounds.
- Be made by a qualified manufacturer. See the government’s
- Undergo final assembly in North America.
- Meet critical mineral and battery component requirements.
How Do I Get My Electric Vehicle Tax Credit?
Thanks to the 2024 EV tax credit updates, you no longer have to wait until tax season in order to claim your credit -- you can now work directly with us to realize your savings at the time of purchase.1 To learn more about how this works, we encourage you to reach out to our team. One of our specialists can explain the process of transferring clean vehicle tax credits to claim immediate savings.
Who Qualifies for the Federal EV Tax Credit?
The credit is available to both individuals and their businesses, but there are specific requirements for qualifying, which include:1
- You must buy the vehicle for your own use, not for resale.
- It must be used primarily in the U.S.
- Your modified adjusted gross income (AGI) may not exceed:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
Which Lincoln Electric Vehicles Are Eligible for Tax Credits?
For 2024, a new Corsair Grand Touring is eligible for up to $3,750 in tax credit savings.1 You can shop for this compact plug-in hybrid Lincoln SUV by visiting our showroom or browsing our complete Lincoln inventory online. Remember that this list of qualifying SUVs is dynamic -- as upcoming hybrid and electric Lincoln models come to market, you can expect more of the brand’s products to qualify for EV tax credits.
Visit Our San Antonio Lincoln Dealership Today
Contact North Park Lincoln to learn more about eligibility requirements for federal EV tax credits. As your local experts on federal electric vehicle incentives, we can’t wait to help you buy a qualifying new or used Lincoln for even less than you expected.
1 Information listed here is accurate at time of publishing. Tax credits are subject to change.