Save Up To $7,500 With The New 2024 Instant EV Tax Credit At Sutton Ford

January 1st, 2024 by Sutton Ford

2022 Ford F-150 Lightning Review: Ford Nails the Electric Pickup

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Understanding The New 2024 Instant EV Tax Credit

The landscape of electric vehicle (EV) and Plug-in Hybrid (PHEV) incentives have undergone a significant transformation in 2024, particularly with the introduction of the revised EV tax credit regulations. This change will substantially impact consumers, especially those considering Ford’s range of EVs and PHEVs. Join Sutton Ford as we dive into the details of these new regulations and explore how they affect Ford’s EV lineup.

Instant Savings With The New EV Tax Credit

The most notable change in the EV tax credit system for 2024 is its conversion into an instant rebate. Previously, buyers had to wait until filing their tax returns to benefit from the credit. The credit, which can be as much as $7,500 for new electric vehicles or Plug-in Hybrids and $4,000 for used ones, is applied directly at the point of sale. This immediate discount is a game-changer, making electric cars more accessible and financially attractive to a broader range of consumers.

Navigating The New Instant EV Tax Credit Requirements

However, the 2024 tax credit updates come with additional stipulations that potential buyers must be aware of. These include:

  • Price Caps: The tax credit only applies to EVs and PHEVs that fall under certain price limits. For SUVs, vans, and pickups, the maximum manufacturer’s suggested retail price (MSRP) for qualifying Ford models is $80,000, while for other vehicle types, it’s $55,000.
  • Income Thresholds: Eligibility for the tax credit also depends on the buyer’s income. Individuals with a modified adjusted gross income (MAGI) exceeding $150,000 or joint filers over $300,000 are ineligible for the credit.
  • Dealership Participation: To benefit from the instant rebate, the dealership must be willing to transfer the tax credit from the consumer to itself and then seek reimbursement from the IRS. Not all dealerships may participate in this arrangement. However, Sutton Ford in Matteson, Illinois, is a participating Ford Dealer for the new 2024 EV tax credit rebates.

What Ford Models Are Eligible For The 2024 EV Tax Credit?

Amidst these changes, Ford has secured tax credit eligibility for several of its electric models. From January 1st to December 31st, 2024, the following Ford vehicles qualify for the new EV tax credit:

  • Escape Plug-in Hybrid (2022–2024 PHEV): Eligible for a $3,750 credit with an MSRP limit of $80,000.
  • F-150 Lightning (Extended Range Battery, 2022–2024 EV): Eligible for the full $7,500 credit, with an MSRP limit of $80,000.
  • F-150 Lightning (Standard Range Battery, 2022–2024 EV): This model qualifies for the $7,500 credit with the same MSRP limit.

Ford PHEV & EV Inventory Available In Matteson, Illinois

The changes to the EV tax credit in 2024 mark a transformative moment in electric vehicles, increasing the accessibility to a broader audience. We’re proud to showcase an extensive selection of over 850 Ford vehicles, including the latest in Ford’s EV and Hybrid lineup. Our cutting-edge TrueView™ Inventory system makes finding the perfect Ford to suit your lifestyle a breeze. 

Our commitment to excellence extends beyond our impressive inventory. We understand that buying a new car is a significant decision, and our team is dedicated to making your experience as smooth and enjoyable as possible. Whether you prefer the convenience of designing your dream Ford online or seek the personalized touch of our expert team, we’re here to guide you every step of the way.

Choosing Sutton Ford as your local Ford dealer means choosing a seamless, customer-focused car purchasing journey. Embrace the future with confidence. Schedule your test drive at Sutton Ford and experience driving a Ford EV or PHEV today.