More new electric cars keep coming on the market, and with prices of all cars running high, a $7,500 tax credit may sound appealing. Here’s all the EVs you can get in the U.S., and which are eligible for the credit.
More new electric cars keep coming on the market, and with prices of all cars running high, a $7,500 tax credit may sound appealing. Here’s all the EVs you can get in the U.S., and which 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
Nissan LeafStarts at: $27,400 After $7,500 tax credit: $19,900Horsepower: 147Combined fuel economy: 111 MPGeEstimated range: 149 milesMINI USA
Mini Cooper SEStarts at: $29,900After $7,500 tax credit: $22,400Horsepower: 181Combined fuel economy: 110 MPGeEstimated range: 114 milesChevrolet
Chevrolet Bolt EVStarts at: $31,500 After $7,500 tax credit: Does not qualifyHorsepower: 200Combined fuel economy: 120 MPGeEstimated range: 259 milesMazda
Mazda MX-30Starts at: $33,470 After $7,500 tax credit: $25,970Horsepower: 143Combined fuel economy: 92 MPGeEstimated range: 100 milesChevrolet
Chevrolet Bolt EUVStarts at: $33,500 After $7,500 tax credit: Does not qualifyHorsepower: 200Combined fuel economy: 115 MPGeEstimated range: 247 milesHyundai
Hyundai Kona ElectricStarts at: $34,000 After $7,500 tax credit: $26,500Horsepower: 201Combined fuel economy: 120 MPGeEstimated range: 258 milesKia
Kia Niro EVStarts at: $39,990 After $7,500 tax credit: $32,490Horsepower: 201Combined fuel economy: 112 MPGeEstimated range: 239 milesVolkswagen
Volkswagen ID.4Starts at: $40,760 After $7,500 tax credit: $33,170Horsepower: 201Combined fuel economy: 99 MPGeEstimated range: 260 milesKia
Kia EV6Starts at: $40,900 After $7,500 tax credit: $33,400Horsepower: 167Combined fuel economy: 117 MPGeEstimated range: 232 milesHyundai
Hyundai Ioniq 5Starts at: $43,650After $7,500 tax credit: $36,150Horsepower: 168Combined fuel economy: 110 MPGeEstimated range: 220 milesFord
Ford Mustang Mach-EStarts at: $43,895After $7,500 tax credit: $36,395Horsepower: 266Combined fuel economy: 103 MPGeEstimated range: 247 milesAudi
Audi Q4 e-tronStarts at: $43,900After $7,500 tax credit: $36,400Horsepower: 295Combined fuel economy: 95 MPGeEstimated range: 241 milesShutterstock
Tesla Model 3Starts at: $44,990After $7,500 tax credit: Does not qualifyHorsepower: 283Combined fuel economy: 132 MPGeEstimated range: 272 milesPolestar
Polestar 2Starts at: $45,900After $7,500 tax credit: $38,400Horsepower: 231Combined fuel economy: 107 MPGeEstimated range: 270 milesTesla
Tesla Model Y Long RangeStarts at: $53,940After $7,500 tax credit: Does not qualifyHorsepower: 480Combined fuel economy: 122 MPGeEstimated range: 330 milesVolvo USA
Volvo XC40 RechargeStarts at: $55,300After $7,500 tax credit: $47,800Horsepower: 402Combined fuel economy: 85 MPGeEstimated range: 223 milesBMW
BMW i4 eDrive40Starts at: $55,400After $7,500 tax credit: $47,900Horsepower: 335 hpFuel economy: 109 city / 108 highwayEstimated range: 301 milesVolvo
Volvo C40 RechargeStarts at: $58,750After $7,500 tax credit: $51,250Horsepower: 402Combined fuel economy: 87 MPGeEstimated range: 226 milesAudi USA
Audi e-tronStarts at: $65,900After $7,500 tax credit: $58,400Horsepower: 402Combined fuel economy: 78 MPGeEstimated range: 222 milesRivian
Rivian R1TStarts at: $67,500After $7,500 tax credit: $60,000Horsepower: 600+Combined fuel economy: 70 MPGeEstimated range: 260+ milesJaguar
Jaguar I-PaceStarts at: $69,900After $7,500 tax credit: $62,400Horsepower: 394Combined fuel economy: 76 MPGeEstimated range: 234 milesRivian
Rivian R1SStarts at: $72,500After $7,500 tax credit: $65,000Horsepower: 600+Combined fuel economy: N/AEstimated range: 260+ milesLucid
Lucid Air PureStarts at: $77,400After $7,500 tax credit: $69,900Horsepower: 480Combined fuel economy: N/AEstimated range: 406 milesPorsche
Porsche TaycanStarts at: $82,700After $7,500 tax credit: $75,200Horsepower: 321Combined fuel economy: 79 MPGeEstimated range: 200 milesBMW
BMW iX xDrive50Starts at: $83,200After $7,500 tax credit: $75,700Horsepower: 516Fuel economy: 86 city/87 hwyEstimated range: 324 milesTesla
Tesla Model SStarts at: $94,990After $7,500 tax credit: Does not qualifyHorsepower: 670Combined fuel economy: 120 MPGeEstimated range: 405 milesTesla
Tesla Model XStarts at: $98,940After $7,500 tax credit: Does not qualifyHorsepower: 670Combined fuel economy: 102 MPGeEstimated range: 348 milesMercedes-Benz
Mercedes EQSStarts at: $102,310After $7,500 tax credit: $94,810Horsepower: 329Combined fuel economy: 97 MPGeEstimated range: 350 milesAudi
Audi e-tron GTStarts at: $102,400After $7,500 tax credit: $94,900Horsepower: 469Combined fuel economy: 82 MPGeEstimated range: 238 milesGM
GMC Hummer EV PickupStarts at: $110,295After $7,500 tax credit: Does not qualifyHorsepower: 1,000Combined fuel economy: N/AEstimated range: N/AOther 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.
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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.