Looking for a short explanation of which EVs qualify (and why) for tax reduction in 2024? Here is a 10-vehicle list of EVs that made the cut and what it means to Tesla and other EV shoppers.
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EV Tax and Incentives Affect Pricing
Various countries around the world are considering and implementing tax reductions or incentives for electric vehicles (EVs) to promote their adoption and support environmental goals.
Related article: Tesla Slashing Prices and Offering Customers Incentives In End Of Year Sales Rush
Some common types of incentives include tax credits, rebates, reduced registration fees, and exemptions from certain taxes for electric vehicle owners. According to news reports these incentives are often aimed at making EVs more affordable and encouraging consumers to choose environmentally friendly transportation options.
Related article: Best Tesla Lease and Financing Deals for December 2023 Reports Carfax
Politics Makes EV Tax and Incentives Ephemeral
However, it should be noted that politics is the name of the game when it comes to tax reductions and incentives that can cause some confusion with “Why this EV, and not that EV?” questions. Adding to the confusion is the fact that these incentives can vary widely from one country to another, and they may change (rather abruptly) due to updates in government policies.
For example, the country source of origin for parts and material sources for EVs (specifically the batteries), the amount of money you make, your marriage status, and the MSRP of the vehicle all can affect whether a tax rebate or other incentive applies. The end result is that you could wind up with the entire reduction, half the reduction, or nothing at all contrary to what you may have heard lately.
To help clarify the latest up-to-date information on EV tax reductions, here is a short but useful explanation of the 10 EVs that will meet all requirements for the full government tax reduction in 2024 that you need to be cognizant of when EV shopping courtesy of the Elon Musk # 500 Tesla YouTube channel.
Be forewarned that the video is more podcast-like than what you may be used to on YouTube, and it is with text generated speech which can be annoying to some listeners. However, it does provide some useful, timely info for EV shoppers to help make sense of the cost of buying an EV for 2024.
The 10 EVs That Meet the Requirements
In case you do not have time to listen to the video, here is a summary of the 10 EV models to keep your eyes on when shopping this coming year.
- Chevrolet Bolt
- Chevrolet Equinox
- Ford F-150 Lightning
- Tesla Model 3
- Chevrolet Silverado
- Tesla Model Y
- Chrysler Pacifica
- Chevrolet Blazer
- Cadillac Lyric
- Tesla Model X
Just these 10 EVs will meet all requirements for the full government tax reduction in 2024
For additional articles related to EV shopping, here are two for your consideration:
- 10 Major Problems with Electric Cars Shoppers Need to Know
- Venn Diagram Your EV Buying Decision Using Consumer Reports Data
Timothy Boyer is an automotive reporter based in Cincinnati. Experienced with early car restorations, he regularly restores older vehicles with engine modifications for improved performance. Follow Tim on “Zen and the Art of DIY Car Repair” website, the Zen Mechanic blog and on Twitter at @TimBoyerWrites and Facebook for daily news and topics related to new and used cars and trucks.
COMING UP NEXT: Why Ford Should Fear Consumer Reports
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