The federal tax credits for electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) continue to incentivize eco-conscious drivers to make the switch to greener technology. Ford remains a leading automaker offering several models that qualify for these tax benefits, helping drivers reduce their carbon footprint while benefiting financially.

Which Ford Hybrids Qualify for the 2024 Tax Credit?

Thanks to the Inflation Reduction Act of 2022, the tax credits for EVs and PHEVs are still in place for 2024. The IRS continues to offer tax credits up to $7,500 for eligible vehicles, depending on factors such as battery size, the buyer’s income, and the vehicle’s MSRP.

As of 2024, the following Ford hybrid and electric models are confirmed to qualify for the Clean Vehicle Credit:

• Ford Escape PHEV SUV (MSRP of $80,000 or below)
• Ford Mustang Mach-E (MSRP of $80,000 or below)
• Ford F-150 Lightning pickup truck (MSRP of $80,000 or below)
• Ford E-Transit Van (MSRP of $80,000 or below)

New Tax Credit Rules for 2024

In 2024, the requirements for EV and hybrid tax credits remain largely unchanged. However, it is important to verify the final assembly location of your vehicle, as the Clean Vehicle Credit continues to require that assembly occurs in North America (United States, Canada, or Mexico). The VIN verification tool provided by the IRS can help you confirm your vehicle’s eligibility based on this requirement.

Additionally, the sourcing of battery components remains a crucial factor. In 2024, vehicles must have a certain percentage of battery minerals and components sourced from North America or qualifying trade partners to be eligible for the full $7,500 tax credit. As Ford continues to align with these regulations, many of their vehicles remain well-positioned to qualify.

Used EV and Hybrid Tax Credits for 2024

In addition to new vehicles, 2024 brings continued opportunities for tax credits on used EV and hybrid models. Under the Inflation Reduction Act, buyers can receive up to $4,000 in tax credits for eligible used EVs and hybrids, provided the vehicle is at least two years old and meets the price and income criteria outlined by the IRS.

How to Determine if Your Desired Ford EV or Hybrid Qualifies

To confirm if the Ford hybrid or EV you’re interested in qualifies for the Clean Vehicle Credit in 2024, you can:

• Check the IRS’s official list of qualifying vehicles, which is updated regularly.
• Use the VIN verification tool to confirm the vehicle’s final assembly location.
• Visit our showroom at D’Orazio Ford, where our experienced team is up-to-date on the latest federal and state EV tax credit regulations. We’ll help you navigate the eligibility requirements and find the perfect Ford hybrid or EV for your needs.

Feel free to contact us online or stop by D’Orazio Ford location at 1135 South Water Street in Wilmington. We look forward to assisting you in making the most of the available tax incentives while driving a greener vehicle in 2024!

The original article titled Do Ford Hybrids Qualify for Tax Credit? was first published at https://www.dorazioford.com/do-ford-hybrids-qualify-for-tax-credit/