Navigate the EV Tax Credits
Receive an Instant EV Tax Credit on Newly Purchased or Leased Electric Vehicles
The 2024 Clean Tax Credit is seeing some changes this year that may benefit those purchasing a new qualifying electric vehicle. Are you interested in owning an electric car and want to know if the EV tax credit can be applied to your desired vehicle? The EV tax credit can provide instant rebate savings for qualifying vehicles such as the Jeep Grand Cherokee 4XE and Wrangler 4XE, as well as the Pacifica Hybrid, and all new Dodge Hornet.
At South Oak, we are ready to assist you with this as part of your transaction! Whether purchase or lease, we can apply your qualifying credit to your vehicle selection AT THE TIME OF SALE! This means no waiting until tax time to see if you qualify or can claim your credit.
What Is the EV Tax Credit?
Electric Vehicle Rebate Program for US residents can help them purchase a new or used electric, or plug in hybrid vehicle from an Illinois licensed dealer. Under the EV tax credit, you may be eligible for a $4,000 rebate for buying an electric, OR PHEV (Plug in Hybrid) USED car, or up to $7,500 on a NEW PHEV.
South Oak takes all the guesswork out of the process and allows you to treat your qualified rebate as CASH DOWN at the time of sale!
How Do You Qualify for Your EV Rebate?
Contact us or swing by the dealership and speak with our experts for a quick qualifying questionnaire.
When Do I Receive My EV Tax Credit in Illinois?
Fortunately, with the changes to the EV tax credit in 2024, you can get an immediate discount on an EV purchase and instantly take advantage of the EV tax credit incentive.
What Is the Partial EV Tax Credit?
Some vehicles don’t qualify for the full rebate amount but will still be eligible for a partial credit of $3,750. This funding relates to EV vehicles that meet the battery sourcing requirements. To determine if the EV you are considering meets the full or partial EV tax credit qualifications, contact us at South Oak.
Which Stellantis Vehicles Qualify as EV Vehicles?
Stellantis, the company that produces Jeep, Ram, Chrysler, and Dodge brands vehicles in the US, has committed to having 50% of its US sales as battery electric vehicles (BEVs) by the end of the decade.
Some qualifying EV tax credit vehicles from Stellantis include the Jeep Grand Cherokee 4XE and Wrangler 4XE. You can look up vehicle makes and models here to see the complete list of All-electric, plug-in hybrid, and fuel-cell electric cars under the federal tax credit.
Are EV Vehicles More Expensive?
Generally, the cost will depend on the vehicle size and drive range. While some prices for EV vehicles are more expensive than gas-powered gas, some incentives may outweigh the difference. For instance, the EV tax credit is meant to help bridge this gap. Plus, many electric vehicles have lower annual fuel and maintenance costs, which can offset the higher sticker price.
Can You Lease an EV Vehicle and Still Get the Tax Credit?
Yes! You can lease an EV vehicle and still receive the tax credit. Many have deemed it the “EV lease loophole.” Leased electric vehicles are classified as “commercial vehicles” under the IRA and are eligible for credit without meeting strict battery and sourcing requirements.
Here is a list by vehicle of the credit amount it can qualify for:
- Grand Cherokee 4xe: Up to $7,500
- Wrangler 4xe: Up to $7,500
- Pacifica PHEV: Up to $7,250
- Dodge Hornet R/T: $6,500
Can You Get the EV Tax Credit on A Used EV Vehicle?
Yes, used electric and PHEV cars can receive the tax credit of $4,000 if the vehicle’s selling price is $25,000 or less and you meet the criteria set forth in the Clean Air Act.
South Oak Jeep Dodge Chrysler Ram Is Your EV and PHEV Headquarters
It’s essential to stay updated on any changes to EV tax laws and incentives, as they can impact the eligibility and amount of credits available. The South Oak experts take out the guesswork to make sure you have the most accurate and up-to-date information tailored to your individual situation.
From purchasing a qualifying vehicle to claiming the credit, the South Oak Team has you covered every step of the way. Contact us today or stop by the dealership to get the wheels turning on your electric adventure!