There are many reasons to check out the latest Hyundai electric cars. In addition to never needing to buy gas, these vehicles are enjoyable to drive and come with the latest tech and safety amenities. If you’re wondering about tax credits, the professionals at Keyes Hyundai can help you decode a frustratingly complex situation.
Federal EV Tax Credits
In recent years, Hyundai electric vehicles qualified for an EV tax credit worth up to $7,500. That’s changed due to the Inflation Reduction Act, which places new restrictions based on the car’s place of manufacture and a complex set of supply chain requirements for EV batteries. For now, at least, Hyundai EVs don’t qualify for the federal tax credit.
California Electric Vehicle Incentives
While that $7,500 federal credit may be off the table, California offers specific incentives to EV shoppers. There are tax rebates of up to $4,500 and grants from the Clean Vehicle Assistance Program of up to $5,000 for qualifying vehicles.
Consider Leasing Instead of Buying
Leasing is an easy solution to some of the issues above because the requirements are looser for leases than for purchased vehicles. This passes an incentive to the leaseholder, who then, in turn, passes the savings to the lessee (you).
What’s the Catch?
There are a few caveats. Vehicles must meet specific criteria to qualify. There are also income restrictions for these programs and a few other rules and regulations to follow. Your Hyundai dealer and your accountant can help in sorting things out.
Find the Right Electric Car at Keyes Hyundai
Even without the federal tax credit, buying or leasing a Hyundai EV from Keyes Hyundai has its benefits. Visit today to browse our selection of the newest models, or get in touch to schedule a test drive of the Hyundai IONIQ 5 or any other EVs in stock.
