πŸš«πŸš—πŸ’Έ Don't Buy an Electric Car Without Reading This First! - Palma Financial

Are you thinking about purchasing an electric car?Β With the electric vehicle (EV) market growing rapidly, it’s an exciting time to consider a greener, more sustainable way of driving! πŸ’š

However, before you take the leap and make a purchase, there are a few things you need to know:

πŸ’° Tax Credits

  • Biden administration proposes higher tax credit for American-made EVs
  • Buyers of American-made EVs could receive up to $12,500 in tax credit
  • Tax credits for EVs made by foreign companies may be lower than for American-made EVs

πŸš— Eligibility Criteria:Β 

  • Only 16 vehicles qualify for the federal tax credit for electric car buyers
  • The US government offers a tax credit of up to $7,500 for qualifying electric cars
  • The tax credit begins to phase out after an automaker sells 200,000 qualifying vehicles
  • American car companies Tesla and General Motors have already hit the 200,000 vehicle cap
  • Foreign companies such as Nissan, Toyota, and Volkswagen have not yet hit the cap.

So, what’s the bottom line?Β Don’t buy an electric car without doing your research first!

Book a tax assessment with us today, and we’ll help you understand the benefits and limitations of electric cars, the tax credits available, and whether an EV is the best choice. πŸ’―