For several reasons — high gas prices not least among them — now could be the perfect time to look for a more fuel-efficient vehicle. And here’s some great news: If you buy a plug-in hybrid vehicle (PHEV), it could qualify for the federal EV tax credit. Here’s a bit of information about these tax credits and PHEVs.
What is the EV Tax Credit and How Does it Work?
The federal government wants to entice you to buy a car that doesn’t run solely on gas, which is why they’re offering a tax credit. Based on the battery capacity of a vehicle, it could be worth up to $7,500. This money can then be deducted from your taxes. It should be noted that in addition to plug-in hybrids, electric vehicles also qualify for this tax credit.
However, the tax credit only applies to new PHEV purchases after 2010.
Which Cars Qualify For the Tax Credit?
These days, you now have your choice of many plug-in hybrid models, including:
· Jeep® Wrangler 4xe
- The Jeep Wrangler 4xe comes with a turbocharged 2.0-liter, four-cylinder engine and two electric motors that combine to put out 375 horsepower and 470 lb-ft of torque. It offers 49 MPGe (miles per gallon equivalent), and you’ll be able to travel up to 22 miles just on electricity.
· Chrysler Pacifica Hybrid
- If you’re looking for the perfect family vehicle, you’ll want to consider the Chrysler Pacifica Hybrid. It comes with a 3.6-liter V6 engine and two electric motors that combine to generate 260 horsepower. As a plug-in hybrid, it will give you 82 MPGe, and it has an electric-only driving range of 32 miles.
You can always check the list of qualifying EVs for more information.
Visit Fields Chrysler Jeep® Dodge RAM Asheville to find a plug-in hybrid that fits your needs and budget. Test drive a PHEV today!