Vehicles Eligible for EV Tax Credit in Oklahoma
Electric Vehicle Tax Credit in Oklahoma
One of the best benefits of buying a new EV for sale is the possibility of getting a tax credit on your purchase! The federal government has incentivized dealers and consumers to switch to EVs for several years. The most popular and widely used mechanism to accomplish this is the Federal EV tax credit, passing on thousands of dollars of savings when you by an eligible EV or Hybrid. The tax credit has some requirements, and not all vehicles qualify, but at our Oklahoma EV dealerships, you’ll find several models that you can save on. To start, let’s take a look at how the tax credit works.
The tax credit comes in two parts, and a vehicle can be partially qualified for one amount or fully qualified for both amounts:
- $3,750 for vehicles that meet critical mineral requirements
- $3,750 for vehicles that meet battery component requirements
The lowest benefit you can receive is $3,750, and your largest credit is $7,500. To qualify, the MSRP of SUVs can’t be above $80,000, and the MSRP for sedans cannot exceed $55,000. Vehicles must be assembled in the USA and weigh less than 14,000 lbs.
For you to qualify, you have to be below a certain income threshold:
- $300,000 for married filing jointly or a surviving spouse
- $225,000 for heads of households
- $150,000 for all others
Let’s take a look at the models we have that meet these requirements!
Which Vehicles Qualify?
Bob Moore Auto Group has 15 dealerships across Oklahoma City, so no matter what style of EV you’re looking for, we’ll have something for you. We’ve broken down qualified models for the most recent model years as dictated by the Department of Treasury.
Models that qualify for the $7,500 Credit:
- Cadillac Lyriq
- Chrysler Pacifica Hybrid PHEV
- Ford F-150 Lightning
- Volkswagen ID.4
Models that qualify for the $3,750 Credit:
- Audi Q5 PHEV
- Ford Escape PHEV
- Ford E-Transit
- Ford Mustang Mach-E
- Jeep Grand Cherokee PHEV 4xe
- Jeep Wrangler PHEV 4xe
- Nissan Leaf
Not sure which model makes the most sense for you? That’s where we come in. Visit one or more of our OKC, Moore, and Northwest Expressway dealerships to test drive your next electric vehicle!
How to Claim the Tax Credit
Claiming the tax credit can be done in two ways. Both involve submitting IRS Form 8936. The most common way folks claim the credit is when they purchase an electric vehicle. At the time of sale, you’ll get a credit for the value of the tax break. This works out for you to get a discount, and the actual tax credit is passed onto the dealership. This is the most popular because you get to see those savings in real-time. Your other option is the traditional route, filing Form 8936 with your tax return. This prevents you from claiming the benefit immediately but will lower your tax burden when it’s time to pay. If you’re in the green, the IRS will write you a check for whatever they owe you. While it’s pretty straightforward, a tax professional should always handle any tax planning questions. Visit one of our locations to find a new or used EV for sale in OKC!
Visit a Bob Moore Dealership to find EVs for Sale
From the Ford Lightning to the Cadillac Lyriq, our dealership has a wide range of EVs, from family SUVs to thrilling daily drivers. With 15 Bob Moore dealerships spanning from Edmond to Norman, you’re sure to find the perfect electric vehicle!
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