Ford EV Tax Credit

What's New for the Clean Vehicle Tax Credit in 2024?

There are several important changes to how the Clean Vehicle Tax Credit is applied to new and used electric vehicle purchases. The first significant change is that buyers can now transfer their credit to an authorized dealership like Crest Ford, and we will apply the credit directly to the point of sale. You'll see immediate savings instead of waiting until tax season, where the credit is only applied as a deduction on your total tax liability and cannot exceed your total tax liability or be returned to you as a refund.

Our Finance Center at Crest Ford is a great source of information on navigating new tax rules concerning our Ford EV inventory and can help you save big by applying the federal tax incentive and any additional specials or manufacturer savings you may qualify for. Contact our team for more information and see how much you can save on a new purchase, lease, or used vehicle financing.

Which Ford Vehicles Qualify for the EV Federal Tax Credit?

The rules for electric vehicles are much more stringent this year due to new requirements governing the sourcing of EV parts. The rules are designed to build infrastructure and manufacturing in the United States and ensure most of the EV technology is manufactured in the United States by American automotive workers. In 2024, only two new models qualify for the Clean Vehicle Tax Incentive: Ford F-150 Lighting and Ford Escape Plug-In Hybrid. You can find both of these vehicles on our lot in Center Line, MI. However, it's important to look up the Vehicle Identification Number (VIN) of the exact model you wish to purchase to verify the qualification status. Used EVs on our lot are also eligible for up to a $4,000 credit.

Eligible Vehicles at Crest Ford

• Escape Plug-In Hybrid: $3,750
• F-150 Lighting Extended Range Battery: $7,500
• F-150 Lightning Standard Range Battery: $7,500

How Much is the Tax Credit?

The tax credit amount has not changed from 2023. However, a new rule allows buyers to transfer their tax credit to the dealership, so you can get immediate savings instead of waiting until tax season to claim it as a deduction from your tax liability. When you purchase a new or used qualifying vehicle at Crest Ford, our finance experts will ensure to submit the proper paperwork to the IRS and that we apply your credit to the purchase. Applying the credit at the point of sale means you can instantly lower your monthly payment by reducing the purchase price. The amount of the credit varies by vehicle model. New plug-in hybrid and pure electric vehicles are eligible for up to $7,500, and used electric vehicles qualify for up to $4,000. You can contact our finance team for more information about the amount of the tax credit for a particular vehicle at Crest Ford.

How to Qualify for the EV Tax Credit at Crest Ford

For most Michigan drivers, qualifying for the EV Tax Credit is as simple as visiting our dealership and speaking with our finance specialists when you have decided to purchase an EV at Crest Ford. Qualifying for the Federal EV Tax Credit means meeting the following criteria:

• You must buy the vehicle for your own use, not for resale.
• It must be used primarily in the U.S.
• Your modified adjusted gross income (AGI) may not exceed:
• $300,000 for married couples filing jointly
• $225,000 for heads of households
• $150,000 for all other filers