Which Electric Cars Qualify for Rebates?
The team at Cornerstone Auto has plenty of new EVs in stock, waiting to find a new home. EVs lower your refueling costs in Monticello, MN, lower your maintenance costs, and allow you to charge at home without going to a gas station in Anoka, MN. And, more and more public charging stations are coming online to make it easier to head to your favorite lake or resort destination for weekend getaways. The best part? You have some incentives for purchasing an EV, so you need to know which electric cars have rebates before purchasing.
Examine more information about which electric cars have rebates with our handy guide. We’ll go over the federal electric car rebate and the Minnesota electric car rebate.
How Does the Electric Car Rebate Work?
Once you purchase an EV in MN, you’ll need to fill out the information on your purchase through Minnesota’s electric vehicle program for purchases after May 25, 2023. On the federal side, you must fill out information for your income tax return following a purchase. But the federal process is going to change starting in 2024.
Federal Electric Car Rebate
The federal government offers a way to get up to $7,500 off your tax bill for EVs purchased after April 18, 2023, until December 31, 2023. For example, if you owe $10,000 in federal income taxes, the federal EV incentive will lower your tax bill to $2,500. If you owe $3,000 in federal income taxes, your tax bill will be completely zeroed out.
Starting in 2024, the federal electric car rebate will change. You can take the rebate at the time of purchase at the dealer, which will lower the purchase price of the EV by up to $7,500! Your auto loan amount will be lower, giving you lower interest over the loan term. The amount of your rebate might be lower, depending on which new or used EV you purchase.
Which Electric Cars Have Rebates for the Federal Incentive?
A select few EVs on our lot qualify for the full $7,500 federal incentive. PHEVs, or plug-in hybrid vehicles, may qualify for $3,750 worth of federal incentives.
- Chrysler Pacifica PHEV
- Chevy Blazer EV
- Chevy Bolt
- Chevy Bolt EUV
- Chevy Equinox EV
- Chevy Silverado EV
- Jeep Grand Cherokee 4xe PHEV
- Jeep Wrangler 4xe PHEV
- Ford E-Transit
- Ford Escape PHEV
- Ford F-150 Lightning
- Ford Mustang Mach-E
Minnesota Electric Car Rebate
In the state of Minnesota, you could get a $2,500 state rebate for a new EV that costs more than $55,000 MSRP. If the EV costs $25,000 or less, you could qualify for a rebate of $600. As soon as the program starts, fill out your application ASAP because there are limited funds for the program.
Test Drive a New EV in Elk River
Ready to take the next steps with EV ownership? Contact us or call 763-274-3390 to schedule a test drive. You can have a quality EV in your home in no time for your Ramsey, MN garage!
