If you’re tired of spending a fortune buying gas for your car, it’s probably time to think about a more fuel-efficient vehicle. However, you don’t have to necessarily buy an all-electric car; a plug-in hybrid vehicle (PHEV) can give you just what you need. And there’s another incentive to pick this type of model: it could come with an EV tax credit.
What is the EV Tax Credit and How Much is it Worth?
The government is encouraging people to buy more eco-friendly vehicles, and they’re making it worth their while with a significant tax credit. This is applicable to both plug-in hybrids and electric cars (depending on qualifications). The credit is based on a vehicle’s battery capacity, and at most it will be for $7,500. You’ll be able to deduct whatever the amount is when you do your taxes.
Plug-In Hybrid Models to Consider
The great news when it comes to claiming the EV tax credit is that there are now more plug-in hybrid cars available than ever, including:
· Chrysler Pacifica Hybrid
The Chrysler Pacifica Hybrid comes with a 3.6-liter V6 engine and two electric motors that combine to produce 260 horsepower. When used as a plug-in hybrid, it offers 82 MPGe (miles per gallon equivalent), which is an excellent number for a minivan. It also has a driving range of 32 miles using electricity only.
· Jeep® Wrangler 4xe
The Jeep Wrangler 4xe has a turbocharged 2.0-liter, four-cylinder engine and two electric motors that combine to generate 375 horsepower and 470 lb-ft of torque. This SUV will give you 49 MPGe, and it has an all-electric driving range of 22 miles.
To find the right plug-in hybrid for you, come down to Fields Chrysler Jeep Dodge RAM Glenview.