2024 Electric Vehicles Eligible for $7,500 Tax Credit and Insurance Costs to Consider

2024 EVs Eligible for the Federal Tax Credit

If you're interested in purchasing a new electric vehicle and benefiting from the federal tax credit, learn about the complete list of 2024 models that qualify for the $7,500 credit, including Tesla, Ford, Cadillac, and more:

• 2024 Tesla Model 3 Performance ($7,500)
• 2024 Tesla Model Y ($7,500)
• 2024 Tesla Model X ($7,500)
• 2024 Ford F-150 Lightning ($7,500)
• 2024 Cadillac Lyriq ($7,500)
• 2024 Chevrolet Blazer ($7,500)
• 2024 Acura ZDX ($7,500)
• 2024 Honda Prologue ($7,500)
• 2024 Volkswagen ID.4 ($7,500)
• 2024 Rivian R1S ($3,750)
• 2024 Rivian R1T ($3,750)
• 2024 Nissan Leaf ($3,750)

Understanding the EV Tax Credit Requirements

To qualify for the full $7,500 credit, new EVs must meet specific criteria related to manufacturing location, list price, and battery material sourcing. Discover why some EVs are eligible for half the credit amount.

Consideration: Hidden Insurance Costs of EVs

While the federal tax credit can reduce initial costs, be aware of higher insurance expenses for EVs due to repair and battery replacement costs. Take proactive steps to find affordable insurance rates, improve your credit score, and explore available discounts to mitigate these expenses.