Federal $7,500 EV Tax Credit | Everything You Need To Know

Federal $7,500 EV Tax Credit

If you’re making the switch to an all-electric or plug-in hybrid vehicle, you definitely want to take advantage of every EV tax credit possible! This quick guide will explain the ins and outs of electric vehicle tax credit eligibility, including how to claim your credit and which vehicles qualify. Read on to learn more about the federal EV tax credit, then max out your savings by shopping at Quantrell Cadillac for your new electric model today!

Leveraging the Federal Electric Vehicle Tax Credit

In 2024, multiple vehicles are eligible for federal and state tax credits. This federal government incentive helps eco-conscious drivers like you save even more on their EV purchase or lease by offering up to a $7,500 EV tax credit1 on new vehicles. Used electric models may also qualify for savings, so you can shop pre-owned, too.

Which Vehicles Are Eligible for the EV Tax Credit?

Browse through our dynamic inventory, and you’ll find our tax-credit-eligible Cadillac LYRIQ trims. The 2024 Cadillac LYRIQ increases your savings in more ways than one – it comes with fantastic lease terms and finance offers, it offers incredible electric range, and it’s eligible for the EV tax credit.

If you’re interested, check out our helpful guide on Cadillac LYRIQ electric home charger prep and this quick overview of some of its standout features and specs:

  • 33-inch diagonal advanced LED display capable of 9K resolution
  • Available Hands-Free Super Cruise
  • Up to an EPA-estimated 314 miles2

Shop new Cadillac LYRIQ trims to find the all-electric SUV you need at a price you’ll love!

How to Claim Your EV Tax Credit

Claiming your $7,500 tax credit is simple: Buy or lease a qualified new electric model from Quantrell Cadillac, and we’ll take $7,500 off your final price!1 Customers can even purchase up to two vehicles per year with the EV federal tax credit applied directly to their purchase price. Contact us to start your next electric vehicle purchase or lease and claim your EV tax credit today!

Check out our electric vehicle guide to learn more about the benefits of choosing electrified power.

Frequently Asked Questions

How do you qualify for the $7,500 EV tax credit?

Many new and some used electric vehicles are eligible for tax credits, though the list of qualified models changes each year. Federal EV tax credit qualification is largely based on the manufacturing and assembly location, as well as your income and other factors. Claim your credit when you shop Quantrell Cadillac because the 2024 Cadillac LYRIQ is tax-credit eligible!1

How does the federal EV tax credit work?

As of January 2024, drivers can receive their EV tax credits on eligible electric vehicles at the point of sale at participating dealerships like Quantrell Cadillac. Previously, buyers or lessees had to claim this tax credit when filing their annual tax returns, but no more! Talk with our Quantrell Cadillac finance experts to apply the EV tax credit to your Cadillac LYRIQ purchase or lease.


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1At the time of writing. Incentives are subject to change without notice and are intended for informational purposes only. Please note that this is not tax advice. Consult with your tax adviser for further details and to determine eligibility

2EPA estimated. Actual range will vary based on several factors, including temperature, terrain, battery age, loading, use and maintenance.

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1490 E New Circle Rd, Lexington, KY, 40509
Quantrell Cadillac 38.0226, -84.4551.