It’s not a great time to get a deal on a car. Prices are high. Inventory is low. Some models are backordered. Dealers aren’t likely to negotiate. Interest rates on loans are higher.
The average new car price in the U.S. was $45,927 in March, according to Kelley Blue Book. If you could get a $7,500 tax credit on a new car, it would help, right?
With gas prices going through the roof, more people are looking to electric cars. There are more electric models to choose from than ever, and lots of them are eligible for a federal tax credit of up to $7,500.
There’s nothing easy about the IRS tax code, so before plunking down the price of a new EV, check with a tax professional and read up on it first. The credit only applies to the first 200,000 eligible vehicles sold by an automaker, and companies like Tesla (TSLA) and GM (GM) have already passed that point. Plug-in hybrids also can qualify for the credit, so Toyota (TM) is approaching the 200,000 limit, too.
There may also be state and local tax credits or incentives for an EV purchase where you live.
Here are 30 electric cars now available new on the U.S. market as of April 2022. There are economical ones, SUVs, trucks and luxury cars for every taste. We included their sticker price followed by the cost if you got the full federal tax credit.
Other EVs Coming Soon:
Toyota’s new bZ4X starts at $42,000, but is currently available only in some states and in extremely limited quantities, according to Toyota. Toyota is also reaching the threshold of EV sales this summer that will disqualify the company for the federal tax credit, Electrek reports.
The 2022 Ford (F) F-150 Lighting is on the market starting at $39,974, but Ford has closed orders for it for 2022. Ford EVs are still eligible for the $7,500 tax credit.
Subaru’s Solterra, starting at $44,995, is coming this year.
The Mercedes-Benz EQE is coming in the mid part of this year, priced around $85,000-$100,000, according to Consumer Reports.
Genesis will start delivering its GV60 EV this year, priced somewhere around $55,000, according to Car and Driver.
Later in 2022, look for the Fisker Ocean (FSR), Lexus RZ and the VinFast VF8 and VF9.
The Cadillac Lyriq comes in early 2023.
Also in spring 2023 Chevy expects to release its Silverado EV and in fall 2023 the Chevy Equinox.
In late 2023, California electric vehicle startup Indi will launch its first model, the Indi One.
Tesla's Cybertruck is now planned for 2023 at the earliest, and look for the Tesla Roadster in 2024.