Act now to take advantage of the limited time to bundle tax incentives and save even more money on a new vehicle. Let’s explore two tax incentives that, when combined, can maximize your savings on a new electric vehicle.
2022 Inflation Reduction Act: This incentive gives you up to a $7,500 tax credit for new, plug-in EVs or fuel-cell electric vehicles. This expires September 30, 2025.
“Big Beautiful Bill”: This new law offers an annual tax credit of up to $10,000 on the interest of loans for new vehicles as long as they’re assembled in the United States. This law covers purchases made from January 1, 2025, to December 31, 2028.
Our process is straightforward. When you purchase between now and September 30, you can stack these two incentives to save even more money on your electric vehicle purchase. Explore our new EV inventory and speak with one of our approachable, non-commissioned salespeople for more information.
We’ve recently seen the creation of a new income tax deduction for interest paid on loans financing the purchase of qualified passenger vehicles. The deduction covers purchases made in 2025, 2026, 2027, and 2028.
To qualify for the tax deduction, the vehicle must follow these guidelines:
Personal use only: The vehicle must be used for personal use, meaning no business or commercial vehicles will qualify for this deduction.
New vehicles only: This can include new SUVs, new trucks, and new cars.
“Final assembly” in the US: The final assembly of the vehicle will have to take place in the United States to qualify for the deduction. Our salespeople will be able to help you find the models assembled in the US.
Weight limit: The vehicle must weigh less than 14,000 pounds.
This deduction is for all eligible vehicle buyers, no matter if they itemize their deductions or take the standard deduction on their yearly tax returns.
Qualifying buyers can deduct up to but no more than $10,000 in interest per year.
Your loan servicer will provide you with a tax form to claim the deduction, which includes information about the vehicle you purchase, the VIN (vehicle identification number), and details about the loan. Spitzer Ford St. Marys will have more information about this form in the future.
