Do Hyundai EVs Qualify for Tax Credits? 

To help protect our planet, many drivers are making the electric switch. Since they’re better for the environment, many qualify for tax credits to help incentivize buyers. Keep in mind that there are stipulations if you’re considering a Hyundai EV from Lester Glenn Hyundai of Toms River. Updated EV Tax Credit Terms

With the new Inflation Reduction Act, new rules apply to qualify for a $7,500 EV tax credit. In addition to other restrictions, vehicles must be assembled in North America to qualify, and a certain percentage of the battery’s components must also be produced or manufactured in North America. Leased Vehicle Tax Credit

The foreign-assembly restriction does not apply to leased vehicles since they qualify for a commercial credit that the dealership can claim. Hyundai is passing on these savings to the consumer in the form of lower lease payments at each of our Hyundai EV dealers. Used Vehicle Tax Credit

Used vehicles are also eligible for a tax credit. You must purchase an EV priced under $25,000 from a licensed dealer to qualify. The credit is equal to up to 30 percent of the price of the vehicle, with a $4,000 maximum. Are There New Jersey Incentives?

Until recently, New Jersey offered incentives to spur EV purchases. The program is currently paused for the 2023 fiscal year, but should that change, our finance team will ensure you’re informed of every incentive for which you may qualify. Although the EV incentive is paused, you can still qualify for a $250 rebate on the purchase of an eligible in-home charger. Shop Our Hyundai EVs Today

Want to take advantage of these tax credits? We encourage you to stop by Lester Glenn Hyundai of Toms River to shop our extensive selection of Hyundai electric vehicles. We’d love to help you upgrade today!

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