Electric Car Tax Incentives at Fair Oaks Ford
Electric Car Tax Credits in Illinois
Now is the ideal moment to embrace the future with a new electric vehicle! The 2024 federal EV tax credit, offering up to $7,500 on select models,1 presents a golden opportunity to shift toward sustainability without straining your finances. Our Ford dealership near North Aurora proudly offers an extensive range of electric Ford SUVs and trucks eligible for this incentive. Discover your next eco-conscious ride by exploring our online inventory today.
Let us assist you in leveraging the Illinois EV rebate alongside any applicable federal electric vehicle tax credits. Embrace a greener journey with a new Ford EV in Naperville and drive with confidence knowing you’re making a difference!
How Do I Get the Electric Car Tax Credit?
Securing your EV tax credit when purchasing a qualifying new Ford EV is straightforward. Buyers must acquire the vehicle for personal use (not resale) and predominantly operate it within the U.S. to qualify. Additionally, the federal EV tax credit is subject to income limits, with a potential saving of up to $7,500 based on the specific model.1 For more details on eligibility requirements, meet with our dedicated Ford financing experts!
Is There a Tax Credit on Used EVs?
Yes! Certain used electric vehicles in Naperville qualify for an EV tax credit. To be eligible, the pre-owned EV must be sold for under $25,000, with the credit amount equaling 30% of the purchase price. This means used EVs may qualify for up to $4,000 in tax credits.1
Does Illinois Offer an EV Rebate?
A wide range of popular new Ford electric and plug-in hybrid SUVs, trucks and vans qualify for the federal EV tax credit. They include:
| Purchase or Lease Timeframe | Rebate Amount1 |
|---|---|
| July 1, 2022-June 30, 2026 | $4,000 |
| July 1, 2026-June 30, 2027 | $2,000 |
| Beginning July 1, 2028 | $1,500 |
Which 2024 Ford Models Qualify for a Tax Credit?
Many of our new Ford vehicles near North Aurora qualify for some form of federal tax credit, whether full or partial. Eligible models, model years, credit amounts and MSRP limits include:
| Model | Model Years | Credit Amount | MSRP Limit |
|---|---|---|---|
| Escape Plug-In Hybrid | 2022-2024 | $3,750 | $80,000 |
| F-150 Lightning (extended-range battery) | 2022-2024 | $7,500 | $80,000 |
| F-150 Lightning (standard-range battery) | 2022-2024 | $7,500 | $80,000 |
| Mustang Mach-E | 2022-2023 | $7,500 | $80,000 |
