Where Does the $7,500 EV Tax Credit Stand If Trump Is Elected?

If you're considering buying a new vehicle, now might be the perfect time to explore electric vehicles (EVs). Both plug-in electric and fuel cell vehicles are eligible for a substantial $7,500 tax credit if purchased between now and 2032, potentially reducing your overall car costs.

The clean vehicle tax credit is available to individuals who buy a qualified EV for personal use within the U.S. This credit can help offset income tax liability in the year you purchase the vehicle. But despite the perks, EVs have also become a focal point in political discussions.

Presidential candidate Donald Trump recently expressed his support for EV technology, which was influenced by an endorsement from Tesla CEO Elon Musk. Although Trump has been critical of current EV policies, he acknowledged the importance of EVs while emphasizing the need for a diverse range of vehicle types.

This debate is set against the backdrop of President Joe Biden's emissions standards, which aim to significantly increase EV market share by 2032. Additionally, the $7,500 federal EV tax credit remains a contentious issue, with Trump and his running mate J.D. Vance opposing it.

As the conversation around EVs continues to evolve, it's clear that both technological advancements and political decisions will shape the future of transportation. Read on for a look at 15 EVs that qualify for the $7,500 Clean Vehicle Tax Credit.

The Chevrolet Bolt and Bolt EUV qualify for the $7,500 credit limit.

It gets an EPA-estimated 247 miles on a full charge and offers nice features like a Driver Information Center with an efficiency gauge as well as Driver Display Screens for charging stats and real-time energy consumption data.

The Ford F-150 Lightning for model years 2022 through 2024 makes the cut for the full $7,500 tax credit. This full-size truck, with the extended range battery, is more efficient than previous models.

The electric truck's EPA estimated range on a full charge is 230 miles. Using the company's Ford Charge Station Pro set-up for the home, it takes 10 hours to go from 15% to a full 100% battery.

With a 7,700-pound towing capacity and the ability to go 0 to 60 in 4.0 seconds, it’s a top performer for many people.

The Tesla Model 3 Performance model for 2022 through 2024 qualifies for the full $7,500 tax credit, while the 2023 and 2024 Model 3 Standard Range Rear Wheel Drive models are nearly there with $3,750 credit eligibility.

The Model 3 Performance vehicle has a range of 315 EPA-estimated miles and can reach 60 mph in 3.5 seconds, reaching maximum speeds of 162 mph, thanks to its aerodynamic design.

The 2024 Rivian R1T model qualifies for $3,750 in tax credits. This pickup truck has some key features, including the ability to drive through as much as three feet of water and hit 60 mph in three seconds.

Its exceptional road handling makes it feel more like a sports car than a hard-working truck. It also gets 314 miles per full charge.

The 2024 ID.4 AWD Pro from Volkswagen earns the full $7,500 tax credit as well.

This vehicle has much to offer, including a fun-to-drive design with great handling. It has an EPA-estimated range of 275 miles and charges from 10% to 80% in about 35 minutes.

The 2023 and 2024 model years for the Cadillac Lyriq qualify for the full $7,500 tax credit. The 2024 rear-wheel-drive model gets a GM-estimated 308 range.

It also provides 340 hp and 325 lb-ft of torque, making it a powerful vehicle to boot. Upgraded models also have some luxurious features added to them.

The standard range battery Ford Mustang Mach-E for model years 2022 and 2023 meets the qualifications for the $3,750 tax credit. Unfortunately, the 2024 model does not qualify for any tax credits.

This true sports car is far removed from its gas-guzzling ancestors, getting an EPA-estimated 224 to 312 miles, depending on the selected battery pack.

The 2024 Chevrolet Equinox qualifies for the $7,500 tax credit. This SUV gets a GM-estimated 300 miles of electric range.

Though it won’t be released until mid-2024, the vehicle has nice features and requires just 10 minutes to reach a 70-mile charge range.

The 2022 through 2024 models of the Grand Cherokee PHEV 4xe qualify for the $3,750 tax credit.

This is a full-size hybrid SUV with 375 hp, 470 lb.-ft of torque, and 6,000 pounds of towing capacity. It has a 25-mile all-electric range and a 470-mile driving range.

The 2022 through 2024 models of the Tesla Model Y Performance meet the $7,500 tax credit requirements with a 330-mile EPA-estimated range for its all-wheel-drive model.

With room for up to seven people and cargo, it’s a larger vehicle that can still go from 0 to 60 mph in 3.5 seconds.

Choose between the 2022 and 2023 models of the Chrysler Pacifica PHEV to receive the full $7,500 tax credit.

The 2023 model, which is a plug-in hybrid minivan, has a battery that’s large enough to provide an impressive 500+ miles of range. It also has 115 safety and security features on board to keep everyone safe.

The 2022 and 2023 model years for the Lincoln Aviator Grand Touring are solid energy-efficient SUVs with the full $7,500 tax credit eligibility.

The vehicle provides some power, too, including 400 hp and a towing capacity of 5,600 pounds. This plug-in hybrid vehicle has a 21-mile battery-only range and a total charge range of 460 miles.

The 2024 Chevrolet Silverado qualifies for the full tax break, with its 10,000-pound towing capacity and 754 hp engine.

It has a GM-estimated 400-mile range, allowing for long trips without too many stops along the way. It also can go from 0 to 60 in 4.5 seconds.

To qualify for the $3,750 tax credit, consider the Lincoln Corsair Grand Touring for 2022 through 2024.

This plug-in hybrid model features a 2.5L Atkinson-cycle, four-cylinder gas engine with a 28-mile battery-only range and 430-mile total range.

The 2022 through 2024 models of the Ford Escape Plug-in Hybrid meet the qualifications for the $3,750 tax credit. 

They feature an eight-speed automatic transmission, a 3,500-pound towing capacity, and room for up to five people. This vehicle gets 37 miles on battery-only and 520 miles in total range.

Numerous vehicles fall under these rules, and you should verify a particular vehicle on the Energy.gov website.

Some key requirements are that the vehicle must have a battery capacity of at least 7-kilowatt hours, weigh less than 14,000 pounds in gross weight, and be made by a qualified manufacturer with final assembly in the U.S.

Don’t forget to ask your insurance provider if they can help you save money on car insurance, too.