Only 1 Cadillac Model Still Qualifies for the Full EV Tax Credit
Electric vehicle (EV) models face new rules that make many ineligible for the full or partial EV tax credit. However, one Cadillac model still qualifies for the full credit.
New requirements for EV tax credit eligibility
According to Fuel Economy, the new EV tax credit requires vehicles to have a battery capacity of at least 7 kilowatt hours, a gross vehicle weight rating of less than 14,000 pounds, and be made by a qualified manufacturer. Fuel cell vehicles do not need to be made by a qualified manufacturer to be eligible. Vehicles placed in service must also meet critical mineral sourcing and/or battery component sourcing requirements to qualify for the full $7,500 credit. However, as of April 18, 2023, the IRS states that vehicles meeting both sourcing requirements can receive the full credit, while vehicles meeting only one requirement are eligible for $3,750.
The MSRP of the vehicle also has a limit. It cannot exceed $80,000 for vans, sport utility vehicles, and pickup trucks or $55,000 for other vehicles. The MSRP includes the base retail price suggested by the manufacturer plus the retail price indicated for each accessory or item of optional equipment physically attached to the vehicle at the time of delivery. The MSRP does not include destination charges, dealer-added options, taxes, or fees. These new requirements have caused some EV models to no longer qualify for the credit, while others still meet the criteria and remain eligible.
The Cadillac Lyriq is a fully electric luxury SUV
The Cadillac Lyriq is a luxurious electric SUV that meets the old and new requirements for the full EV tax credit. It features a rear-wheel drive system and a one-speed direct-drive transmission. According to the EPA, it can achieve up to 312 miles on a single charge and has a combined 89 MPGe rating. It has a battery capacity of 102 kWh, which helps power its output of 340 horsepower and 325 lb-ft of torque. The Lyriq also has a four-wheel independent suspension, allowing for a smooth and comfortable ride.
Regarding interior features, the Lyriq has a spacious cargo area with a maximum capacity of 60.8 cubic feet. It also comes equipped with a height-adjustable driver’s seat with power-adjustable lumbar support and standard safety features such as blind spot warning, rear cross-traffic alert, and a pre-collision safety system. The sound system in the Lyriq is also notable, featuring AKG premium brand speakers, 19 total speakers, a subwoofer, and wireless charging. The Cadillac Lyriq is an impressive electric SUV option combining luxury, performance, and technology.
Other electric vehicles that still qualify for the entire EV tax credit
In addition to the Cadillac Lyriq, other electric vehicles qualify for the full EV tax credit. These vehicles range from a plug-in hybrid minivan to all-electric SUVs and sedans. According to CNET, one of the eligible models is the 2022–2023 Chrysler Pacifica PHEV, which is perfect for families with its spacious interior and versatility.
The 2022–2023 Chevrolet Bolt and Bolt EUV models are also eligible, offering drivers long electric ranges and stylish designs. Moving forward, the 2024 Chevrolet Silverado, Blazer, and Equinox will also qualify for the tax credit. Additionally, let’s not forget about the popular Tesla models, including the Model 3 Performance, Model Y AWD, and Model Y Long Range AWD. These vehicles offer impressive acceleration, long-range capabilities, and advanced features like Autopilot.
With so many options to choose from, it’s easier than ever to find an electric vehicle that fits your lifestyle and budget. Plus, with the EV tax credit, you can enjoy significant savings on your purchase. It’s a win-win situation for both the environment and your wallet.
