5 Electric SUVs Under $60,000 That Qualify for the Federal Tax Credit
Electric vehicles can be expensive, but experts say the savings in gas pay off down the line. There aren’t as many electric SUVs on the market compared to electric cars, but more will be released this year. At the time of publication, the following electric SUVs under $60,000 are still eligible for the $7,500 federal tax credit. Popular EVs like the Ford Mustang Mach-E might not qualify for much longer, but something like the Mazda MX-30 will be eligible for longer.
The Ford Mustang Mach-E is an electric SUV under $60,000
The U.S. Department of Energy and the U.S. Environmental Protection Agency has a helpful list of every new electric vehicle and plug-in hybrid vehicle that was eligible for the federal income tax credit of up to $7,500. The 2022 Ford Mustang Mach-E has been popular since it hit the market, and it is a surprise the electric SUV is still eligible for the full tax credit. Unfortunately, the 2022 Mustang Mach-E is no longer available for order. Ford dealerships will likely get some inventory in sporadically, so keep an eye out for a surprise Mach-E. The 2022 Mach-E is available in the Select, GT, Premium, and California Route 1 trims.
2022 Ford Mustang Mach-E price: $43,895
The Hyundai IONIQ 5 is another electric SUV under $60,000
The 2022 Hyundai Ioniq 5 uses Hyundai’s new Electric Global Modular Platform (E-GMP). Hyundai will use the E-GMP platform for other models across the Hyundai, Kia, and Genesis brands in the future. The single motor option offers a 77.4-kWh battery, 300-mile-range, and rear-wheel-drive platform. The other option is a dual-motor all-wheel drive option getting 244 miles. The IONIQ 5 will come in the SE, SEL, and Limited trims. All trim levels are electric SUVs under $60,000 and still qualify for the $7,500 federal tax credit.
2022 Hyundai IONIQ 5 price: $39,950
Don’t forget the Volvo C40 Recharge already won an award from the IIHS
The 2022 Volvo C40 Recharge Pure Electric is a crossover SUV under $60,000, but just barely. With a range of more than 226 miles per charge, 402 hp, and all-wheel drive, the Volvo C40 checks all the boxes for an electric SUV. It already received the 2022 IIHS TOP SAFETY PICK+ award, thanks to Volvo’s focus on safety. The C40 is equipped with a variety of standard safety systems like automatic emergency braking (AEB), forward collision warning (FCW), and blind-spot warning (BSW). Only one trim level is available, but it is eligible for the federal tax credit.
2022 Volvo C40 Recharge Pure Electric price: $59,845
The Volvo XC40 Recharge is another electric SUV option
The 2022 Volvo XC40 Recharge Pure Electric is another compact SUV from the brand. With 223 miles of electric range, drivers can get from 10% State of Charge (SoC) to 80% SoC in about 37 minutes. Plus, Volvo offers 250kW of DC Fast-Charging from Electrify America and a discounted charging rate. Google Maps is built-in so finding convenient chargers won’t be an issue. It comes in a bit less expensive than the other Volvo electric SUV, under $60,000 but still qualifies for the tax credit.
2022 Volvo XC40 Recharge Pure Electric price: $51,700
The Mazda MX-30 doesn’t have a long range, but it is budget-friendly
The 2022 Mazda MX-30 electric SUV has a fairly short range compared to some other options. The EPA gave the MX-30 an estimated range of 100 miles. Mazda says that isn’t a problem for some drivers. “Considering the typical American drives approximately 30 miles per day, the MX-30 was specifically designed to meet their needs,” the automaker said. The MX-30 typically takes 36 minutes to get from 10% SoC to 80% SoC. Mazda includes a $500 credit to Chargepoint chargers, and the MX-30 is eligible for the full $7,500 federal tax credit.
2022 Mazda MX-30 price: $34,695
Consider your daily commute when thinking about a new electric car. For some people, the Mazda MX-30’s range might be enough. Those who have a longer drive every day might want to consider one of the longer-range Ford Mustang Mach-E or Hyundai IONIQ 5 electric SUVs.