Electric vehicles aren’t as prevalent as green warriors would like just yet, but there’s no denying that they are on the rise. Since Teslas became so popular, other automakers have seen the benefits of going green and are jumping on board. While most luxury automakers haven’t been as quick to change over, McLaren has made news with an announcement that it will have a new electric vehicle.
EVs earn a tax credit
Some are on the fence about whether they want an EV or not. While there are many benefits, EVs aren’t used often in rural areas due to the lack of charging stations, and road trips can be a bit tricky if you don’t carefully plan them out. With that being said, the U.S. government has decided to give new EV owners an incentive to go green through tax rebates.
According to Fuel Economy, EVs and plug-in hybrid cars that were purchased new in or after 2010 may be eligible for a federal EV tax credit. This can have a value of up to $7,500. While that is an excellent incentive, you may also be eligible for state and local incentives as well.
Given that McLarens aren’t exactly seen out on the streets very often, some may wonder if it’s even eligible for the tax credit. As it turns out, it is.
2022 McLaren Artura
The 2022 McLaren Artura isn’t a full EV. It’s a hybrid. While McLarens are known for their powerful engines, and the V-6 engine undoubtedly is, the Artura isn’t the most powerful hybrids.
The 7.4-kWh lithium-ion battery gets only 15 EV miles. This means when the gas tank runs completely out, you’ve got 15 miles of electric charge before you either need to plug it in or fill up the tank. That’s plenty of time to get to a gas station if you plan accordingly. However, can you apply for a tax credit?
Can you claim the tax credit for the McLaren?
If you’re wondering if McLaren Artura is eligible for the tax credit, the answer is yes. The real question you need to be asking is how much you’re McLaren is eligible for.
The IRS reports, “For vehicles acquired after 12/31/2009, the credit is equal to $2,500 plus, for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours.”
For those who can actually afford the 2022 McLaren Artura’s price of $225,000, they may be wondering how much of a tax credit they’ll get. It’s definitely not the full amount of $7,500. According to the IRS, you can expect to get about $4,585.
While that’s about $3,000 less than other vehicles, Electrek reports that it’s worth the effort to research the state you’re living in. There may be even more tax incentives available there.
To get the tax credit, there are a few steps you need to follow. First, you’ll need to make sure the automaker hasn’t exceeded the cap of 200,000 sales. Then, obtain a letter of certification from the dealer, and fill out the IRS Form 8936. This tax credit will go toward that if you owe taxes, so you may not get the full amount. But, every little bit helps.