The Latest on EV Tax Credits: Tesla and Rivian, Yes. Fisker, No. Check the IRS Website.

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Car buyers have a lot to consider—electric or gas, size, features, make, model, and price, of course. For most of us, cost is actually the starting point. And when we can get any kind of a break, it can be the push we need to settle on a choice.


The Latest on EV Tax Credits: Tesla and Rivian, Yes. Fisker, No. Check the IRS Website.

Car buyers have a lot to consider—electric or gas, size, features, make, model, and price, of course.

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The electric vehicle (EV) revolution is here and many EV makers are now striving to get a piece of the increasing consumer pie. However, recent news leaves many potential EV buyers wondering if their purchase qualifies for a tax credit. The answer lies in who the manufacturer is.

Tesla, known for their cutting-edge technology, is still offering up to $7,500 in federal tax credit for any EV they have at the time of purchase. This includes their new Tesla Model 3 and Tesla Model Y, as well as any used Tesla vehicles. Tesla also offers state incentive programs in certain states, which can add up to thousands in additional savings.

Rivian, the new up-and-coming EV maker, is also offering up a hefty federal tax credit of up to $7,500. Rivian recently announced their plans to open up their retail locations across the country, which means customers can start their EV journey in style. Additionally, Rivian also offers various other incentive programs in different states, including cash-back and trade-in programs.

Unfortunately, Fisker does not qualify for federal tax credit at this time due to its purchase of Karma Automotive. Without the tax credit, Fisker-made EV pricing can become expensive.

Ultimately, when in doubt, it is always a good idea to check out the IRS website for the latest information regarding EV tax credits. Every EV purchase should be thoroughly researched and compared in order to get the best deal possible. In the current EV market, it is important to consider all of the incentives, credits, and other rebates that may help you bring home the perfect EV for you.

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