Vehicles aren’t cheap. New trucks, especially, are not cheap, and that’s not even counting new electric trucks. In order to make the purchase cost more feasible, federal tax credits take up to thousands of dollars off of the price you paid for your new electric vehicle. What complicates things, however, is finding what electric vehicles qualify for the federal EV tax credit.
The first qualifier for the tax credit is that the vehicle must have been made in a factory to be an electric vehicle from genesis. This means that electric vehicle conversions do not qualify for the EV credit, even though they’re still promoting a less emission-heavy lifestyle.
To qualify for the federal EV credit, the truck (in this case the 2022 F-150 Lightning) cannot weigh more than 14,000 pounds. You’re in luck with this truck, as the new electric Ford only weighs about half of that figure.
Yet another qualifier that the 2022 F-150 Lightning in OKC meets is that it must rely on an electric motor for the majority of its power. As you likely know by now, the new F-150 Lightning is all-electric, so 100% of its power is relying on its electric motors.
The tax credit only applies to the first purchase of the new vehicle, so if you have decided to lease your electric vehicle, you’re out of luck.
Reserve your 2022 F-150 Lightning here
It’s worth noting that your experience claiming the federal EV credit for the 2022 Ford Lightning may not play out like you’re thinking. As with all government incentives, it’s difficult to claim and may ring in at a lower figure than you anticipate. The way that this amount comes to you is via a reduction to the tax liability you have.
In order to make the most of this tax credit, you’ll have to already make enough each year to be sent a tax bill for $7,500 and up. If you still meet the qualifications with both your income and choice in vehicle, then you can save some serious money with the EV tax credit in Oklahoma.
Do you meet the criteria we’ve highlighted? Congratulations! You might be eligible to save thousands of dollars on the purchase of your new 2022 Ford F-150 Lightning in Edmond Oklahoma at Vance Country Ford.
For more information on EV tax credits, go straight to the source here.
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