I recently started looking into electric and hybrid cars and came across the Hyundai Ioniq. I’ve heard that some eco-friendly vehicles are eligible for federal tax credits, which can be a huge help in offsetting the initial cost. I once owned a Prius, which had some great incentives back in the day, and I’m curious if the Ioniq has similar benefits.
Can anyone share if the Hyundai Ioniq qualifies for any federal or state tax credits? Any info on the specific models that are eligible would be super helpful too.
Federal credit unavailable. Specifically, I’m not sure about state credits. Numerous individuals circumvented this by leasing in order to receive the $7500 “lease credit” that resulted from Hyundai being eligible for the tax credit as a fleet car. If the owners desired to purchase it after then, they could buy out the lease. It is now too late to assist you, however that served as the “workaround”.
Yes, the Hyundai Ioniq Electric qualifies for federal tax credits in the United States. As an electric vehicle, it may be eligible for up to $7,500 in federal tax incentives, subject to IRS guidelines and the vehicle’s battery capacity.
In 2023, Ioniq 5 lost its federal tax refund. Hyundai used a gimmick for leasing that allowed you to receive a discount, but the dealer was involved. Anyhow, it was eligible in 2022.