Drivers looking for Ford electric cars for sale in Loveland, CO, just got a huge financial incentive. The state recently enacted House Bill 23-1272, increasing the EV tax credit from $2,000 to $5,000. The new credit will be huge savings for Colorado taxpayers who use it before the December 31, 2024, deadline.
Saving on Ford EVs With Tax Credits
What You Need To Know About Colorado’s EV Tax Credit
Naturally, there are some rules to follow regarding the new tax credit. The credit applies to new electric cars purchased between July 1, 2023, through the end of 2024. On January 1, 2025, the credit declines to $3,500 and continued to decline until 2029.
The credit is only available for Colorado taxpayers on new electric and hybrid vehicles. The car must have a Manufacturer’s Suggested Retail Price (MSRP) under $80,000, or the credit will not apply. Drivers interested in using this tax credit will want to take a look at the Ford Mustang Mach-E. This vehicle averages 97 miles to the gallon on the highway, so you’ll save money on gas as well.
What You Need To Know About the Federal EV Tax Credit
The state tax credit is in addition to the Federal tax credit. It’s important to note that the Federal tax credit comes with many more stipulations. For example, the new car needs to be made with parts manufactured in North America, like the ones made by Ford. There are also income requirements that need to be met.
The vehicle also needs to have an MSRP under $55,000 if it’s a car and $80,000 for an SUV, pickup, or van. For those who qualify, this incentive is for up to $7,500. This is particularly significant when added to Colorado’s new $5,000 EV credit.
The new tax credit has our finance department at Loveland Ford particularly excited. When combined with our low-interest rates, the new Mustang Mach-E has never been more affordable. Our online payment calculator and trade appraisals also make the financing process a breeze. Visit Loveland Ford today to learn more about financing your new car.
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