jaguar EV Tax Credit

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Jaguar I-PACE EV Tax Credit

If you are interested in making the switch to electric vehicles, such as the Jaguar I-PACE, you may qualify for the federal electric vehicle (EV) tax credit. At Jaguar San Juan Texas, we're excited to help our customers take advantage of this valuable incentive when they purchase a new Jaguar I-PACE.

Understanding the EV Tax Credit

The federal government offers a tax credit of up to $7,500 for qualifying electric vehicles purchased new in or after 2023. This credit is designed to encourage the adoption of EVs and help offset the higher upfront cost compared to traditional gas-powered vehicles. The Jaguar I-PACE is eligible for the full $7,500 credit amount, making it an even more attractive option for environmentally conscious luxury SUV buyers in Brownsville, Texas.

Which Vehicles Qualify for the EV Tax Credit?

To be eligible for the EV tax credit, a vehicle must have:

     
  • A battery capacity of at least seven kWh 
  • Be propelled significantly by an electric motor 
  • Be capable of being recharged from an external source of electricity, such as public charging stations, or your home in McAllen 
  • A gross vehicle weight rating of less than 14,000 pounds 
  • Undergo final assembly in North America

The 2024 Jaguar I-PACE meets all of these qualifications with its 90kWh battery pack and dual electric motors, making it the perfect choice for cruising around Mission. The battery pack provides an EPA-estimated range of 246 miles on a single charge, making it ideal for both daily commutes and longer road trips around Harlingen.

How to Claim the EV Tax Credit

To claim the EV tax credit, you'll need to get a time-of-sale report from your dealer. Then, fill out IRS Form 8936 when filing your federal tax return for the year in which you purchased the vehicle.

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Frequently Asked Questions About the EV Tax Credit

Can I claim the EV tax credit if I lease a Jaguar I-PACE?

No, the EV tax credit is only available for new vehicle purchases. If you lease an I-PACE, the leasing company may claim the credit and potentially pass the savings on to you through lower monthly payments.

In addition to the federal EV tax credit, many states and local governments offer incentives for electric vehicle purchases. These may include additional tax credits, rebates, or other perks like reduced registration fees or access to HOV lanes. Check with your state and local authorities in Pharr to learn more about available incentives in the area.

The EV tax credit is subject to a phase-out schedule based on the manufacturer's sales. As of 2023, Jaguar has not yet reached the 200,000-vehicle threshold that triggers the phase-out. However, it's important to stay informed about any changes to the tax credit program and how they may impact your purchase decision.

Experience the I-PACE at Jaguar San Juan Texas

If you're considering making the switch to an electric vehicle, we invite you to visit Jaguar San Juan Texas to experience the 2024 Jaguar I-PACE firsthand at our dealership in San Juan, Texas. Our sales team can answer any questions you have about the vehicle's features, charging options, and the EV tax credit. Our dealership offers a premium shopping experience. We're committed to helping our customers find the perfect luxury electric vehicle to fit their lifestyle and budget. This is a great opportunity to own a groundbreaking electric SUV while taking advantage of significant tax savings. Visit Jaguar San Juan Texas today to test drive the 2024 Jaguar I-PACE and learn more about claiming your $7,500 EV tax credit.