Can You Claim the $7,500 EV Tax Credit at Toyota of Richardson? Here’s What to Know
At Toyota of Richardson, we’re helping Texas drivers get behind the wheel of a qualifying electric vehicle while taking advantage of the federal Clean Vehicle Credit—worth up to $7,500 on eligible new EV purchases. This incentive reduces your upfront cost when you buy from a participating dealer like us.
How Much Can You Save With the Federal Tax Credit When You Buy an EV?
The full credit is $7,500 and is split into two parts. You’ll get $3,750 if the vehicle meets critical mineral sourcing rules, and another $3,750 if it meets battery component requirements. If only one is met, you may still qualify for a partial credit. No compliance means no credit.
Does Your EV Meet the Requirements?
The vehicle you choose must:
- Be new at the time of sale
- Have a battery of at least 7 kilowatt-hours
- Weigh under 14,000 pounds
- Be manufactured by a qualified automaker
- Have its final assembly completed in North America
Price limits also apply:
- $80,000 MSRP cap for SUVs, trucks, and vans
- $55,000 MSRP cap for all other vehicles
The seller must report the sale to the IRS, and the buyer must meet income guidelines to claim the credit.
Get Step-by-Step Guidance from Toyota of Richardson
At Toyota of Richardson, our team is ready to guide you through every step of the EV tax credit process. We’ll help you identify which vehicles in our inventory meet current program requirements, explain how to confirm your income eligibility, assist with the necessary documentation and IRS reporting, and review any state or local incentives that may apply to your purchase. Contact Toyota of Richardson today or stop by to explore our EV lineup and get the support you need to make your next move electric.
