Does the Hyundai IONIQ 5 Qualify For Tax Credit?
While the Hyundai IONIQ 5 may no longer qualify for federal tax credits, there are still plenty of incentives and rebates available at the state level. Moreover, the IONIQ 5 offers an impressive package with its range, charging capabilities, design, and available features. EV shoppers looking for a well-rounded crossover EV should consider the IONIQ 5 as a compelling choice, despite the absence of federal tax incentives. Learn more about the 2023 IONIQ 5 now at Rosen Hyundai Algonquin today!
Federal Tax Incentives No Longer Applicable to the Hyundai IONIQ 5
So, does the IONIQ 5 qualify for tax credits? The Hyundai IONIQ 5, a highly anticipated electric vehicle, has unfortunately lost its eligibility for federal tax credits. As a result of the Inflation Reduction Act (IRA), which outlines new rules for electric vehicle eligibility, the IONIQ 5 and other EVs assembled outside of North America no longer qualify for the federal clean vehicle credit.
The end of the IONIQ 5 tax credit has faced significant criticism, particularly due to Hyundai’s commitment to the American market. The company has invested $5.5 billion in a Georgia-based plant dedicated to producing batteries and EVs. While the future remains uncertain, there is hope that an agreement will be reached to reinstate the IONIQ 5 as an eligible EV.
Exploring Alternative Electric Vehicle Incentives
Although the IONIQ 5 is no longer eligible for federal tax incentives, prospective owners can still take advantage of various state-level incentives and rebates. These programs aim to reduce local emissions and provide financial benefits to EV and plug-in hybrid buyers. Some of these incentives include rebates for purchasing an EV or assistance with the installation and upgrade of home chargers.
For instance, California offers an electric vehicle incentive that provides rebates of up to $7,000, while Florida offers a $100 utility rebate and tax credits of up to $7,500 for electric vehicles.
The IONIQ 5 Remains an Attractive Choice
Despite the loss of federal tax credits, the Hyundai IONIQ 5 remains a compelling option in the EV market. The 2023 Hyundai IONIQ 5 starts at $41,450 MSRP, placing it in the middle range in terms of affordability. It is priced lower than luxury SUVs like the Polestar 3 but slightly more expensive than models such as the Volkswagen ID.4 or Chevrolet Bolt. Plus, available IONIQ 5 special offers mean even more savings. Shop yours now at a IONIQ 5 dealer!
The IONIQ 5 has garnered significant recognition, with Car and Driver awarding it an Editors’ Choice accolade and naming it the #1 EV of the Year for the 2022 model. Notable features of the IONIQ 5 include its quick charging time, a maximum driving range of 303 miles, a distinctive design, and the option for all-wheel drive.
Visit Rosen Algonquin!
Looking for a Hyundai dealer near me? At Rosen Algonquin Hyundai, we have a full inventory of new and used cars Algonquin, IL, including Rosen EVs. Our goal when you visit our new Hyundai dealership is to provide you with a superior experience satisfying your needs. Experience the Rosen difference when you shop or service at your Algonquin Hyundai dealer! Stop in today to shop Hyundai IONIQ 5 models!
