If you’re shopping for cars that qualify for a federal tax credit, you may want to hurry. Although the government recently voted to continue providing credit, some of the biggest names in the segment may soon see their incentives eliminated for a different reason. Once a company sells more than 200,000 qualified vehicles (including all-electric models and plug-in hybrids), the phase-out process begins — and both Tesla and General Motors are fast approaching that mark.
The existing federal tax credits can span from $2,500 to $7,500, based on the battery capacity of the vehicle in question, which can lower the purchase price significantly. Additionally, some states even offer their own incentives as well. Let's take a look at ten vehicles that qualify for federal tax credits.