Which Luxury SUV of the Volvo XC Range is Right for You?

Have you been considering a move to the all-electric Volvo XC40 Recharge? At Culver City Volvo Cars, we're excited to help you reduce the costs of going electric. With the available federal income tax rebates, you can enjoy the power and efficiency of the XC40 Recharge for less.

What Federal Tax Credits Are Available for Electric Vehicles Like the XC40 Recharge?

To make it easier for drivers to afford electric vehicles, the federal government offers up to $7,500 in tax credits. That means that when you file your income tax at the end of the year, you'll see a significant change. This credit makes the XC40 more affordable, whether you live here in Culver City or elsewhere in the country.

To qualify for this credit, the U.S. Department of Energy states that you'll need to buy a new all-electric vehicle after 2010, so the XC40 qualifies. Since the total amount of the credit varies based on the battery capacity, the XC40 Recharge is an excellent option - it qualifies you for the full $7,500 credit.

Depending on your home state of residence, you might also qualify for additional tax rebates at the state level. In California, for example, you can receive a rebate of up to $2,000 as long as the total cost of the vehicle is under $60,000. In addition, you must fall within the income qualifications; check with your tax preparer or your individual state's requirements for specifics.

How Do You Claim the Tax Credit for the XC40 Recharge?

When tax season rolls around, it's a breeze to claim the tax credit for your new XC40 Recharge. Just fill out Form 8936, which is titled "Qualified Plug-in Electric Drive Motor Vehicle Credit."

Then, you'll need to report that credit when you file taxes. You can also get a credit if you're going electric at work.

Our team in Culver City is passionate about all-electric vehicles that offer zero emissions and exceptional power and performance. The XC40 Recharge exceeds those standards, offering the performance you expect from Volvo, excellent range, and uncompromising power. To learn more, contact our Culver City staff to set up a test drive today.