Are you a Business Owner who is looking to Find the Best Electric Business Vehicles? We have compiled the top 10 Electric Vehicle list for your business.
Vehicles such as The Mustang Mach-E and are changing the automotive industry.
We will be discussing how Electric Vehicles can help you lower your tax burden as well as save the planet.
- 1 Benefits of Driving an Electric Car
- 2 What Is the Federal Tax Credit?
- 3 What Car Models Qualify for the Federal Tax Credit?
- 4 The 10 Best Electric Business Vehicles
- 5 Best Bang For Your Buck: Ford Mustang Mach-E
- 6 Best Overall: Tesla Model Y
- 7 Get an EV Today
Benefits of Driving an Electric Car
Electric cars have several benefits when driven. The main benefits of driving an electric car include saving on gas prices, helping the planet, free parking, the federal tax credit, and higher performance.
Buying an electric car can help save on taxes and put money back into your pocket. It is one of the few ways people can save on taxes.
Electric cars save money on gas prices. Charging your electric car can cost less than a full tank of gasoline. With rising gas prices, an electric car could save you money.
By charging an electric car overnight at home, costs can be cut and trips to gas stations will be eliminated entirely.
Electric cars are a great way to save the planet. EVs create no tailpipe emissions which creates cleaner air for humans and plants. When in full-electric mode, EVs lower greenhouse gasses.
Cleaner air means better living. Cleaner air is the path to a more sustainable future for everyone on our planet.
Electric cars often have free and priority parking spaces. Parking in Chicago, Illinois costs $30 on average and up to $50 in the downtown region. An EV could save upwards of $150 a day depending on location.
Electric cars often handle better than their gas cousins. Electric cars often have quick acceleration and supreme handling. Electric motors can produce incredible torque.
Due to the placement of the engine, electric vehicles have a much better center of gravity. This allows for premier weight distribution.
The federal tax credit applies to EVs that are purchased with a similar tax. If someone buys a car with a tax of $7,500, then you will receive a federal tax credit of $7,500.
However, not all EVs are eligible for the federal tax credit.
What Is the Federal Tax Credit?
The Congressional Research Service states, “Buyers of qualifying plug-in electric vehicles (EVs) may be able to claim a federal income tax credit of up to $7,500. The tax credit phases out once a vehicle manufacturer has sold 200,000 qualifying vehicles. Tesla and GM have reached this threshold, and credits for Tesla and GM vehicles will begin phasing out in 2019.”
Several EVs qualify for federal tax credit while others do not.
The federal incentive is $7,500. But, there is a catch. In order to qualify for the $7,500, you must have a tax bill of $7,500 or more. The amount of tax you pay on the electric car directly correlates to the tax credit you will receive.
For example, say you purchase a Tesla Model X and you owe $5,000 (made up number) in income tax for that exact year. The $5,000 is how much the tax credit will be. The credit is up to $7,500 and is not guaranteed for every car bought.
If the example is correct, you will not receive an additional $2,500. You will qualify for the specific $5,000 for this specific example.
Buying an EV results in a tax credit put back into your pocket! Taxes can be difficult, but this will certainly help!
The tax credit is also based on the size of the car battery. Although a majority of EVs qualify for the $7,500 credit, some fall a little shorter due to battery size. Several plug-in hybrid cars will have less than the $7,500 maximum credit.
You will not receive the credit if you lease the EV. The credit is only available to those who own/buy the EV. The one who owns the lease to the car will receive the credit from the car.
What Car Models Qualify for the Federal Tax Credit?
Several electric vehicle models qualify for the federal tax credit. The most popular models and the amounts they qualify for are:
- Ford Mustang Mach-E
- Ford E-Transit
- BMW i4 eDrive40 Gran Coupe
- BMW i4 M50 Gran Coupe
- BMW iX xDrive50
- Audi e-tron GT
- Audi RS e-tron SUV
- Audi e-tron SUV
- Audi e-tron Sportback
- Audi Q4 e-tron
- Audi Q4 Sportback e-tron
- Nissan Leaf
- Polestar 2
- Porsche Taycan
- Porsche Taycan Cross Turismo
- Porsche Taycan Sport Turismo
- Hyundai Ioniq 5
- Hyundai Kona Electric
- Mercedes-Benz EQS sedan
- Kia EV6
- Kia Niro EV
- Jaguar I-Pace
- Mini Hardtop Electric
- Lucid Air
- Rivian R1T
- Rivian R1S
- Mazda MX-30
- Volkswagen ID.4
- Volvo XC40 Recharge
Each model above qualifies for a maximum $7,500 credit.
Surprisingly, Tesla and all General Motors EVs do not offer credit. Tesla stopped allowing federal credit on models purchased after 12/31/2019 and GM did the same on 3/31/2020.
There are also several plug-in hybrids that also qualify for the credit.
Plug-in hybrids that qualify for $7,500:
- Audi A7 Plug-in Hybrid
- Audi Q5 Plug-in Hybrid
- Bentley Bentayga Plug-in Hybrid
- BMW X5 Plug-in Hybrid
- Chrysler Pacifica Plug-in Hybrid
- Jeep Wrangler 4xe
- Jeep Grand Cherokee 4xe
- Lexus NX 450h+
- Porsche Cayenne Plug-in Hybrid
- Porsche Panamera Plug-in Hybrid
- Toyota RAV4 Prime
- Volvo S60 Plug-in Hybrid (Extended Range)
- Volvo S90 Plug-in Hybrid (Extended Range)
- Volvo V60 Plug-in Hybrid (Extended Range)
- Volvo XC90 Plug-in Hybrid (Extended Range)
Plug-in hybrids that qualify for $6,800-$6,900:
- Hyundai Tucson Plug-in Hybrid
- Hyundai Santa Fe Plug-in Hybrid
- Kia Sorento Plug-in Hybrid
- Ford Escape Plug-in Hybrid Hybrid
- Lincoln Corsair Plug-in Hybrid
Plug-in hybrids that qualify for $6,000 – $6,799
- Mitsubishi Outlander PHEV
- Land Rover Range Rover Plug-in Hybrid
- Lincoln Aviator Plug-in Hybrid
Plug-in hybrids that qualify for $5,000 – $5,999
- BMW 3 Series Plug-in Hybrid
- BMW 5 Series Plug-in Hybrid
- BMW 7 Series Plug-in Hybrid
- Mini Countryman Plug-in Hybrid
- Volvo S60 Plug-in Hybrid
- Volvo S90 Plug-in Hybrid
- Volvo V60 Plug-in Hybrid
- Volvo XC60 Plug-in Hybrid
- Volvo XC60 Plug-in Hybrid (Extended Range)
- Volvo XC90 Plug-in Hybrid
Plug-in hybrids that qualify for $4,000 – $4,999
- Hyundai Ioniq Plug-in Hybrid
- Kia Niro Plug-in Hybrid
- Subaru Crosstrek Plug-in Hybrid
- Toyota Prius Prime
The 10 Best Electric Business Vehicles
The ranking of the top 10 best electric business vehicles will weigh in several components. Miles per charge, cost of the model, highlights, and tax credit qualified for, will help rank each model.
The rankings are in no particular order.
Ford Mustang Mach-E
Fords EV takes on a classic muscle car is a success. The most popular model is the Ford Mustang Mach-E GT AWD which comes priced at just above $44,995. The Mustang has 90 MPGe around high traffic areas and boasts 77 MPGe on the open road.
This model comes standard with five seats and has the option of all-wheel drive. The Mach-E drives well, drives quickly, and still has the muscle feel to it. It also has firm suspension and various trim options to suit your needs.
The Mach-E qualifies for the full federal tax credit of $7,500.
Tesla Model X
The Tesla Model X has become a classic on each roadway. The model is one of Tesla’s several popular cars on the road today. The Model X is priced at $116,190. The Tesla Model X features 6-seats, an electric engine, 103 MPGe in city areas, and 93 MPGe on the highway.
The model offers one of the best-in-class battery ranges and an innovative touch screen display. This luxury car has two trim options and turns heads on any street or road.
The Tesla Model X does not qualify for any federal tax credit.
Mercedes Benz EQS
The Mercedes EQS is a powerful road warrior. The 516-horsepower EV is an innovative car that offers 350 miles of driving. The EQS is priced at $103,360. The EQS features five seats with 3 trim levels. The electric engine is capable of 97 MPGe in city areas as well as the highway.
The EQS is highlighted by its luxurious interior. The Mercedes model is the first of its kind.
The Mercedes EQS qualifies for the full federal tax credit of $7,500.
Audi e-tron GT
The Audi e-tron GT is an impressive car. The luxury electric vehicle is equipped with incredible acceleration and innovative technology. The car is priced at $103,895 and offers 238 miles on a full charge. The e-tron has five seats with 2 trim levels. The model has 81 MPGe in cities and 83 MPGe on open roads.
The e-tron does not take away from the acceleration seen in other Audi models. The car has a large cabin and stern handling.
The Audi e-tron GT qualifies for the full federal tax credit of $7,500.
The Lucid Air is a luxurious and comfortable car. The car is lined with quality throughout. The starting price for the five-seater is $78,900. The Lucid Air offers anywhere from 110 MPGe in cities to 122 on highways.
The Lucid Air comes in four different makes. Each model has different miles per charge and horsepower. With several different options, there is likely to be one for your needs.
The Lucid Air qualifies for the full federal tax credit of $7,500.
Porsche is now in their third year of the electric car industry. The Porsche Taycan is an all-electric engine with 200 miles per charge. The Taycan starts pricing at $84,050 and features 76 MPGe in cities and 84 MPGe on highways.
The Taycan comes in several different options. The Taycan has a sport model, crossover model, and a sedan model all to help you with everything you need.
The Porsche Taycan qualifies for the full federal tax credit of $7,500.
The safety driven Polestar 2 has the driver and passenger in mind. The car is fast, durable, safe, advanced, and powerful. The cars price starts at $61,200 and features all-wheel drive and an electric engine. The Polestar 2 has 96 MPGe in cities and 88 MPGe on highways.
The comfortable Polestar 2 features a pedestrian detection system that automatically breaks for drivers.
The Polestar 2 qualifies for the full federal tax credit of $7,500.
The XC40 is Volvo’s first iteration of an electric car. The SUV has a shocking acceleration and handles very well for all drivers. The fiver-seater highlights 223 miles of driving of a single charge. The car is priced at $56,395 and has 92 MPGe in cities and 79 MPGe on highways.
The Volvo XC40 has incredible safety ratings and offers 3 trim levels. The model has two electric engines (one for the front, one for the back) and all-wheel drive.
The Volvo XC40 qualifies for the full federal tax credit of $7,500.
Tesla Model Y
The Tesla Model Y is a fast and luxurious SUV. The Model Y offers incredible technology and safety features standard in every car. The five-seater is priced at $64,190 and is for with two trim levels. The model has long-range all-wheel drive to travel 330 miles on a single charge.
The Model Y offers 127 MPGe in cities and 117 MPGe on highways. The Tesla Model Y offers the leading driving range among competitors.
The Tesla Model Y does not qualify for the federal tax credit.
The Kia EV6 is the brands first ever electric car. The all-wheel drive five-seater features a familiar sport car design. The car is priced at $52,155 and has three trim levels.
The Kia EV6 offers 116 MPGe in cities and 94 MPGe on highways. The Kia EV6 was built with space, technology and, safety in mind. Although the car looks small, it is quite spacious on the interior.
The Kia EV6 qualifies for the full federal tax credit of $7,500.
Best Bang For Your Buck: Ford Mustang Mach-E
The Mustang Mach-E offers drivers everything they need. With a price tag considerably less than luxurious EV’s, the Mustang is the clear choice.
The Mustang Mach-E allows you to save money without sacrificing all the pros an electric vehicle offers. The Mach-E is priced much less than the Tesla Model S and offers similar features.
If you are looking to save money and get a great electric vehicle, the Ford Mustang Mach-E is the clear choice.
Best Overall: Tesla Model Y
The Tesla Model Y is filled to the brim with technology and safety features. The Model Y is the set standard for a majority of EV’s on the road and production line.
If money is not a concern, the $64,190 Tesla Model Y will be your best bet. With a leading range, sporty look, and technological standards, the Model Y is a great choice.
The only downside of the Model Y is that buyers will not qualify for the federal tax credit.
Get an EV Today
Now that you have learned more about Best Electric Business Vehicles, hopefully worrying about taxes and finances can be a little easier.
If you are in the market for a new car, and EV can be a great method to gain tax credit.
Electric vehicles have many benefits outside the federal tax credit. With several options and models, you can explore which is best for you!
Recommended models include: Tesla Model X, Lucid Air, Mustang Mach-E, Audi e tron ,Porsche Taycan, Polestar 2, Volvo XC40, and Mercedes EQS!