New Jerseyans can walk and chew gum, which is why buying an all-electric Mercedes-Benz makes sense. You can drive a luxury vehicle and help to save our precious planet. There’s no need to sacrifice comfort when you consider a Mercedes-Benz on Princeton roads. One benefit of purchasing an electric vehicle in New Jersey is that you’ll receive up to $7,500 in federal tax credits or incentives and another $4,000 from the Garden State.
When you’re ready to test drive a luxury electric vehicle in New Jersey, our Mercedes-Benz dealership is located at 2910 US-1, Lawrenceville, NJ 08648. Mercedes-Benz of Princeton breaks down the details below.
Here are some of the other benefits of electric cars you’ll enjoy when you sit behind the wheel of an all-electric Mercedes-Benz, such as the Mercedes-Benz EQS 450:
You’ve put off purchasing your new luxury sedan or SUV for long enough. Now is the time to take advantage of federal EV incentives and rebates. But, how much can you save, really? And, more importantly, what’s the fine print? Mercedes-Benz of Princeton has done the legwork for you. Let’s jump into the official requirements for you to claim up to $7,500 in federal EV tax credits. According to the US Dept. of Energy, here are the requirements:
“The credit is available to individuals and their businesses.
To qualify, you must:
- Buy it for your own use, not for resale
- Use it primarily in the U.S.
In addition, your modified adjusted gross income (AGI) may not exceed:
- $300,000 for married couples filing jointly
- $225,000 for heads of households
- $150,000 for all other filers
You can use your modified AGI from the year you took delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in one of the two years, you can claim the credit. Your modified AGI is the amount from line 11 of your Form 1040, plus:
- Any amount on line 45 or line 50 of Form 2555, Foreign Earned Income
- Any amount excluded from gross income because it was received from sources in Puerto Rico or American Samoa
The credit is nonrefundable, so you can’t get back more on the credit than you owe in taxes. You can’t apply any excess credit to future tax years.
Which Vehicles Qualify for the EV Tax Credit?
General Requirements
To qualify, a vehicle must:
- Have a battery capacity of at least 7 kilowatt hours
- Have a gross vehicle weight rating of less than 14,000 pounds
- Be made by a qualified manufacturer
(Note that fuel cell vehicles do not need to be made by a qualified manufacturer to be eligible. See Rev. Proc. 2022-42 for more detailed guidance.)Vehicles on this list will meet the above three requirements.
The sale qualifies only if:
- You buy the vehicle new. New means it hasn’t previously been purchased, registered, titled, or used for any purpose.
- The seller reports any required information to you at the time of sale and to the IRS. Sellers are required to report your name and taxpayer identification number to the IRS for you to be eligible to claim the credit.
While there are a few requirements, most Princeton drivers fall under these guidelines. Reach out to a member of our team to discuss further. An All-Electric Mercedes-Benz could be great for the future of everyone. Mercedes-Benz of Princeton is ready to partner with you to achieve sustainability while on your Hamilton adventures.
We do live in a future-oriented economy and New Jersey supports this, in one way, by offering like-minded New Jerseyans the opportunity to reap financial benefits through EV ownership. To support you on your socially conscious mission, you can earn up to $4,000 dollars in rebates through the Charge Up New Jersey program. From their website:
Charge Up New Jersey promotes clean vehicle adoption in the state by offering incentives of up to $4,000 for the purchase or lease of new, eligible battery electric vehicles (EV) and $250 for purchasing an eligible EV charger.
By shifting away from gasoline and diesel use, it creates many environmental and economic benefits, including less air pollution and reduced greenhouse gas emissions.
Of the many benefits of electric cars, financial incentives & rebates attempt to spur adoption to reduce reliance on fossil fuels. If you’re ready to lead by example, reach out to Mercedes-Benz of Princeton in Lawrenceville. One of our Mercedes-Benz finance experts near Mercer County can help you enjoy the benefits of purchasing an electric vehicle for the collective betterment of our environment. We look forward to working with you on this journey.
Now that you’ve decided it’s worth taking a second look at a Mercedes-Benz electric sedan or SUV for your Hamilton errands, you need to know which vehicles have the best chance of qualifying.
The price of your new All-Electric Mercedes-Benz SUV or Sprinter / Metris Van cannot exceed $80,000. Sedans and coupes, however, cannot exceed $55,000. The IRS lays out more specific details in Credits for New Clean Vehicles Purchased in 2023 or After. Please reach out to a member of our team with any questions or concerns.
Based on these numbers, we suggest starting your electric SUV search with the 2023 Mercedes-Benz EQB SUV. Mercedes-Benz of Princeton has already prepared pertinent information such as:
If you prefer a car, we think the Mercedes-Benz EQE Sedan should fit the requirements. Here are a few additional resources to help dissect certain aspects of this electric sedan:
After reading about the environmental benefits of electric cars and personal benefits, come visit our team at Mercedes-Benz of Princeton to take your next vehicle for a test drive. Contact our team over the phone to chat about the release dates of the new electric Mercedes-Benz vehicles. Our expert Mercedes-Benz associates are ready to answer any of your questions and guide you through the reservation process, should there be a need. If you need any more help, explore our electric vehicle hub and learn more about the benefits of going electric.
2910 US 1 • Lawrenceville, NJ 08648
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