5 electric SUVs under $60,000 eligible for federal tax credit

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Electric vehicles can be expensive, but experts say the fuel savings pay off down the line. There aren’t as many electric SUVs on the market as there are electric cars, but more will come out this year. At the time of publication, the following andElectric SUVs under $60,000 still qualify for the $7,500 federal tax credit. Popular EVs like the Ford Mustang Mach-E might not qualify for longer, but something like the Mazda MX-30 will qualify for longer.

The Ford Mustang Mach-E is an electric SUV under $60,000

The Ford Mustang Mach-E electric SUV in red | Ford

The US Department of Energy and the US Environmental Protection Agency have a helpful list of every new electric vehicle and plug-in hybrid vehicle that was eligible for the federal income tax credit of up to $7,500. The 2022 Ford Mustang Mach-E has been popular since hitting the market, and it’s surprising that the electric SUV is still eligible for the full tax credit. Unfortunately, the 2022 Mustang Mach-E is no longer available to order. Ford dealerships will likely get sporadic inventory, so keep an eye out for a surprise Mach-E. The 2022 Mach-E is available in Select, GT, Premium and California Route 1 trims.

2022 Ford Mustang Mach-E price: $43,895

The Hyundai IONIQ 5 is another electric SUV under $60,000

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RELATED: Consumer Reports Says Tesla and Electric SUVs Are ‘Absolutely Low’ for Reliability

The 2022 Hyundai Ioniq 5 uses Hyundai’s new Electric Global Modular Platform (E-GMP). Hyundai will use the E-GMP platform for other Hyundai, Kia and Genesis brand models in the future. The single-motor option offers a 77.4 kWh battery, 300-mile range, and a rear-drive platform. The other option is a twin-motor all-wheel-drive option that gets 244 miles. The IONIQ 5 will be available in SE, SEL and Limited versions. All trim levels are electric SUVs under $60,000 and still qualify for the $7,500 federal tax credit.

2022 Hyundai IONIQ 5 Price: $39,950

Don’t forget that the Volvo C40 Recharge has already won an IIHS award

The 2022 Volvo C40 Recharge Pure Electric is a sub-$60,000 crossover SUV, but barely. With a range of over 226 miles per charge, 402hp and all-wheel drive, the Volvo C40 ticks all the boxes for an electric SUV. It has already received the IIHS TOP SAFETY PICK+ 2022 award, thanks to Volvo’s focus on safety. The C40 is equipped with a variety of standard safety systems like Automatic Emergency Braking (AEB), Forward Collision Warning (FCW) and Blind Spot Warning (BSW). Only one trim level is available, but it is eligible for federal tax credit.

2022 Volvo C40 Recharge Pure Electric price: $59,845

The Volvo XC40 Recharge is another electric SUV option

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The 2022 Volvo XC40 Recharge Pure Electric is another compact SUV from the brand. With 223 miles of electric range, drivers can go from 10% state of charge (SoC) to 80% SoC in approximately 37 minutes. Additionally, Volvo offers 250kW of DC fast charging from Electrify America and a discounted charging rate. Google Maps is built-in, so finding convenient chargers won’t be a problem. It’s a bit cheaper than Volvo’s other electric SUVs, under $60,000, but still qualifies for the tax credit.

2022 Volvo XC40 Recharge Pure Electric Price: $51,700

The Mazda MX-30 doesn’t have a long range, but it’s economical

The 2022 Mazda MX-30 electric SUV has a fairly short range compared to some other options. The EPA gave the MX-30 an estimated range of 100 miles. Mazda says that’s not a problem for some drivers. “Given typical American commutes of around 30 miles per day, the MX-30 was specifically designed to meet their needs,” the automaker said. The MX-30 typically takes 36 minutes to go from 10% SoC to 80% SoC. Mazda includes a $500 credit for Chargepoint chargers, and the MX-30 is eligible for the $7,500 federal tax credit.

2022 Mazda MX-30 price: $34,695

Consider your daily commute when thinking about a new electric car. For some people, the range of the Mazda MX-30 might be enough. Those driving longer every day might want to consider one of the longer-range Ford Mustang Mach-E or Hyundai IONIQ 5 electric SUVs.

RELATED: New Federal Tax Credits Make Electric Vehicles and PHEVs More Affordable Than Ever


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