by Gabrielle DeSantis

Now is a great time to take advantage of incentives that allow up to $7,500 off new Toyota electric vehicles. For the 2021 tax year, the Federal government will issue EV tax credits for plug-in hybrid (PHEV) and all-electric (EV) models. 

The Biden administration hopes to see half of the vehicles on American roadways attain zero emissions by 2030. The ambitious goal includes cooperation from industry leaders such as Toyota, which offers an EV lineup including the Prius and RAV4.

The 2021 federal tax credit

According to the Internal Revenue Service, the new tax credit pertains to “Qualified Plug-In Electric Drive Motor Vehicles.” Any eligible passenger vehicle or light truck purchased after December 31, 2009, will receive a $2,500 tax credit.

Owners of a “vehicle which draws propulsion energy from a battery with at least 5 kilowatt-hours of capacity” will receive an additional tax credit of $417. For every “kilowatt-hour of battery capacity in excess of 5 kilowatt-hours,” another $417 will be added to the total amount. The total allowable amount of the credit is $7,500.

Toyota EV models eligible for the tax credit 

The 2021 Toyota RAV4 Prime PHEV produces a total combined output of 302 hp, compared to the 219 hp produced by the hybrid. A larger 18.1 kWh battery allows the Prime to run for 42 miles on electricity before it switches over to the engine, for a total driving range of 600 miles.

The EPA estimated rating on the RAV4 Prime is 105/84/94 mpg-e. The 2021 Toyota RAV4 Prime PHEV is eligible for the maximum tax credit allowance of $7,500. With an MSRP of $38,350, MotorTrend says the SUV is “the best hybrid Toyota has built to date.”

The Toyota RAV4 EV is also eligible for a $7,500 tax credit for the 2012 to 2014 model years. The budget-friendly compact SUV has an average retail price between $10,050 and $13,475. With a swing-out rear gate, third-row seat, and rare V6 engine, a used 2012 RAV4 offers considerable value.

According to the U.S. Department of Energy, in addition to federal tax credits, EV owners may also take advantage of local or state incentives. The 2017 to 2021 Prius Prime PHEV is eligible for a $4,502 tax credit, and model years 2012 to 2015 are eligible for $2,500. Car and Driver say the vehicle is “great for fuel-conscious shoppers” but calls it “as exciting as a hospital waiting room.”

How to take advantage of the tax credit

The $7,500 tax credit for alternative-energy cars is not an upfront discount on the vehicle’s selling price. Market Watch explains the credit reduces tax liability, saying that it is a “credit against the federal income taxes you owe in the year in which you buy the car.”

The IRS does not allow EV owners to take credit on certain models. Only the first 200,000 vehicles sold in the United States are eligible from specific manufacturers. The tax credit is no longer available once the quota is reached. According to Electrek, Tesla exceeded this limit several years ago, and current owners no longer qualify for the tax credit.

RoadShow reports the Affordable EVs for Working Families Act may enable potential EV owners to take an additional $2,500 tax credit. If passed, the legislation will allow the credit for a used EV. The vehicle would have to be at least two years old with a retail price of less than $25,000 to qualify. It is also possible the current EV tax credit may increase to $12,500, but that has not yet been approved.

RELATED:  Is Toyota Against Electric Vehicles?

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by Gabrielle DeSantis

It’s game on in the race to release EVs. For that reason, every automaker is putting its best foot forward to ensure the electric vehicles they produce are appealing and offer value for money too. That is the case with the electric Chevy Silverado that is expected to have some fantastic features that customers will likely appreciate, such as the new four-wheel steering.

Of course, at the moment, the pressure is to get it right when it comes to the technology that this vehicle will incorporate. So, if you think you have already seen the best of EVs, you need to wait until you discover what the electric Chevy Silverado has to offer. Most probably, the vehicle will distinguish itself from other electric trucks out there.

Insight into the new electric Chevy Silverado

The gasoline-powered Silverado has been around for a while, but now Chevrolet will soon release an electric version of this pickup truck. The Chevy EV will be built in the same factory as the GMC SUV and Hummer EV truck models. Additionally, the vehicle will seek to establish itself against the upcoming electric Ford F-150 and other electric trucks hitting the market soon, such as the Tesla Cybertruck.

The electric truck will reportedly feature the brand’s Ultium battery packs and will offer a range of up to 400 miles on a single charge. Additionally, Chevy plans to present the electric Silverado in both snazzier retail and work-oriented fleet versions, and its arrival will not affect the gasoline-powered option. The reason is that Chevy intends to update the current internal-combustion Silverado lineup, which will probably be for the 2022 model year.

The four-wheel steering feature

Much like the “crab walk” feature on the new Hummer EV, it seems that GM is giving the upcoming electric Silverado a similar feature. Adding four-wheel-steering capability on GM trucks is not the company’s first attempt. Although it does not appear like the Hummer “crab walk” in a video that Chevy posted recently, close observation reveals that the rear wheels are steering. 

Undoubtedly, the four-wheel steering feature will be useful not only in urban contexts but off-road as well. According to Jalopnik, the electric Chevy Silverado will reportedly come with optional and massive 24-inch wheels in addition to four-wheel steering. Keeping maneuverability at acceptable levels even as trucks grow ever larger is critical, The Drive reported. That explains why four-wheel steering will come in handy.

As of now, there is no timeline for the commencement and production of the electric Chevy truck. It’s most likely that it will be released in 2023 or 2024 due to GM’s focus on the planned rollout of the Hummer SUV and truck models. Until then, Chevy will probably share teasers on all the cool new features you will find in the upcoming electric truck. 

The Chevy Silverado EV’s four-wheel steering will up the competition

The unveiling of Ford’s F-150 Lightning was during a visit from President Joe Biden, and to say the least, he was impressed. However, the electric Chevy Silverado promises some mighty specs to counter the F-150 Lightning, according to NewsBreak. The game-changer here will, of course, be the truck’s four-wheel steering system that allows tighter turns.

Of course, a tighter turning circle will prove a useful feature, especially when parking the electric pickup truck. Furthermore, the recently-delayed Tesla Cybertruck is a fairly radical departure in terms of design, which is not the case with other trucks in the market. Probably, that is why it holds the most intrigue. You may think that the Cybertruck targets wealthy Californians, but it may not be the case, which will even be a bigger surprise. 

Chevy Silverado’s powerful specs and its four-wheel steering option are indeed pushing the competition higher in the EVs arena, MotorTrend reports. For now, we can only wait to see whether other automakers will match the electric Chevy Silverado or if a truck that proves a better option will be available in the future.

RELATED: New Electric Chevy Silverado Just Escalated the Electric Pickup Truck War 

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