Is Honda Prologue eligible for tax credit?
The short answer is yes, the Honda Prologue electric vehicle (EV) is eligible for federal tax credits in the United States. The Prologue, Honda's first all-electric SUV, qualifies for the federal EV tax credit of up to $7,500 for eligible buyers.
Detailed Explanation
The Honda Prologue is an all-new, all-electric SUV that is set to be released in 2024. As an EV, the Prologue is eligible for the federal tax credit established by the Inflation Reduction Act (IRA) passed in 2022. This tax credit provides up to $7,500 for the purchase of a new electric vehicle, subject to certain requirements and phase-out provisions.
To qualify for the full $7,500 tax credit, the Prologue must meet the following criteria:
- The vehicle's manufacturer's suggested retail price (MSRP) must be below $55,000 for cars and $80,000 for SUVs, trucks, and vans.
- The buyer's modified adjusted gross income must be below $150,000 for single filers, $225,000 for head-of-household filers, or $300,000 for joint filers.
- The vehicle must be assembled in North America.
- A certain percentage of the critical minerals used in the battery must be extracted or processed in the United States or a country with a free trade agreement with the U.S., or recycled in North America.
Based on the information available, the Honda Prologue is expected to meet these requirements and qualify for the full $7,500 federal tax credit. However, it's important to note that the tax credit is subject to phase-out provisions and may be reduced or eliminated in the future, depending on the Prologue's sales volume and other factors.
Conclusion
In summary, the Honda Prologue is eligible for the federal EV tax credit of up to $7,500, provided that the buyer meets the necessary income and other requirements. This tax credit can help offset the cost of purchasing the Prologue, making it a more affordable option for eco-conscious consumers.
How to qualify for the full $7500 federal electric vehicle tax credit?
Vehicles meeting both the critical mineral and the battery component requirements are eligible for a total tax credit of $7,500. Vans, sport utility vehicles, and pickup trucks must not have an MSRP above $80,000, and all other vehicles may not have an MSRP above $55,000.
Is the Honda Prologue eligible for the federal tax credit?
The 2024 Honda Prologue is one of only seven all-electric SUVs currently eligible for the $7,500 federal tax credit! This is an incredible opportunity for environmentally conscious drivers to save big, whether you choose to purchase or lease this innovative SUV.
Is Honda Prologue bigger than CRV?
The 2024 Honda Prologue electric SUV is larger than the CR-V and comes standard with LED headlights and offers 21-inch wheels and a panoramic roof. Within the 2024 Prologue interior, you'll find seating for up to seven with the optional third-row seat, a spacious center console and a large cargo space.
Is the Honda Prologue only electric?
The spacious Prologue offers over 136.9 cubic feet of room inside the cabin. And with muscular 21-inch wheels and a wheelbase on par with our other rugged vehicles, this all-electric SUV is equipped with some sizeable capability.
What vehicles qualify for the tax deduction?
Passenger Vehicles (< 6,000 lbs. GVWR): These follow standard depreciation rules with a lower first-year deduction cap. Heavy Vehicles (Over 6,000 lbs. GVWR): SUVs, trucks, and vans that exceed 6,000 pounds Gross Vehicle Weight Rating (GVWR) qualify for a larger tax write-off for vehicles over 6,000 lbs.
How many miles will the Honda Prologue get?
296 miles
Honda Prologue models with the front-wheel-drive powertrain can travel up to an EPA-estimated 296 miles on a single charge. If you opt for the all-wheel-drive setup on the EX or Touring model, you'll enjoy an EPA-estimated range of 281 miles on one charge.
How much is the Honda Prologue going to cost?
The 2024 Honda Prologue is an all-new, all-electric midsize SUV with seating for five and a range of up to 296 miles. Pricing starts at $48,850. The Prologue is the first all-electric SUV to come from Honda, spearheading the company's intention to offer 30 electric vehicles by 2030.
Which Hondas qualify for tax credits?
So, what are the Honda cars that qualify for an EV tax credit? The federal tax credit will apply to all 2024 Honda Prologues built after February 26, 2024. Whether you choose the single-motor EX or the dual-motor Elite, you could potentially save big on your next purchase!
How many miles does the Honda Prologue get on a full charge?
296 miles
Honda Prologue models with the front-wheel-drive powertrain can travel up to an EPA-estimated 296 miles on a single charge. If you opt for the all-wheel-drive setup on the EX or Touring model, you'll enjoy an EPA-estimated range of 281 miles on one charge.
Is the Honda Prologue selling well?
Honda Prologue was the third best-selling EV in Nov
The electric SUV trailed only Tesla's Model Y and Model 3 in sales. With a record 6,823 Prologue models sold last month, Honda has now sold over 25,000 electric SUVs in the US this year. That's a big difference from not selling a single EV in the US last year.
