There are plenty of reasons to consider getting the 2023 BMW i4, but does the flagship electric sedan qualify for a federal tax credit?
The 2023 BMW i4 is a luxurious EV that many buyers will be considering, but does the electric sedan qualify for a federal tax credit? Today, more consumers are interested in owning EVs than ever before, signaling a revolution in the automobile industry. Owning an EV not only helps the environment, but owners can also get more out of those vehicles than their gasoline-powered counterparts. Today, EVs are capable of semi-autonomous driving, with efforts to upgrade their capabilities already underway. Buyers can also enjoy certain incentives awarded to EVs, one of which is the federal tax credit that applies to many automakers.
The federal tax credit is designed to encourage more people to purchase EVs. When automakers advertise their latest EVs, a tax credit is usually included. This forms part of the U.S. government’s efforts to improve consumers’ reception of EVs and achieve an all-electric mobility target in a few years. Aside from EVs, Plug-in Hybrid vehicles (PHEVs) also qualify for a tax credit. With the tax credit, EVs and PHEVs become more accessible. However, some EV makers have maxed out their tax credit eligibility. For instance, Tesla vehicles that found new homes after December 2019 and General Motors vehicles (Cadillac and Chevrolet included) bought after March 2020 are no longer eligible for the tax credit.
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The 2023 BMW i4 qualifies for a tax rebate capped at $7,500. However, BMW states that the expected credit amount could be lower depending on when the credit phase-out rules kick in. It further advises customers to consult a tax professional to determine their eligibility for this incentive. Buyers of the i4 can also qualify for state-based perks like rebates, tax credits, and grants. Aside from the federal tax credit, buyers are also eligible for the usual EV benefits like gas and oil savings. Additionally, perks like single-occupancy HOV lane access in some states and the privilege of parking near charging stations are obtainable upon purchase of this EV.
Both BMW I4 Trims Qualify For A Tax Rebate
The BMW i4 comes in two variants – the i4 eDrive40 with a starting MSRP of $55,900 and the i4 M50 with a starting price of $67,300. The prices exclude the $995 destination and handling fee, plus tax, title, license, and registration charges. However, the federal tax credit is available for both variants, significantly bringing down the price.
As BMW’s pioneer electric sedan, the i4 is a giant part of the German automaker’s efforts to herald the future of electric mobility. The i4 retains the body style of BMW’s popular 4 Series Gran Coupe. The EV comes with a long wheelbase, short overhangs, and the finishing touch of a flowing roofline. The i4’s design is built on BMW’s existing Cluster Architecture (CLAR) platform which integrates materials like aluminum steel, and sometimes, carbon fiber for production.
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Buyers can access standard safety features like active blind spot detection, lane departure warning, and frontal collision warning with city collision mitigation. The i4 also comes with BMW’s current iDrive operating system which is the finest in BMW’s onboard technology. Drivers can interact with BMW’s intelligent personal assistant designed to deliver an improved user experience. The 2023 BMW i4 also supports wireless Apple CarPlay and Android Auto integration.