There are some curious vehicle classifications going on in the depths of the Internal Revenue Service (IRS). In short, the US Government may not feel the same way about your Ford Escape or Cadillac Lyriq as you do. And if you want to buy a Lyriq, that could be a costly distinction.
This recently came to light with the new-for-2023 $7,500 EV tax credit, available on certain electric and hybrid vehicles. Of course, restrictions do apply and the big one is whether you drive an SUV, truck, van, or "other" vehicle. That's because SUVs and the like must have an MSRP of $80,000 or less to qualify. Others, meanwhile, have a considerably lower $55,000 MSRP restriction.
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