With the increasing awareness of climate change and the need to reduce emissions, electric BMWs are becoming a popular choice for many people.
Not only does an electric BMW reduce emissions and help the environment, but they also offer more convenience and cost savings in the long run.
And did you know that in 2023, there are even more financial incentives available for those buying an electric vehicle such as the BMW i4 eDrive35.
Governments and automakers are offering a range of incentives such as tax credits, rebates, and discounts to make electric cars more accessible and affordable.
These incentives will not only make it easier to buy an electric car but also help reduce the cost of ownership over time.
One state in particular, California, is a leader in the electric vehicle industry and has implemented incentives to encourage more people to buy electric cars.
As of 2023, there are numerous incentives available for those who purchase an electric car in California.
These include tax credits, rebates, and other financial assistance programs.
Additionally, there are also charging infrastructure incentives that make it easier for owners of electric cars to charge their vehicles. With these incentives in place, more people will be encouraged to make the switch to an electric car and help reduce emissions in the Golden State.
In other words, 2023 is a great time to invest in an electric BMW as governments are providing incentives and subsidies to encourage people to switch from petrol-powered vehicles.
Find the perfect BMW EV for yourself: The BMW 7 Series
According to the U.S. Internal Revenue Service, if you buy a new plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after, you may qualify for a clean vehicle tax credit.
According to the IRS, you can find information on credits for used clean vehicles, qualified commercial clean vehicles, and new plug-in EVs purchased before 2023.
The good news: You may qualify for a credit up to $7,500 under IRS code if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV), according to the IRS.
The bad news for some: Although the credit is available to individuals and their businesses, your modified adjusted gross income may not exceed:
- $300,000 for married couples filing jointly.
- $225,000 for heads of households.
- $150,000 for all other filers.
In California, if you buy a new eligible plug-in electric vehicle or fuel cell vehicle in 2023, you may qualify for a clean vehicle tax credit of up to $7,500 as well.
Similar to the federal rules to claim the credit, the modified adjusted income limits are $300,000 for married couples who file jointly, $225,000 for heads of households, and $150,000 for other filers.
There’s also a used clean car credit. (More on that later).
Beginning in 2023, you may be entitled to a credit if you buy a qualified used electric BMW or fuel cell vehicle. However, that incentive is only available on cars listed at $25,000 or less.
The credit equals 30 percent of the sale price up to a maximum credit of $4,000.
But once again modified adjusted income limits are $150,000 for those who are married but file taxes jointly, $112,500 for heads of households, and $75,000 for other filers.
California’s Clean Cars 4 All program offers incentives for low-income car buyers to turn in an older, polluting vehicle in return for the purchase of a new or used clean vehicle.
Luxury car companies, on the other hand, are increasingly turning to electric vehicles as the future of automotive transportation.
With the advances in battery technology, electric cars are becoming more efficient and powerful than ever before. In the next few years, we will see many luxury car companies going fully electric, offering drivers a luxurious driving experience with zero emissions.
Several luxury car companies have already announced their plans to transition to fully electric vehicles by 2030.
When you buy an electric car you get to take advantage of more than just potential tax savings.
For instance, you, as the driver of an electric BMW, may enjoy these other benefits, some of which can save you money.
- HOV Lane Access. In several countries, electric vehicles are allowed to drive in the High Occupancy Vehicle (HOV) lanes, even if there is only one person in the vehicle. This can help to reduce commuting times and make driving more convenient.
- Reduced Toll Fees. Some cities and regions offer reduced toll fees for electric vehicles to encourage their use.
- Free Charging. Electric vehicle owners may have access to free charging at designated public charging stations.
- Lower Maintenance Costs. Electric vehicles have fewer moving parts and require less maintenance than conventional cars.
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Want to go electric with a BMW this year? The BMW iX might be just what you are seeking.
BMW’s electrified future is here with the 2023 iX SUV.
It offers all the space and utility of the popular BMW X5 but in an all-electric form.
Two electric motors provide all-wheel drive and churn out 516 horsepower in the xDrive50 and 610 hp in the M60.
The large battery pack delivers enough power for an estimated driving range of more than 300 miles per charge.
The iX’s space-age interior is roomy and packed with the finest finishes as well as a large digital dashboard containing the iDrive infotainment system.
Even more exciting: The high-performance M60 model joins the lineup for 2023.
The M60 includes a 610-horse all-electric powertrain and a driving range of up to 290 miles.
This variant rides on pillow-soft air suspension that is perfect for twists and turns and longer trips.
And best of all, the individual Convenience, Dynamic Handling, and Luxury packages have now been consolidated into a single group of features called the Ultimate package.
The future is electric and BMW offers you the best EVs in the world.
Check out our electric BMW inventory below.
