Report: PHEV Plug-in Hybrid Ranger Launching in Australia Next Year, Followed by U.S.

[NY35]

Saw this news on Ranger5g so came on over. If the hybrid Maverick's popularity is any indication, the hybrid Ranger is going to sell extremely well.

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[Texasota]

the price i will guess 45k base.

Don't forget that a Ranger PHEV will likely qualify for an IRA tax credit. Only speculation, but the tax credit will likely be somewhere in the $3750 - $7500 range.

 

[Cavemold]

Don't forget that a Ranger PHEV will likely qualify for an IRA tax credit. Only speculation, but the tax credit will likely be somewhere in the $3750 - $7500 range.

From my understanding it has to be made in US, and goes towards your income tax and not the car?

 

[Texasota]

From my understanding it has to be made in US, and goes towards your income tax and not the car?

Correct on both. It is a credit on your income tax.

Assuming the Ranger PHEV qualified for the full $7500 tax credit, then you would need to be paying at least $7500 in federal taxes for that tax year in order to claim the full $7500 tax credit. It is not a refundable tax credit which means if you can't claim it all then you lose it and it cannot be carried forward to the next tax year.

But, there are useful financial moves that will bump up your tax liability allowing you to to claim more (or all) of the tax credit such as doing a Roth conversion or selling assets that have a capital gain (e.g. stocks or bonds).

 

[CB750F]

in CAD yea as far your trade in what you trading in?

2020 XLT FX4, 40 k miles as of today, stock, well taken care of.

 

[Stevedbvik1]

Correct on both. It is a credit on your income tax.

Assuming the Ranger PHEV qualified for the full $7500 tax credit, then you would need to be paying at least $7500 in federal taxes for that tax year in order to claim the full $7500 tax credit. It is not a refundable tax credit which means if you can't claim it all then you lose it and it cannot be carried forward to the next tax year.

But, there are useful financial moves that will bump up your tax liability allowing you to to claim more (or all) of the tax credit such as doing a Roth conversion or selling assets that have a capital gain (e.g. stocks or bonds).

Starting in 2024 the credit will be applied at the time of purchase so long before we’ll see the PHEV. And by then hopefully Ford will have their battery/material sourcing straightened out and it will qualify for the full $7500 credit at time of purchase.

 

[Cavemold]

2020 XLT FX4, 40 k miles as of today, stock, well taken care of.

im guessing ranger your looking at 37kish right now.

 

[Texasota]

Starting in 2024 the credit will be applied at the time of purchase so long before we’ll see the PHEV. And by then hopefully Ford will have their battery/material sourcing straightened out and it will qualify for the full $7500 credit at time of purchase.

I didn’t know that. Thanks for the post.

Do you know if it is an option to go either way or is it only credit at purchase?

 

[FarmGirl]

Here is the current tax credit info: https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after
I had a reservation for a F150 Lightning and thought I remembered that each manufacturer was allotted 100,000 of these credits (one per EV). But I'm not seeing that restriction now.

 

[Stevedbvik1]

I didn’t know that. Thanks for the post.

Do you know if it is an option to go either way or is it only credit at purchase?

It’s looking like it can be used either way in 2024. Here’s what’s currently published about it.
“Consumers that purchase a qualifying electric vehicle can continue to claim the electric vehicle tax credit on their annual tax filing. Starting in 2024, the Inflation Reduction Act establishes a mechanism that will allow car buyers to transfer the credit to dealers at the point of sale so that it can directly reduce the purchase price.”
Other sites use the wording that car buyers will have the option to use the point of sale. Which probably means you have the option to go the other route too.
Note: It’s the government so it’s subject to change without notice

 

[Texasota]

It’s looking like it can be used either way in 2024. Here’s what’s currently published about it.
“Consumers that purchase a qualifying electric vehicle can continue to claim the electric vehicle tax credit on their annual tax filing. Starting in 2024, the Inflation Reduction Act establishes a mechanism that will allow car buyers to transfer the credit to dealers at the point of sale so that it can directly reduce the purchase price.”
Other sites use the wording that car buyers will have the option to use the point of sale. Which probably means you have the option to go the other route too.
Note: It’s the government so it’s subject to change without notice

Thanks for the information. For me, the tax credit will be more useful.

 

[CB750F]

An interesting site... Not sure if this was posted yet?
https://insideevs.com/news/670052/ev-price-parity-after-2030-ford-ceo-jim-farley/

 

[1929]

Since T6.2 Ranger is now being updated since it was introduced in 2021, any other updates other than PHEV?

 

[G L Rockwell]

Don't forget that a Ranger PHEV will likely qualify for an IRA tax credit. Only speculation, but the tax credit will likely be somewhere in the $3750 - $7500 range.

This time I'm 1st at my dealer on that list.

 

[Texasota]

This time I'm 1st at my dealer on that list.

You are braver than me. I plan to hold off a couple of model years to give it time to get past any teething issues.

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