Year-End Tax Incentives for Cadillac Buyers

You can get a federal incentive for purchasing an EV from our dealership in Panama City. If you own a business, you could also take advantage of 2024 tax incentives to lower your tax liability when you purchase the right vehicle. You could get larger tax incentives for 2024 when buying a vehicle with a gross vehicle weight rating (GVWR) of more than 6,000 pounds for business use around Tallahassee and elsewhere.

We have some outstanding new vehicle selections to choose from. Make sure to connect with our finance team, and we will help you navigate the choices you have for tax incentives for 2024.

You will need to know some basic information. You need to purchase the vehicle by December 31, 2024, so you can claim the purchase on your tax return. The benefits you receive depend on the vehicle you purchase and whether it is for personal use. This guide from Bill Cramer Cadillac has all the information you need.

What 2024 Tax Incentives Are There for Cadillac Vehicles?

If you buy a Cadillac for business use, your 2024 tax incentives are robust. You could deduct up to $30,500 for the purchase plus up to 60% of the remaining purchase price and the standard depreciation deduction. The vehicle must have a gross vehicle weight rating (GVWR) of over 6,000 pounds. 

This can be for SUVs for transporting people or towing trailers. You could also invest in a vehicle for business use when going from site to site around Marianna and beyond. Consult with your tax advisor or accountant to see what tax incentives for 2024 best fit your situation.

The Cadillac vehicles that qualify for the deduction are here:

• Escalade
• Escalade ESV
• XT5
• XT6
• LYRIQ

These vehicles could give your business a tax deduction and 2024 tax incentives of up to $20,400 when you purchase a Cadillac for business use:

• XT4
• CT4
• CT5

Does Cadillac Qualify for 2024 EV Tax Incentives?

Yes, some Cadillac vehicles qualify for 2024 EV tax incentives for businesses. They likely will not qualify for individuals because the MSRP must be under $80,000. The federal incentive can lower your price by $7,500 for business use as well as getting a tax deduction when filing your income tax return. Even better, you will save on refueling costs in the Destin area, and your maintenance costs will be lower.

View what vehicles qualify for 2024 EV tax incentives here:

• Cadillac LYRIQ
• Cadillac Escalade IQ 
• Cadillac OPTIQ

Please note that the Escalade IQ and OPTIQ models are scheduled to arrive on our lot in late 2024. So, it’s a good idea to act fast.

Test-Drive a New Cadillac for Sale in Panama City

Elevate your business operations with one of the Cadillac vehicles for sale at Bill Cramer Cadillac. Contact us online or call (850) 387-4030 to schedule a test drive at your convenience. We are happy to help in any way we can.