Buying an electric car? You can get a $7,500 tax credit, but it won't be easy

Uncle Sam wants you to buy an electric vehicle. And he's willing to throw $7,500 your way to make it happen ... if you and the model you want both qualify.

The tax credits for purchasing electric vehicles (EVs) got a major overhaul on Jan. 1. EV tax credits have been around for years, but they were redesigned as part of President Biden's massive climate bill signed into law last year. And in the process, they got complicated. Really complicated.

And to add to the confusion, a car that's eligible now might get zilch come March, when the rules may change again.

Here's what you need to know if you're considering shopping for an electric vehicle. It's a lot. (And this guide only covers the federal tax credit — state and local governments may offer other incentives.)

Not every electric vehicle qualifies for the credit

It's important to be mindful of which cars are eligible for the tax credit.

Some Teslas, Chevys and Toyotas are, for example, eligible for the $7,500 tax credit. But other models will not be, like the expensive Lucid Air or the foreign-built Kia EV6.

Plug-in hybrid vehicles continue to qualify