Thinking of buying an EV? You might want to move quickly
CNN
The best time to buy an electric vehicle may be right now. That’s because a $7,500 federal tax credit could soon disappear.
The best time to buy an electric vehicle may be right now. That’s because a $7,500 federal tax credit could soon disappear. President-elect Donald Trump has said he will move to eliminate the tax credit, possibly as soon as he takes office. It is even conceivable that the tax credit’s elimination could be made retroactive to the beginning of January, which would give EV buyers only a week left to be certain of locking in the credit. “I would be very inclined to say yes, it’s going away,” said Ivan Drury, director of insights at car buying site Edmunds. While it’s unclear exactly how Trump would eliminate the credit, Drury said he expects it won’t last long into the new administration. It could be done as part of tax legislation that Republicans are promising early in 2025. Or a Trump-controlled Internal Revenue Service could simply issue a new rule making the credit unavailable. “The simplest route that’s possible, is the one that they’re likely to take,” Drury said. But the tax credit is only part of the reason that it could make sense for potential EV buyers to act sooner than later. The combination of the federal tax incentive, and weakening sales could make this an ideal time to buy an EV. The slowing demand by American buyers, and more choices of EV models, led to record inventories of electric vehicles on dealer lots earlier this year, and that glut remains in place. Drury said that 64% of EVs sitting at dealerships are last year’s models, nearly twice the percentage of traditional internal combustion vehicles. Automakers traditionally release the next year’s models in the fall rather than waiting for the new year.
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