Time’s Running Out for EV Incentives
The clock is ticking for electric vehicle buyers. A key federal tax credit—$7,500 for new EVs and $4,000 for used ones—is set to expire on September 30. For many shoppers, especially in states like California where EVs already have strong momentum, this deadline could mean thousands in lost savings.
Right now, the incentives apply to a wide range of vehicles, including full EVs and plug-in hybrids. Models like the Chevy Blazer EV, Toyota RAV4 Prime, and even luxury brands like Lucid and Porsche still qualify.
A Sudden Policy Shift
This change comes as part of a recent federal policy rollback. While the credits helped boost electric vehicle sales over the past few years, their elimination could slow down that growth. Automakers and dealerships are bracing for impact, expecting a short surge in sales followed by a potential drop-off once the credits vanish.
One dealership in Monterey Park reports about 20% of its car sales are electric. With rising competition from both legacy automakers and EV-only startups, there’s pressure to move units quickly before the benefit disappears.
Buyer Buzz and Dealership Momentum
While some shoppers have already started looking for eligible vehicles, many haven’t caught on yet. But that’s expected to change fast. Automakers are ramping up their marketing. Some, like Tesla, are pushing messages like “Order now to get your $7,500 credit” to drive urgency.
Dealers anticipate a rush just before the deadline. After that? Things could cool off. Some hope the demand will balance out, but others expect a pause in EV momentum, at least temporarily.
Final Chance to Save Big
For those considering an electric vehicle, now may be the smartest time to act. With interest rising and inventory still available, the window to lock in federal savings won’t stay open much longer.
Miss it, and the next wave of EV buyers might be paying full price.
