(NEXSTAR) – Car shoppers who missed out on the electric vehicle tax credit shouldn’t give up on finding a great deal, experts say.
On Sept. 30, a federal subsidy valued at up to $7,500 expired, due to President Trump’s spending bill, potentially increasing the cost of a new electric vehicle (EV) – at least theoretically. However, some car manufacturers will continue to offer the discount for a limited duration.
GM, Ford, and Hyundai are still providing the deals on select models, with the Korean automaker reducing the 2026 Ioniq 5’s price by as much as $9,800.
Kelley Blue Book Executive Editor Brian Moody told Nexstar he’s optimistic that other automakers may follow suit.
“I would suggest waiting a week or two, as automakers and dealers will likely devise ways to offer discounts,” Moody commented. “It could be through very low lease payments with no money upfront, or perhaps through very low financing options.”
Moody also recommends considering a used EV.
Moody also noted, “Many pre-owned electric vehicles are quite affordable and are excellent deals, given that new electric vehicles typically depreciate quickly,” addressing the largely overstated concerns about battery failures.
“Of course, you’re going to have some that do that, but most EVs have a warranty of at least 8 yeas or 100,000 miles,” Moody said.
As for the future of electric vehicles in the United States under the Trump administration, carmakers are tempering expectations.
“I believe it will remain a lively industry, albeit smaller than anticipated, particularly with the recent changes regarding tailpipe emissions and the removal of the $7,500 consumer incentive,” Ford Motor CEO Jim indicated in Detroit on Wednesday, as reported by CNBC. “We’ll see the outcome in a month. It’s possible that EV sales in the U.S. may decrease to 5%.”
Electric vehicles made up 8.7% of all new car registrations in the U.S. for 2024, an Experian Automotive report found.
