Reasons to Consider Buying an EV Now, Even Without the $7,500 Tax Credit

(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 worth up to $7,500 expired as part of President Trump’s spending bill, making a new EV decidedly more expensive – at least in theory. As it turns out, some car makers themselves will continue to offer the discount, at least for a limited time.

GM, Ford and Hyundai will still offer the deals on some models, with the Korean car maker dropping the price of the 2026 Ioniq 5 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 wait like a week or two, because I know that within that time period some automakers and some dealers are going to come up with a way of discounting those cars,” Moody said. “Maybe it’s going to be a super low payment lease with no money down. Maybe it’s going to be super low financing or something like that.”

Moody also recommends considering a used EV.

“Many used electric cars are just really priced right, like they’re really good deals, because new electric vehicles tend to depreciate very rapidly,” Moody said, adding that fears over the battery failing are largely unfounded.

“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 think it’s going to be a vibrant industry, but it’s going to be smaller, way smaller than we thought, especially with the policy change in the tailpipe emissions, plus the $7,500 consumer incentive going away,” Ford Motor CEO Jim told an audience in Detroit Wednesday, according to CNBC. “We’re going to find out in a month. I wouldn’t be surprised that the EV sales in the U.S. go down to 5%.”

Electric vehicles made up 8.7% of all new car registrations in the U.S. for 2024, an Experian Automotive report found.