Experts advise car buyers who missed out on the electric vehicle (EV) tax credit not to lose hope in their search for a vehicle.
On September 30th, federal grants of up to $7,500 lapsed due to President Trump’s spending legislation, making new EVs seemingly pricier. Still, some automakers are providing discounts for a limited time.
Companies like GM, Ford, and Hyundai are offering trades on various models, with Korean car manufacturers reducing prices, including the 2026 IONIQ 5 by a significant $9,800.
Brian Moody, the executive editor of Kelley Blue Book, expressed hope that more automakers might introduce similar offers. “I think I’d wait a week or two, as some manufacturers and dealers often find creative ways to discount cars during that time,” he mentioned. “It could be a low lease payment that doesn’t reduce the total price or some affordable financing options, perhaps.”
Moody also suggested exploring used EVs. “Used electric vehicles depreciate quickly, so they can be excellent bargains,” he noted, dismissing common worries about battery issues. “Sure, there could be concerns, but most EVs come with warranties of at least eight years or 100,000 miles.”
Expectations surrounding the future of EVs in the U.S. are being moderated under the Trump administration, according to analysts.
“I envision a lively industry, but the changes in tailpipe emissions policies and the loss of that $7,500 incentive may shrink it significantly,” he said. “In a month, we might see that U.S. EV sales have dipped to 5%.”
In 2024, electric vehicles made up 8.7% of all new vehicle registrations in the U.S., according to a report from Experian Automotive.
