Electric vehicle (EV) sales are breaking records: In Q3 2024, for example, General Motors (GM) hit a milestone, selling over 32,000 EVs in the US—an impressive 60% jump from last year. With major automakers rolling out new models, EVs are steadily becoming the new norm.
But there’s a potential bump in the road: President-elect Donald Trump has said he wants to end the federal $7,500 EV tax credit, a game-changer for making EVs more accessible and affordable. If this happens, it could impact future EV sales and might make the shift to electric a bit pricier for those still considering making the leap.
So, what does this mean for you? If you’ve been considering buying or leasing an EV, December might be the perfect time to act. You can still take advantage of the full $7,500 tax credit, giving you a nice chunk of change off the sticker price. Plus, many states and utilities also offer further incentives through rebates and tax credits.
Not only does this credit help with upfront costs but let’s not forget the long-term perks of EV ownership: lower “fuel” costs (hello, charging your car with electricity) and reduced maintenance expenses. Plus, with so many options on the market – from compact city cars to family-sized SUVs – it’s easier than ever to find an EV that suits your lifestyle.
In short, with EV sales at record highs and uncertainty around future federal incentives, now’s your chance to join the electric revolution. By acting this month, you’ll save money and get ahead of any policy changes. It’s a win for your wallet and the planet.
So, why wait? Start exploring your options today and make 2024 the year you drive into the future.
