EV Credits Can Be Had Post-Deadline
Stretching of expiring breaks is possible under certain conditions.
EV sales spiked more this year once the new administration made clear tax credits were on the chopping block.
Pexels/Kindel Media
Consumers in the market for an electric vehicle with the help of a tax break are running out of time.
The federal tax credit of up to $7,500 for new EVs expires Oct. 1. There is a little wiggle room built into its sunset: If an EV isn’t ready for delivery by Sept. 30, the consumer can still claim the credit if a contract is signed and a payment made by that date, according to the IRS.
The credits, which the Trump administration axed in the recently passed federal spending bill, have juiced EV sales they debuted under the Inflation Reduction Act of 2022. EV sales spiked more this year once the new administration made clear the credits were on the chopping block.
The breaks apply to both EV purchases and leases. Auto market watchers have forecast a decline in EV sales after the credits’ expiration, slowing U.S. adoption momentum.
LEARN MORE: It's Time to Rethink What We Sell in the F&I Office
More Showroom
Making the Safe Choice
Kelley Blue Book has turned households with teen drivers onto safe and affordable options for their vehicles of choice
Read More →
Inventory Holds Steady
September new-vehicle inventory rose slightly month-over-month, but dealer lots are laden with MY2026 vehicles as the typical model year changeover trudges along.
Read More →
October Auto Sales Fall With the Leaves
A forecast anticipates retail deliveries are down this month as consumers continue to face cost challenges, though more are tapping long loans in order to buy.
Read More →
California Sees Quarterly Gains
California’s new-vehicle market saw a boost in hybrids in the third quarter and its first overall quarterly market gain of the year.
Read More →
New-Vehicle Prices Stay Put
Affordability pressures and model availability shaped new-vehicle sales in September, according to an analysis by Kelley Blue Book.
Read More →
EV Buyer Consideration Shifts
What drives American consumers to purchase an electric vehicle is shifting as the question moves away from Should I?' to 'Which features and experience do I want to have?'
Read More →
Year-to-Date Auto Sales Holding Their Own
A forecast through August shows that automakers have shifted strategies to keep deliveries and revenues up despite tariffs and other economic challenges.
Read More →
Slow to Robo
Ten years of polling consumers shows autonomous vehicles’ profiles have risen considerably, but even more people now want at least some level of control if they go that route.
Read More →
Dealers a Little Down
A third-quarter Cox Automotive survey finds them in a mixed mood, bummed by fallen customer traffic but encouraged by better profits, costs and EV interest.
Read More →
European EV Sales Skyrocket
The EV market on the continent held strong in July with almost 25% of new-car sales being fully electric units, a stark contrast to the U.S., where EV sales declined about 42%.
Read More →