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The expiration of the $7,500 federal tax credit for electric vehicles, initially passed by Democrats during the Biden administration, leaves consumers looking for other ways to save on their next purchase.Experts say the tax credit previously helped make electric vehicles more affordable, increasing interest in them. Aaron Bragman, the Detroit Bureau Chief at Cars.com, said automakers are now offering electric vehicles that are both profitable for them and affordable for consumers. Bragman noted, “The tax credit has been good for just about everybody. It’s really kind of fostered this whole nascent industry of electric vehicles. It’s gotten people a lot more familiar with them and how they work. It’s helped to build out the infrastructure, the charging infrastructure in the United States, because there’s demand for it. People want the fast charging infrastructure throughout the country, even that has really been starting to accelerate.”There may still be separate incentives available at state and local levels. “The affordable EV isn’t necessarily going away, and there are still some incentives out there,” Bragman said. “It just takes some research and some partnering with your local dealership to find out what those might be where you are.”Car companies such as Ford, Nissan, and Kia are offering deals on electric vehicles, and Tesla has recently changed its referral program to boost incentives for consumers.Keep watching for the latest from the Washington News Bureau:
The expiration of the $7,500 federal tax credit for electric vehicles, initially passed by Democrats during the Biden administration, leaves consumers looking for other ways to save on their next purchase.
Experts say the tax credit previously helped make electric vehicles more affordable, increasing interest in them.
Aaron Bragman, the Detroit Bureau Chief at Cars.com, said automakers are now offering electric vehicles that are both profitable for them and affordable for consumers.
Bragman noted, “The tax credit has been good for just about everybody. It’s really kind of fostered this whole nascent industry of electric vehicles. It’s gotten people a lot more familiar with them and how they work. It’s helped to build out the infrastructure, the charging infrastructure in the United States, because there’s demand for it. People want the fast charging infrastructure throughout the country, even that has really been starting to accelerate.”
There may still be separate incentives available at state and local levels.
“The affordable EV isn’t necessarily going away, and there are still some incentives out there,” Bragman said. “It just takes some research and some partnering with your local dealership to find out what those might be where you are.”
Car companies such as Ford, Nissan, and Kia are offering deals on electric vehicles, and Tesla has recently changed its referral program to boost incentives for consumers.
Keep watching for the latest from the Washington News Bureau:
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