The U.S. electric vehicle (EV) market is set to undergo significant changes, prompting potential buyers to take action quickly.
To take advantage of the $7,500 EV tax credit before it potentially gets eliminated in 2025, consumers are encouraged to purchase electric cars before the end of 2024. This tax credit applies not only to new vehicles but also to qualified used electric cars, offering a credit of up to $4,000 for purchases from licensed dealers priced at $25,000 or less.
The removal of these tax credits could impact the resale value of used electric vehicles, potentially leading to an increase in prices. The current tax incentives have already influenced pricing and contributed to lower resale values for used EVs, creating a favorable buying environment.