Electric vehicles have become increasingly popular thanks to federal tax incentives, but that's all about to change.
So if you've ever considered driving an EV or have even just entertained the thought, now is the time to visit a dealer, because you have just two months before the EV tax credits expire.
At Jeff Wyler Hyundai, new EVs are lined up outside, while inside, customers like Clinton Lewis are thinking of taking the plunge.
RELATED STORY | Tesla reports declining vehicle deliveries as tax credit cuts loom
"No gas, all electric, you can run it off the sun, bring it on!" Lewis said.
Dealership general manager Mitch Minelli says he's seen a surge of interest in the past few weeks as potential buyers realize they have until just September 30 to claim a $7,500 EV credit.
A credit of up to $4,000 for buying a used EV expires as well.
Watch as customers debate buying an EV before the tax credits expire:
"A lot of customers were coming to us with the knowledge that the incentive was possible going away, and now in fact it is," Minelli said.
He says right now, you can couple that credit with additional incentives to save over $10,000 on many of these EVs.
Industry experts predict drop in sales this fall
Karl Brauer with iSeeCars says that EV sales may be good at the moment, but they're likely to drop off after the tax credit expires.
"I suspect that that's going to settle in around 4 or 5% of new car sales, about half of what they are right now," Brauer said.
EVs make up a small share of the car market, which Brauer attributes to their niche role mainly in certain regions and in multi-car households.
"Where they make sense, they'll be implemented. Where consumers find value in them, they'll be purchased and used, and where they don't make sense, consumers won't find value in them," Brauer said.
However, if you're in the market for a conventional or hybrid vehicle, he suggests waiting until the tax credit ends.
"They don't have to bear the cost and help make the company overall profitable by charging more for those to make up for the money-losing EVs," Brauer said.
iSeeCars has posted a report on what it expects to change after September 30, and what potential EV buyers should know and do now.
So with just weeks left to claim the credit, buyers like Adam Contino are debating whether to go electric.
"The pros are quiet, quick off the line. Cons are range anxiety," Contino said, as he and his wife debated an EV purchase.
It's best to consider all of your options before rushing to go electric. But if you are leaning that way, experts say you want to do it by September 30, so you don't waste your money.
_________________________________
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
________________________________________
"Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps").
Follow John:
- Facebook: John Matarese Money
- Instagram: @johnmataresemoney
- X/Twitter: @JohnMatarese
For more consumer news and money saving advice, go to www.dontwasteyourmoney.com
