President-elect Donald Trump, among his many promises, has vowed to eliminate the federal tax credit for electric vehicles.
The $7,500 discount, which puts EVs within reach of many more Americans, could be on the chopping block next year as Trump looks for ways to pay for other initiatives, like an extension of the Tax Cuts and Jobs Act.Â
“There is the expectation that this tax credit could go away,” said Ingrid Malmgren, senior policy director for Plug In America, a nonprofit that advocates for EV adoption.
There are still many questions about how and when the EV tax credit might change, but experts say there are a few precautions you can take now if you’re in the market for an EV.Â
What is the EV tax credit?
The current version of the EV tax credit was passed during the Biden administration as part of the Inflation Reduction Act, and it expanded an existing credit that was initially created in 2008.
New electric vehicles can qualify for either the full $7,500 credit or a partial $3,750 credit (depending on a few rules, which we’ll get to later). There’s also a similar tax credit of up to $4,000 for used electric vehicles.
Unlike the original tax credit, which required you to pay full price and then claim the discount on your tax return, you can now receive the discount at point-of-sale, right at the car dealership.
What types of vehicles are eligible for the EV tax credit?Â
This is where those rules come in.
To qualify for the full $7,500 tax credit, a new electric vehicle must cost less than $80,000 for vans, sport utility vehicles and pickup trucks. All other EVs need to cost less than $55,000.Â
A qualifying EV must also source at least 40% of the “critical minerals” in its battery from the US or a country that has a free trade agreement with the US. And at least 50% of the EV’s battery components must have been manufactured or assembled in the US or a country with a free trade agreement with the US. The EV must also “undergo final assembly” in North America (the US, Mexico or Canada).
And finally, there are income limits you have to meet to take advantage of the credit. For married couples, the limit is $300,000 per year. For heads of households, the cap is $225,000. And for all others, the limit is $150,000 in annual income.
Right now, these rules yield a list of eligible vehicles that includes many different models across nine car brands. The list is expected to grow over time as vehicle manufacturers start to build up domestic supply chains to meet the battery and assembly requirements.Â
Watch this: Expert vs. AI: Is Now the Time to Buy an EV?
What has Trump said about the EV tax credit?
The incoming transition team for the Trump administration plans to eliminate the EV tax credit, according to reporting by Reuters. The move is being planned as part of a broader effort to eliminate programs supporting the development and sale of electric vehicles in the US, Reuters reported. The Trump campaign did not respond to CNET’s request for comment.Â
The new administration has a fairly extensive list of proposed tax changes, including extending the Tax Cuts and Jobs Act changes passed during Trump’s first term.
Despite Trump’s alliance with Tesla executive Elon Musk, the incoming president hasn’t historically been supportive of electric vehicles, Malmgren said.
While nothing is certain, “people definitely have their ear to the ground to see what will happen in 2025,” said Marty Gennusa, a certified public accountant at Wagner, Ferber, Fine & Ackerman.
Although the EV tax credit might be seen as a liberal policy benefiting progressive EV drivers, Malmgren said the incentives built into the Inflation Reduction Act have spurred a huge investment in domestic EV manufacturing, especially in red states, which might motivate Trump to keep the policy in place.Â
Trump does not have the sole power to end the tax credit, anyway. The EV tax credit is part of the Inflation Reduction Act, passed by Congress in 2022. Changes would require an act of Congress.
“It will be a real test of durability” to see if Congress rolls those policies back, Malmgren said. “It’s not popular with voters to give something and then take it away.”
You probably shouldn’t buy an EV just because there’s a possibility that the incoming Trump administration could eliminate a tax credit.
Should you buy an EV before the tax credit is repealed?Â
Don’t let politics make financial decisions for you, but if you’ve already decided to get an EV and you’re deciding between buying one sooner or buying one later, sooner might give you better odds of nabbing the tax credit, experts say.
This is for two reasons, Malmgren said. First is the risk that the EV tax credit will end in 2025. The second is that the battery requirements for the credit will tighten next year, which might shrink the list of eligible vehicles.
Gennusa is skeptical, however, that Trump would eliminate the credit immediately after entering office next year. “There are some bigger agenda points for the Trump administration,” he said. “I wouldn’t say it’s absolutely imminent.”
Either way, Malmgren encourages would-be EV drivers to start with a lease, which still allows you access to the tax credit. It’s also a lower-commitment way to try your first EV.
That being said, don’t run out and panic-buy a new car just because of the tax credit. A car is a major purchase, and you want to make sure you can afford it. The tax credit is a great discount, but don’t put yourself in a hole just to take advantage of it.Â
What would the end of the EV tax credit mean for leases?
If you already have an EV lease with the tax credit, no need to worry. Because you’re locked into a contract, it would not be affected by any future changes to the tax law.
This is another reason you might want to lock in a lease before the end of 2024: It would insulate you from changes to the tax credit for the next few years.
But also be aware of waiting periods for some EV models, Gennusa said. Even if you walk into the dealership today, you might have to wait a few months to get the car.
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