Summary
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- Now is a great time to buy an EV, with the potential termination of the $7,500 consumer EV credit by the Trump transition team
- EV sales have surged in Q3 2024, making this a great time to purchase an EV
- In January 2025, sales of electric vehicles are expected to skyrocket as the federal EV tax credits may be eliminated
- California may relaunch its EV tax credit if the federal credit is terminated by Trump, but it may exclude Tesla vehicles.
Article
The article discusses the benefits and incentives for buying an electric vehicle (EV) in the current market. The author mentions encouraging their brother to buy an EV, especially due to the federal tax incentives that may soon be terminated. The convenience of charging locations and the savings on fuel costs are highlighted as reasons to consider purchasing an EV. The article emphasizes the environmental benefits of EVs and the urgency to transition away from internal combustion engines for the planet to thrive.
The increase in EV sales in Q3 of 2024 is noted, with a record high reported in the US during that period. The availability of lease deals and more affordable EV options have contributed to the surge in sales. The article also discusses the end-of-year sales quotas pressuring automakers to reduce prices on popular EV models, making it an enticing time for potential buyers to make a purchase. The federal EV tax credit and a growing number of model choices are driving the increase in EV sales.
The article encourages buying an EV in January 2025 as the incoming administration plans to eliminate clean-energy incentives like the federal EV tax credit. Buyers in January have an advantage of point-of-sale price reductions instead of having to wait for the tax credit during the filing of federal taxes. The eligibility for the federal tax credit is outlined, including the criteria for vehicles to qualify for the credit. The article also mentions the possibility of California reinstating its EV rebate if the federal tax credit is cut.
The future of the EV market is discussed in relation to potential changes in regulations and standards under the new administration. The fate of the Clean Air Act and GHG standards may impact hybrid and EV production in the US market. The article mentions California’s regulations that aim to promote zero-emission vehicles and eventually phase out gasoline-powered cars by 2035. The ruling is expected to reduce greenhouse gas emissions and drive the adoption of EVs in several states.
In conclusion, the article urges readers to consider purchasing an EV sooner rather than later, given the uncertainty around federal incentives and regulations under the incoming administration. It emphasizes the environmental benefits of EVs and the potential cost savings for consumers. The evolving market trends, incentives, and increasing model choices make it an opportune time for individuals to transition to electric vehicles and contribute to the cleantech revolution.
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