Chevrolet Equinox EV Photo Credit: Tanya
Gazdik/MediaPost
Time is running out for anyone thinking about buying or leasing an electric vehicle who also wants a discount. The federal EV tax credit—worth up to $7,500—is
ending on Sept. 30.
“For more than a decade, this program has helped make EVs more affordable, but once it’s gone, so are those savings, says Aaron Bragman, Detroit
Bureau Chief, Cars.com. “While most shoppers have heard of the credit, a recent study from Cars.com shows only about a third really understand how it works. That’s important,
because nearly 80% of car shoppers considering EVs say it factors into their decision to go electric, and almost half say they might speed up their plans before the deadline hits.”
For shoppers considering an EV, start shopping now so you can finalize your purchase and take delivery before the Sept. 30 deadline. Some automakers and dealers are also offering their own
discounts and financing deals, which can stack on top of the credit to bring prices down even more.
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“Looking ahead, the end of the credit doesn’t mean the end of
affordable EVs,” he says. “Brands like Nissan, Chevrolet, and Hyundai are rolling out lower-priced options, and used EVs are getting more attractive too, with plenty available under
$25,000. Battery costs are also coming down, which will help keep prices competitive in the long run.”
I recently test drove the Chevrolet Equinox, which is a really good value for a starting
price of $34,995 for the LT trim. Another EV that qualifies for the tax credit is the Hyundai Ioniq 5 which starts at $44,200.
As of September 2025, other models that may qualify
according to Cars.com include:
- Acura ZDX
- Cadillac Lyriq or Optiq
- Chevrolet Blazer EV, Silverado EV
- Chrysler Pacifica PHEV
- Ford F-150 Lightning (certain trims)
- Genesis: Electrified GV70
- GMC: Sierra EV (2026 model year)
- Honda Prologue
- Hyundai Ioniq 9 (2026 model year)
- Jeep Wagoneer S
- Kia EV6 (2025 model year) and EV9
- Tesla Cybertruck (certain
trims), Model 3 (certain trims), Model X (AWD trim), Model Y (certain trims)
Eligibility for the tax credit is not only dependent on the vehicle but also on your own income and filing
status. Many states and cities offer their own
incentives that will still be around even after the federal program ends, Bragman says.
California, Colorado, Connecticut, Massachusetts, New Jersey, New York, Oregon, Vermont and
Washington are among those which provide rebates, tax credits and other programs to encourage EV adoption. These incentives vary by state, often have different eligibility criteria, and can be stacked
with the federal tax credit (until Sept. 30) for new and used EVs. You can find detailed information on specific programs and incentives through resources like Plug In America.