Congress has effectively started a fast “buy now, while supplies last” sales campaign for car dealers over the next month by removing federal electric vehicle Tax credits in the GOP tax and spending bill approved earlier this summer.
Though they are scheduled to expire at the end of September, these incentives greatly cut the buy price of both new and used electric cars (EVs) by thousands of dollars. At least temporarily, this circumstance has caused a significant spike in US EV sales. Jesse Lore, who manages a used car company, immediately after President Trump passed the “One Big Beautiful Bill,” setting tax credits expiration date, New Hampshire started to gather inventory. “We immediately went to the wholesale market and bought as many vehicles that could qualify as possible,” he remarked.
Used EVs are the only focus of Lore’s dealership. The increase in sales started at his property in mid-July and has persisted nonstop. For some used electric vehicles, the tax credit can be as high as $4,000; for new models, it is virtually twice that sum. These favorable offers, nevertheless, will disappear in less than 30 days, according to Stephanie Valdez. “It’s a perfect storm of creating the sense of urgency that is really resonating with consumers that are thinking about buying an EV,” said Streaty, COX Automotive director of industrial insights.According to Cox’s data, July was the second-best month ever for EV sales in the U.S. Valdez Streaty said August and September could keep up this record-setting speed. Many vehicle dealers that were having trouble selling specific EV models before the tax credits’ expiration announcement will find this especially helpful. Head of Insights at Edmunds, Jessica Caldwell, observed people are inclining towards Amazon Autos to sell their used vehicles. In markets where electric cars have more acceptance, consumers might find it difficult to obtain their desired models. Still, Caldwell calmed that there was still time.
