LAS VEGAS (KTNV) — Electric vehicle buyers have until Sept. 30 to take advantage of federal tax credits before they disappear — just two months from now. After the deadline, the cost of acquiring a new or used EV will rise.
Here's what you need to know.
The new federal budget — dubbed the 'Big Beautiful Bill' — rescinded the Biden-era Clean Vehicle Tax Credit, which offered $7,500 for new EVs and $4,000 for used ones. This incentive, originally designed to get more on the road, was originally set to expire in 2032. But now, the program is ending seven years ahead of schedule.
"The EV credits, granted they're going away, were intended to make it easier for those that don't have a ton of money laying around," said Las Vegas local Ron Jones, founder of Army of the Tread and EV enthusiast.
Jones drives a Ford F-150 Lightning and appreciates that modern EVs have evolved beyond stereotypical designs.
"Just because it's an EV doesn't mean it needs to look like a spaceship," he said.
Although the Tesla is probably the most recognizable eco-friendly ride, many manufacturers now offer EVs. That includes the Ford F-150, the Chevy Blazer, and the GMC Sierra; they all qualify for the tax credit, which often times can be applied at point-of-sale.
"The EV tax credit is assignable to the dealer, so a consumer that's getting the tax credit can assign it to us, and then get an immediate reduction on the price of the vehicle," Tyler Corder, Chief Financial Officer at Findlay Automotive, told Channel 13.
But he said the inventory carried across 18 Findlay locations in Las Vegas is likely to sell out quickly as the Sept. 30th deadline approaches.
"Last time I looked, we had about 400 and some electric vehicles in stock, so there's some selection, but that's not gonna last very long," Corder said, "and we don't see the inventory coming in as much after that."
According to Kelley Blue Book, the average cost of a new EV is roughly $9,000 higher than a gas-powered car. Used EVs cost about $2,000 more. However, part of the trade-off comes in lifetime fuel savings. A 2020 study found that the average EV saves the driver $7,700 in fuel costs over a 15-year life span, compared to filling a car with gas.
For Ron Jones, he's seen the savings.
"I had forgotten what a $75 fill-up looked like," Jones said.
But to him, EV ownership is about environmental impact. "Transportation is the number one offender for greenhouse gasses. Every vehicle you see that is not gas is one less polluter," Jones said.
If you want to take advantage of the current tax incentive for new and used EVs, you need to act fast. Sept. 30 of this year will be the last day you can qualify for the federal discount.
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.
