New Federal Tax Credit Cuts Could Make the Newest Electric Cars $7,500 More Expensive Starting Next Month—Here’s What You Need To Know
If you’ve been eyeing the newest electric cars, prepare for a sticker shock. Congress is quietly finalizing a proposal that could tighten eligibility for the $7,500 EV tax credit, effectively raising the price of many popular models by thousands of dollars. For consumers, that means the Nissan Leaf, Chevrolet Bolt EV, and even some Tesla trims could cost you full retail price as early as January. On top of that, stricter sourcing rules for batteries will likely force automakers to either hike prices on existing inventory or stop selling certain models in the U.S. entirely. Your wallet is about to feel the pinch if you don’t act fast—dealerships already report limited stock on these eligible models. To avoid a hefty tax bill next spring, consider locking in a purchase before the end of December, while the credit still applies. And don’t forget to check if your state offers its own rebate; that could shave off another $2,000 to $5,000 in savings before it’s too late.