Today, drivers can access a federal tax credit worth up to $7,500 for buying or leasing an electric vehicle. But given the incoming Trump administration finds the tax credits wasteful spending, their fate is uncertain.

But given the incoming Administration has indicated it may take these benefits away, their fate is uncertain. Regardless of politics, momentum for EVs continues. There is broad support for the EV credits, a benefit every American can enjoy whether their next car is new or used.  Even the The Alliance for Automotive Innovation urged Congress to retain the EV tax credits, calling them “critical to cementing the U.S. as a global leader” in future auto manufacturing.

We wanted to highlight our top five reasons why now is a great time to make the switch:

1. Saving $7,500 from federal incentives could end soon – There are still incredible incentives from the Federal Government thanks to the Inflation Reduction Act (IRA) to help make purchasing an EV more affordable: up to $7,500 for new EVs and up to $4,000 for used EVs. But these benefits could end soon with the new Administration, so don’t delay taking advantage of these incentives
2. Car dealers offer discounts in December. Not only is it the holiday gift giving season, but in December dealers and manufacturers historically offer the greatest discounts as they work to meet their year end sales goals.
3. So many choices – There are now more than 50 different types of EVs available – including cars, trucks, and SUVs from almost every manufacturer (Ford, Volkswagen, Hyundai, Honda, Chevy, Nissan and many more). Here are a bunch available under $40K. Plus, used EVs are even more affordable.
4. Save money on fueling costs and maintenance – Not only can you save money on the upfront purchase price, but EVs’ cost of ownership is dramatically cheaper than gas cars. This means no more $3.00+ a gallon for gas at the pump, or oil changes. Powering an EV is the equivalent of paying $1.41/gallon. Plus, EVs require less maintenance.
5. An end to tailpipe pollution – Transportation is the biggest source of greenhouse gas emissions, which contributes to climate change. If you want to take meaningful action in response to climate, this is a big one – with a big impact. Even when considering other environmental factors, they are still the cleaner choice.

BONUS – Did we mention EVs are super fun to drive? Read here about one EV owner’s experience.

If you’re still on the fence, a great first step is to take a test drive in one. By taking a friend’s EV for a spin, you’re going to learn a lot from the behind-the-wheel experience. If you have other lingering EV questions, send them our way and we can get you answers from our EV Ambassador Network — or you can cozy up on the couch and watch one of our past “Ask an EV Owner” panel events to get your questions answered.