The new federal budget rescinded the Biden-era Clean Vehicle Tax Credit. It was originally set to expire in 2032. But now, the program is ending seven years ahead of schedule.

Las Vegas

The U.S. federal government is ending the clean vehicle tax credit program, which offered up to $7,500 for new electric vehicles (EVs) and $4,000 for used ones. This change, part of the new federal budget, will take effect after September 30th, ending the incentives seven years earlier than originally planned. 

Dealers report that current EV inventory is expected to sell out quickly, with fewer vehicles likely to be restocked. While EVs are generally more expensive than gas-powered cars, studies suggest they offer significant fuel savings over their lifetime. Consumers interested in purchasing an EV with the tax credit are advised to act before the program ends.

Electric vehicles about to get more expensive

An EV isn't for everyone, but for those who are in the market for a car like this, it's going to be more expensive to get behind the wheel after September. 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. Here's what you need to know. The new federal budget rescinded the Biden-era clean vehicle tax credit, $7,500 for new electronic vehicles and $4,000 for used. Now, the incentive meant to get more EVs on the road is abruptly ending, seven years ahead of schedule. So this is a fully electric EV. Las Vegas local Ron Jones tells me these days EVs have a whole new look. Just because it's an EV doesn't mean it needs to look like a spaceship. He drives a Ford F-150 Lightning. So where's the engine? So there is no engine. There are motors behind each wheel. The 2025 model starts at $54,000 and currently qualifies for the tax credit, which, as some retailers, can even be applied at the 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 Finley Automotive, tells me the current inventory is likely to sell out in the next two months and fewer EVs will come back into stock. Last time I looked, we had about 400 and some electric vehicles in stock. So there's some selection but that's not going to last very long 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. But part of that trade-off are lifetime fuel savings. One 2020 study found that the average EV saves the driver $7,700 in fuel costs over a 15-year lifespan compared to filling a car with gas. I have forgotten what a $75 fill-up looked like. Ron tells me he's passionate about how his truck changed his bottom line, but it's also about environmental impact. Transportation is the number one offender for greenhouse gases. Every vehicle you see that is not gas is one less polluter. If you want to take advantage of these federal tax incentives, you need to act fast as this program will end after September 30th. Reporting in Las Vegas, I'm Geneva Zoltek.

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Rio de Janeiro

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Middle East Conflict

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Birmingham

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Jerusalem

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Kyiv

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Bogotá

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Moscow

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Zaporizhzhia

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Kuala Lumpur

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Riedlingen

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Breakdown