Nevada EV demand rises as tax credit nears end
Nevadans still have one more week to get up to $7,500 off a new electric vehicle, even with the program ending.
With the passing of President Donald Trump’s “Big Beautiful Bill,” came the end of the EV tax credit, which is officially expiring on Sept. 30. But people looking to buy an EV within the next week can still take advantage of it.
Anyone who signs a purchase agreement and makes one payment before Sept. 30 will still be eligible for the tax credit, said John Treanor, spokesperson for AAA Nevada.
New cars are eligible for up to $7,500 off and up to $4,000 off a used car. The credit may vary based off customers’ modified adjusted gross income.
The credit is given at the point of sale, so, for example, a new EV that is $50,000 could be $42,500.
“As long as you’re signing a purchase agreement and making a payment, it doesn’t matter if you pay the car off, if you’re leasing a vehicle, if you’re buying used or if you’re buying new,” said Treanor. “As long as you do it by Sept. 30, you will qualify for whatever you normally qualify for.”
According to Andrew McKay, executive director of the Nevada Franchised Auto Dealers Association, there has been an increase in consumer demand for EVs knowing the credit will expire. He said, “it’s human nature.”
“We did see an increase of folks looking at and then ultimately purchasing EVs knowing the fact that the EV tax credit is going to go away Sept. 30,” said McKay. “That’s across the country, not just in Nevada.”
McKay said Nevada has “pretty good market penetration on electrics,” but does not see them outpacing consumer demand for hybrids.
According to the Department of Energy, Nevada had 47,361 EVs by Dec. 31, 2023.
“We’ll see what the end effect on this thing is, because the average price of an EV is about $8,000 more than an average nonelectric vehicle,” said McKay. “So we’re going to certainly see some additional cooling in that market.”
Contact Emerson Drewes at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.
