As we approach 2025, prospective car buyers interested in purchasing an electric vehicle will encounter a range of considerations that may differ from previous years. The landscape is predominantly positive, with automakers continuously unveiling new EV models and enhancing existing ones. Additionally, the availability of expanded charging infrastructure and competitive prices for pre-owned electric vehicles are key talking points for the upcoming year. However, it is essential to remain vigilant of certain negative trends. In this article, automotive experts at Edmunds provide insight into what to anticipate before making your EV purchase in 2025.
Potential Increase in New Vehicle Prices
Recent developments, such as the implementation of tariffs by the Trump administration, could lead to higher prices for certain imported electric vehicles. These tariffs may also affect the cost of other components or materials used in vehicle manufacturing. While estimates vary, prolonged tariffs could result in significant additional expenses for consumers, potentially amounting to thousands of dollars depending on the vehicle in question. Furthermore, the new administration has indicated plans to revoke the federal EV tax credit of $7,500 for new EVs and $4,000 for used EVs. Presently, specific new EVs are eligible for a $7,500 tax credit, which can be utilized towards the purchase or lease price, or applied to tax liability. Meanwhile, used EVs priced below $25,000 may qualify for a tax credit of up to $4,000.
Enhanced Charging Infrastructure for EVs
Tesla charging stations, previously exclusive to Tesla vehicles, are now accessible to most non-Tesla EVs. This expansion encompasses Tesla’s extensive network of fast-charging Supercharger stations, significantly broadening the charging options available to EV owners. Previously, non-Tesla EV owners primarily relied on public charging stations operated by third-party companies like EVgo and Electrify America. Tesla’s nationwide network of charging stations is the largest in the country, offering reliable service with minimal downtime. While Tesla stations are user-friendly once set up, it is advisable to consult your vehicle’s manufacturer for guidance on using a Tesla charging station and potentially acquiring a charging connector adaptor.
Diverse Selection of EVs with Extended Range
The EV market in 2025 offers a wide array of choices, with many models boasting ample driving range. Vehicles such as the Ford Mustang Mach-E and Hyundai Ioniq 5 offer over 300 miles of range on select variants. Luxury EVs from manufacturers like Mercedes-Benz and Lucid, as well as electric trucks from GM, have surpassed the 400-mile range threshold during testing conducted by Edmunds. Furthermore, EVs are becoming more affordable, with some models priced below $35,000 even without the federal tax credit. Leasing an EV can be a cost-effective option, especially during months when automakers offer attractive lease deals bolstered by incentives and tax credits.
Pros and Cons of Depreciation in Used EV Prices
While new EVs typically carry a
Currently available for purchase in the low $30,000 range, the significant decrease in value of electric vehicles (EVs) can be concerning for those looking to sell or trade in their used EVs. Sellers may find themselves disheartened to discover that their vehicle is worth far less than the purchase price, which becomes particularly troublesome if there is still a considerable amount owed on the loan. In some cases, the outstanding loan balance may exceed the actual value of the vehicle itself. According to insights from Edmunds, individuals considering the acquisition of an EV this year are advised to do so promptly, as the potential repeal of EV tax credits and potential price hikes loom on the horizon. Prospective buyers are also encouraged to explore the convenience of accessing Tesla charging stations, noted for their user-friendly nature compared to third-party options. This information was shared with The Associated Press by Edmunds, where Michael Cantu serves as a contributor.
