EV sales are set to surge as buyers rush to claim discounts that may disappear in 2025

With US President-Elect Trump reportedly planning to cut federal incentives, EV sales are expected to surge in November and December. Right now, major discounts are slashing upwards of $10,000 to $20,000 off some of the most popular EV models, but that could change in 2025.

EV sales are expected to surge with discounts on the line

According to Cox Automotive, “EV sales are expected to surge in November and December” ahead of Trump taking office.

“We may see an increase in electric vehicle (EV) and plug-in hybrid (PHEV) sales over the next few months as buyers move to take advantage of discounts that may disappear in 2025,” Charlie Chesbrough, senior economist at Cox Automotive, said.

A Reuters report earlier this month claimed Trump’s transition team was planning to kill off the $7,500 federal tax credit for clean car buyers.

Chesbrough explained that with fewer discounts on the line, buyers are expected to take advantage of them while they are still being offered, leading to “robust activity through the end of the year.”

In October, EV sales in the US reached a milestone. With another 106,155 units sold last month, over 1 million EVs have now been handed over to buyers.

EV lease deals are adding up

Higher incentives and discounts have helped fuel the growth. In Q3, EV incentives were over 12% of the vehicle’s average transaction price, much higher than the industry average of about 7%.

The $7,500 federal tax credit is the biggest factor behind the discounts. Although the credit is for EV purchases, a loophole enables automakers to pass it on through leasing.

Combined with other offers like loyalty and conquest, lease discounts, and bonus cash, some EV discounts are reaching upwards of $10,000 to even $20,000.

For example, you can score up to $21,150 off the 2024 Acura ZDX luxury SUV with combined discount offers. Ford is also offering up to $17,500 off its F-150 Lightning pickup through an end-of-year promo. A few EVs are even available to lease for under $300 this month.

Several new lower-priced models, like the $35,000 Chevy Equinox EV LT and Honda Prologue, are also hitting the market. The electric Equinox and Prologue SUVs helped push EV incentives to a record high in October.

With the $7,500 credit, the 2025 Chevrolet Equinox EV can be bought for as little as $26,100. GM calls the new electric SUV “America’s most affordable 315+ mile range EV.”

Honda just extended its ultra-low $229 per month lease offer to 17 additional US states after introducing it in California last month. For a nearly $50,000 electric SUV, $229 per month (36 months, 10,000 miles per year) is a pretty good deal.

Ready to take advantage of the savings? The offers won’t last long. You can use our links below to find deals on popular EV models in your area.