What to know about EVs before the rebate deadline
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Monica had lots of questions going into the Electrify Expo in Hoffman Estates Sunday. Photo: Monica Eng/Axios
Last weekend I promised my partner I would not come home from Electrify Expo with a new EV.
- I kept the promise, but I did come home with a lot of thoughts.
Why it matters: Like lots of folks, I'm tempted to buy an EV before the federal credits ($7,500 for new and $4,000 for used) expire at the end of September.
The big picture: After perusing the offerings, test-driving an electric Ford Mustang Mach-E and talking to an expert, I came away with these nuggets to share.
Read the fine print. Your eligibility for a federal tax credit, especially for used cars, could hinge on the type of car, battery, when you claim the credit and how much money you make.
- Credits for new cars, however, are more straightforward.
Illinois also offers state rebates of $4,000 for electric cars and $1,500 for electric motorcycles, but the yearly $14 million pot gets depleted fast.
- Applications are currently closed and expected to reopen at the beginning of 2026.
Test drive the EV first. I hadn't realized how differently these cars can handle. Watch for zippier pick-up and automatic braking when you take your foot off the pedal.
Your used hybrid or EV trade-in could be worth a lot more than you think, as they're in high demand.
- Chris Hoke at vehicle purchase tech company VINCUE tells Axios that between January and August 2025, sales of used EVs climbed 36% while hybrids rose 59% over the same period the previous year.
Charging has improved, with some fast chargers able to add 200+ miles in 15 minutes.
If you don't make the deadline, you may still find savings through sweetened financing deals from manufacturers next year, VINCUE regional sales manager John Russell tells Axios.
- Yes, but: Those new models could also come with bigger price tags as tariffs kick in, even if they're assembled in the U.S., he notes.