Is the $7,500 EV Tax Credit Really Gone?

With the Federal EV Tax Credit officially expiring on September 30, 2025, many buyers are left wondering if they’ve lost out on the $7,500 savings. But don’t worry—Ford and General Motors (GM) are stepping in with a way to keep the benefit alive, at least for a little while longer.

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Ford’s Solution: Lease and Save

Ford is working with its dealers to continue offering the $7,500 Federal EV Tax Credit for customers leasing eligible electric vehicles (EVs). The company’s finance division is buying the vehicles from dealers, making them eligible for the credit. Ford then passes the $7,500 savings onto customers by reducing the cost of their lease payments. This leasing program will run through December 31, 2025.

GM’s Alternative Approach

While GM initially planned to use its finance division to offer the same leasing program as Ford, they’ve now decided to handle it differently. Instead of using the tax credit, GM will offer a discount of up to $6,000 on EV leases, funded directly by GM. This offer will only be available for leases signed by the end of October 2025.

What This Means for You

  • Leasing Still Saves: If you want a new EV, both Ford and GM are making it easier to save, even without the federal credit.

  • Limited Time: Ford’s program lasts until the end of 2025, while GM’s offer ends in October, so act fast if you want to take advantage.

  • Multiple EV Options: Both companies have a range of electric vehicles eligible for these savings, so you can pick one that fits your needs.

Final Thoughts

While the Federal EV Tax Credit is officially gone, Ford and GM are giving customers a chance to still save on electric vehicle leases. If you’ve been waiting to make the switch to electric, now might be the perfect time to take advantage of these temporary programs before they end.