Automakers Announce Extension of Tax Credit Discounts for EVs Into Fourth Quarter
Editor’s note: GM canceled its loophole incentive on electric-vehicle leases Oct. 8, 2025, but is now offering an equivalent discount itself through the end of October.
Key Points
- While the federal tax credit for electric vehicles has ended, some automakers are still offering big discounts on purchases and leases of new EVs through the end of 2025.
- Some brands have also already lowered prices on 2026 models.
If you missed the Sept. 30 deadline for buying or leasing a new electric vehicle to take advantage of the $7,500 federal tax credit, it appears there’s still a chance left for you to snag that deal. Several automakers have announced in the days since the Tuesday expiration date that they are either extending discounts out of pocket to buyers or that their finance arms have already put down payments on tens of thousands of their own EVs in order to secure the credits, which are ready to be leased out to customers in the next few months. Here’s what we know so far.
Related: The EV Tax Credit Is Done; What Should an EV Shopper Do Now?
Deals Are Still Happening
Ford and GM have said that they are still offering lease deals for EVs through their own captive finance companies. According to Bloomberg, GM has more details of its deal, with a person knowledgeable of the program saying that automaker’s financing company, GM Finance, has put down payments on more than 30,000 EVs that are now ready to go to customers, locking in the $7,500 credit before it expired. Its deal will be good through the end of 2025 or until the inventory has been depleted, and the vehicles must be leased through GM Financial. Most GM dealers are participating in the program, but customers should inquire at the dealer for details like interest rates, fees and terms.
Meanwhile, Ford has also announced lease deals, while Hyundai and Stellantis have said that their deals will apply to both purchases and leases. For instance, Hyundai is discounting the 2025 Ioniq 5 by $7,500 and has announced a price drop of up to $9,800 for the upcoming 2026 version, depending on trim level.
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These deals are added to the one already available from Acura for its remaining ZDX SUVs as the brand ends production of its joint-venture EV after just one model year and is putting $4,000 on the hood of remaining inventory. The ZDX is set to be replaced by Acura’s homegrown RSX EV in the second half of 2026.
Sales reports for September are still coming in, but signs point to it being a gangbuster sales month for EVs in particular, as customers raced to finalize purchases and leases before the tax credit deadline. But the end of the federal tax credit does not mean the end of interest in EVs — as the year comes to a close, it may be that there will still be even more remarkable deals to be had as automakers close out 2025 (and in some cases, 2024) inventory before the calendar-year change.
Read More EV News Coverage on Cars.com:
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