Car buyers exploring the possibility of purchasing an electric vehicle (EV) in 2025 will encounter a host of new considerations compared to previous years. Many of these developments are positive. Automakers continue to roll out new EV models while refining current ones, charging options have expanded, and attractive pricing in the used EV market is anticipated. However, there are negative elements to consider as well, and auto experts offer insights into what prospective buyers can expect when shopping for an EV in 2025.
One of the potential challenges ahead is the probability of higher prices for new vehicles. This increase can be attributed, in part, to tariffs imposed by the government on imported EVs and materials used in automotive production. These tariffs could elevate the cost significantly over time, with estimates suggesting an increase of thousands of dollars depending on the vehicle’s specifics. Furthermore, changes in government policy may lead to the repeal of the current federal EV tax credits, affecting both new and used EVs. At present, purchasers of certain new EVs can benefit from a $7,500 tax credit, while buyers of used EVs priced under $25,000 can receive up to $4,000 in tax benefits.
On the upside, EV owners will enjoy more charging options in the coming years. Tesla’s exclusive charging stations, now open to other EV brands, represent a significant expansion in available infrastructure. With Tesla’s expansive network of Supercharger stations now accessible to non-Tesla EVs, owners gain access to the nation’s most reliable and extensive charging infrastructure. While setting up to use these stations may require checking with the EV manufacturer and possibly acquiring an adapter, the improved access offers great convenience.
The market for EVs is also extending, with numerous models on offer for 2025 that deliver impressive range capabilities. For instance, models like the Ford Mustang Mach-E and Hyundai Ioniq 5 can travel over 300 miles on a single charge for select versions. Even higher figures are recorded for premium EVs from brands like Mercedes-Benz and Lucid, with some electric trucks from GM surpassing 400 miles as per testing. EV affordability is improving with certain models priced below $35,000 even without federal tax credits, such as the Chevrolet Equinox EV and Hyundai Kona Electric. Leasing is a viable option for securing the lowest monthly payments, as automakers frequently offer enticing deals during specific months leveraging tax incentives.
The market for used EVs presents both opportunities and pitfalls. While new EVs are typically pricier than their gas-powered counterparts—despite the federal tax credits—the resale value for EVs is witnessing a sharper decline. This trend benefits those considering a used EV purchase. For example, a 2022 Ford Mustang Mach-E GT, initially valued over $60,000, has dropped to the low $30,000s. Conversely, this decline is discouraging news for those looking to sell or trade in their used EVs, as values plummet, often beneath the remaining loan balance, leading to potential financial losses.
For those planning an EV purchase this year, acting swiftly may be advantageous due to the looming possibility of tax credit removal and price hikes. Additionally, gaining knowledge on how to access Tesla charging stations could provide a smoother experience compared to using third-party options.
