With EVs representing just 8% market share of all domestic counterparts; sales and a significantly higher 5-year cost of ownership as compared to their gas-powered counterparts, it is no wonder why days on the market are double to triple comparable gas-powered models.

Beginning in 2024, the IRS has a tool that may make EVs more affordable. Starting in January, new car dealerships will be able to claim up to a $7,500 clean vehicle tax credit on behalf of the buyer and the dealership can provide the buyer with a down payment credit on their purchase.

This gets cash into the buyer’s pocket for the tax credit at the time of purchase rather than waiting until they file their tax return next year.

More information and a link to register here: Register your dealership to enable credits for clean vehicle buyers | Internal Revenue Service (irs.gov)