Car shoppers considering buying an electric vehicle in 2025 will have more factors to consider than buyers in previous years. Most of it is good news. For instance, automakers are continuing to introduce new EVs and improve their current models. Expanded charging options and very attractive used EV prices are also hot topics for this year. But there are also negative trends you need to watch out for. Edmunds' auto experts break down what you can expect before heading out and buying an EV for 2025.
According to the NPR article " Here's how Trump's tariffs could impact you and your wallet," the price for certain imported electric vehicles will increase with the Trump administration tariffs. Tariffs on other components or materials used for vehicle manufacturing will also have an impact. Estimates vary widely on how much extra you might have to pay should these tariffs be in effect for a long duration, but it could potentially be thousands of dollars depending on the vehicle.
The new administration has also said it would repeal the federal EV tax credit of $7,500 for new EVs and $4,000 for used EVs. Right now, certain new EVs qualify for a $7,500 tax credit, which can be put toward the sales price with a purchase or lease or toward your tax liability if you purchase it. Used EVs priced under $25,000 can qualify for a tax credit of up to $4,000.
Tesla charging stations, which used to be available to Tesla vehicles only, are now open to most non-Tesla EVs. This expansion includes Tesla's vast network of fast-charging stations called Supercharger stations, and it's a big deal because it significantly increases the number of charging stations EV owners can use. Public charging stations from various third-party companies like EVgo and Electrify America were the only options for non-Tesla EVs in the past. Tesla's network of charging stations is nationwide and the largest in the country. The stations are also very reliable and are rarely offline.
Tesla stations can be easy to use once everything is set up. But you need to check with your vehicle's manufacturer to find out how to use a Tesla charging station and likely buy or obtain a charging connector adaptor.
EV shoppers have plenty of choices in 2025, and most of these models offer plenty of range. Many vehicles, like the Ford Mustang Mach-E and Hyundai Ioniq 5, provide over 300 miles of range on certain models. Some high-dollar EVs from Mercedes-Benz and Lucid and electric trucks from GM easily exceeded the 400-mile mark when Edmunds tested them.
EVs are also becoming more affordable; a few have starting prices below $35,000 even without the federal tax credit, including the Chevrolet Equinox EV and Hyundai Kona Electric. For the lowest monthly payments, consider leasing an EV. Automakers offer great lease deals during certain months thanks to big incentives and the tax credit.
Even with federal tax credits, a new EV is typically more expensive than a comparable gas-powered vehicle. But the resale value of EVs -- essentially, how much they are worth a few years after purchase -- is dropping quicker than those for gas-powered vehicles. That's great news if you're in the market for a used EV. For example, 2022 Ford Mustang Mach-E GTs that cost more than $60,000 when new are now selling in the low $30,000s.
However, this big drop in value isn't so great if you're the one trying to sell or trade in your used EV. You'll likely be surprised and dismayed that your vehicle is worth substantially less than what you bought it for. It's especially bad if you owe a significant amount of money on your loan. It's possible you could owe more on your loan than what the vehicle is actually worth.
If you're planning on buying an EV this year, it's best to do it soon in case EV tax credits are repealed and in case prices increase. If you do purchase one, find out how to get access to Tesla charging stations because they are far easier to use than the various third-party stations.
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This story was provided to The Associated Press by the automotive website Edmunds.
Michael Cantu is a contributor at Edmunds.
