Minnesotans flock to dealerships to take advantage of EV tax credit before it ends
If you've been thinking of buying an electric car, you may want to pounce. A major tax credit is about to expire as part of President Trump's mega-bill.
At Friendly Chevrolet, Richard Herod III, with Car Guy Concierge, was in an especially good mood.
"Because the tax credit is expiring, this moment is unlike anything I've ever seen," he said.
Herod partners with dealerships like Friendly and says he hasn't seen a rush to buy like this since the cash for clunkers program in 2009.
"With $7,500 on new cars from the government going away, that's a massive difference," Herod said.
He says people are scurrying to buy EVs before the credit expires on Sept. 30. Until then, the credit is $7,500 for new EVs assembled in the U.S. and $4,000 for used EVs.
Herod helped Nancy Vanderheider find a brand-new electric Chevy Blazer and Chris at Friendly helped her close the deal.
"That is specifically why I bought today — or this month — is because the tax credits are going away," she said. "I wasn't planning on buying a car."
The list price was nearly $53,000. With the rebates and a few other discounts, her price is around $40,000.
"I believe [the monthly payment] is going to be in the neighborhood of $350 and that is with the warranty on the lease," Vanderheider said.
To get her deal, Vanderheider put down $2,000. She also got a $1,200 credit from her Costco membership.