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1h ago

After Federal EV Credit Ends, Automakers Cut Prices as Colorado Boosts Rebates

Colorado moves to cushion lower- and middle-income buyers with larger point-of-sale rebates.

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Overview

  • The federal tax credits worth up to $7,500 for new EVs and $4,000 for used EVs expired on Sept. 30 under a budget bill signed in July.
  • BMW is offering a $7,500 purchase credit across its electric lineup, with low-rate financing and loyalty cash also advertised.
  • Hyundai reduced 2026 Ioniq 5 MSRPs by up to about $10,000, set a $35,000 base price, and extended a $7,500 cash incentive on 2025 models through October.
  • Ford and GM set up lease-based arrangements after consulting the IRS to preserve $7,500 benefits for some retail customers, as Ford’s CEO warned demand could be cut in half.
  • Colorado will raise its Vehicle Exchange rebates on Nov. 3 to $9,000 for new EVs and $6,000 for used models for income-qualified trade-ins, while analysts report falling used-EV prices and expect a strong 2026 for secondhand EVs.