From Time:

The electric vehicle landscape is shifting with new models in 2024. Honda’s SUV, the Prologue, and Volvo’s sub-$40,000 crossover will hit the market. General Motors will release an electric version of the Chevrolet Silverado, and Kia will debut the EV9. Volkswagen is launching the ID.7 and updating the ID.4 SUV in 2024.

New EVs from automakers with loyal customers are expected to drive the EV revolution forward. Consumers may flock to these legacy manufacturer vehicles. The IRS also estimates that the EV tax credit will make EVs competitive with gas-powered alternatives in 2024.
The EV tax credit is changing in 2024 to be more upfront, eliminating the need to finance at high rates.

There are ways to claim the tax credit on non-U.S. made vehicles such as leasing. Edmunds consumer insights analyst Joseph Yoon estimates that new EVs from brand-loyal automakers will drive the EV revolution forward.

Depending on your ability to plug in at home and typical driving routes, you may not be ready to buy an electric vehicle. Despite the average sale price of $59,064 in October, EV shoppers are looking at the largest discounts ever. Sales to supply the EV market are outpacing demand.

As the EV landscape shifts, there could be downward pressure on prices making it the right time to buy an EV. Supply will outpace demand in early 2024, making it a good time for an EV purchase. This puts downward pressure on prices, and current incentives should hold through the first part of 2024.



Read more: Should You Buy an Electric Vehicle in 2024? EV Perks Expand