CUYAHOGA FALLS, Ohio — Stop by many local car dealerships, such as Cascade Auto in Cuyahoga Falls, to buy an electric vehicle, and the pickings might be slim.
"The inventories are getting a little low, so you might not get the exact color you want, but there are a few left here and there, and there are some at other dealers that we will gladly go out and get," said Cascade Auto Group Partner Pat Primm.
He said typically EVs account for around nine or 10% of car sales, but in the last few months. "It's jumped to 25-to-30% in the Midwest region, which is where we are."
The jump is attributable to the elimination of the $7,500 electric vehicle tax credit as part of June's Republican tax bill. It will be gone for good on Sept. 30.
"If you're watching this and you want to buy an electric vehicle you better do it before September 30th because on October 1st it's going to be a lot more expensive," said Senator Bernie Moreno (R-OH), a former car dealer who campaigned on and pushed for the credits elimination in part because of what he said he was seeing at his former luxury car dealerships.
"At some of my former dealerships, if you went and got a Rolls-Royce, a Porsche or a Mercedes and leased an electric version of these cars, the government was giving you $7,500; think about how insane that is," he said. "So that millionaire who is leasing that Rolls-Royce, $7,500 is not something that we should be giving them."
Despite the uptick in EV sales, it's been at a steady pace, said Lou Vitantonio, president of the Greater Cleveland Auto Dealers Association, which represents 250 new vehicle dealerships in the 21-county region of Northeast Ohio.
"We're not seeing a massive rush because the inventories have kind of fallen off a little bit," he said.
The EV tax credit was established more than 15 years ago and helped drive Americans into the electric vehicle market, a trend that ends in just a few days.
But while the credit does expire on Tuesday, and you're local car dealer may not have the car you want in stock, there is still a way for you to get that car and the $7,500.
"Under the guidelines that have been put out by the IRS, you can still order a vehicle, put it under contract and then still get that incentive after it's delivered past the deadline," said Viantonio. But you must have the paperwork signed before Tuesday.
At Valley Motor City in Cuyahoga Falls, there are still some EVs in stock, and the dealership has seen that last-minute rush.
As for the future demand?
"With the tax credit going away, I fear that's going to change. I don't think many people will be as inclined to purchase them anymore," said Account Manager Mikayla Martin.
The expiration of the tax credit and concern over tariffs led to a spike in car sales in the early part of the year. Up 16% in Northeast Ohio in June, but that jump might come at the expense of future sales.
"I think this last quarter, October, November, December, we won't be at a pace we saw in the beginning of the year," said Vitantonio. "I think it will still be positive, but it will be around that 4-to-5% increase over the previous year."
Bottom line when it comes to EVs between now and next Tuesday?
"If you are interested, it's time to get moving," said Cascade's Pat Primm. "No more procrastinating."
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