The new tax credit goes into effect January 1st, 2023. Does that mean it's time to buy an EV?

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If you've been holding off on buying an electric model in recent years, many automotive experts are saying now is the time to buy. With electric vehicle production on the rise and a new tax credit set to take place, Americans are having one of the greatest opportunities to get behind the wheel of a greener alternative. And hopefully, at a lower cost than years past.

Generally speaking, the electric industry has been dominated by wealthier consumers, meaning other drivers who wanted to drive electric didn't have the necessary funds to do so. Now, as the IRA imposes up to a $7,500 credit toward electric purchases, there is some optimism that more diversified buyers can officially make the switch to electric. Before you jump out the door to your nearest dealership, there are a few things to know about the upcoming policy changes. Below we'll break down the top limitations: Overall, the introduction of the federal tax credit for electric vehicles is a great start. As automakers transition to greener production, the reality of consumers affording theses models is becoming more achievable. Because some setbacks still exist, it's not a bad idea to hold off on buying until at least 2024. By then, shoppers will have the easiest advantage of buying a green vehicle.

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