These 5 EVs Have Falling Prices For 2025 – But May Lose the Tax Credit

by Justin Fischer | Last updated Nov 15, 2024 | Electric Vehicles, New Cars, News

As EV sales level off, automakers are responding with big price cuts for 2025. The average price of a new electric vehicle is still higher than the typical gas-powered car, but the good news is that several popular EVs are getting cheaper in 2025. It’s clear that manufacturers are aiming to attract new buyers by addressing the cost barrier. However, buyers should be aware that the federal EV tax credit may end soon with the new administration. Here’s a look at five EVs with falling prices for the 2025 model year, and why now might be the time to take advantage of existing incentives.

EV Growth Has Stalled, Sending Prices Lower

A decade after Tesla launched the first electric vehicle for the masses, the Model S, EVs have stalled out at about 9% of new car sales in America. Despite misleading headlines, EV sales aren’t slowing. However, the pace of EV sales growth has indeed slowed over the past year. Drivers cite sparse and unreliable charging networks, range limitations, and high prices as reasons for sticking to gas. It’s that last pain point that we’re focusing on here. 

The average selling price for a new electric vehicle is $56,351, or 16% higher than the overall U.S. market average in 2024. See the latest EV price update here. Obviously, high prices have something to do with stalling sales. Early adopters have come and gone, and now more budget-minded drivers are the ones left. But there’s great news for EV shoppers in 2025: MSRPS are falling for several popular models. 

Here’s a look at the EVs with falling prices for the 2025 model year, and why time may be running out to take advantage of the federal tax credit. 

5 EVs With Falling Prices For 2025

2025 Chevrolet Silverado EV

-$7,100 MSRP Decrease (Now Starting at $49,800)

Electric trucks have not taken off like automakers had hoped. After spending billions of dollars on engineering and retooling production plants in North America, the Silverado EV hardly made a splash when U.S. sales begin in early 2024. Taking note of this troubling trend, General Motors is slashing prices for 2025, and offering a larger variety of trim options. Although the base Silverado Work Truck starts at $57,095, the best comparison is always apples-to-apples. For that, we look to the Silverado EV RST, which sees a $7,100 price cut for the 2025 model. It now starts at $89,395.

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2025 Audi Q4 e-tron

-$6,200 MSRP Decrease (Now Starting at $49,800)

Audi was one of the first legacy automakers to get into the EV market towards the end of the last decade. However, rivals like BMW and Mercedes-Benz have brought EVs to market with faster charging and longer range. This has been to the detriment of Audi’s EV lineup. With slowing sales, Volkswagen Group has slashed MSRPs for the most popular Q4 e-tron trims by up to $6,200 for 2025. The base model hardly changes, but the mid-spec options are a lot cheaper for 2025. The 2025 Audi Q4 e-tron Premium Plus 55 will start at $53,600 before destination charges.

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2025 Cadillac Lyriq

-$4,095 MSRP Decrease (Now Starting at $58,595)

The Cadillac Lyriq has been a big winner for GM since its debut for the 2023 model year. Cadillac sold 20,000 copies of the luxury EV in the first three quarters of 2024, more than double 2023’s numbers. Seeing that most early adopters have already purchased, GM is looking to lure in a new wave of buyers with a $4,095 price cut for the 2025 Lyriq Sport and Lyriq Luxury. Cadillac has done away with the Tech base trim moving forward. 

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2025 Ford Mustang Mach-E

-$3,500 MSRP Decrease (Now Starting at $36,495)

The Ford Mustang Mach-E is consistently in the top 5 best-selling EVs in America. So far in 2024, Ford has sold 45,000 MMEs in America. Fully aware that they’ll have to lower prices to keep up the sales momentum, Ford is slashing the starting price for the 2025 Mustang Mach-E by $3,500. For the new model year, the Mustang Mach-E Select will start at $36,495 before destination charges.

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2025 Chevrolet Blazer EV

-$4,200 MSRP Decrease (Now Starting at $44,600)

Chevrolet’s first electric SUV was off to a bumpy start with a software-related recall and sluggish sales to start 2024. However, steep discounts came to the rescue, ultimately lifting the Blazer EV to a top-10 seller among EVs in the U.S. To up the ante, they’ve announced a lower MSRP for the 2025 Blazer EV. With a $4,200 price drop, the 2025 Chevrolet Blazer EV starts at $44,600 for the rear-wheel drive LT trim.

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The Federal EV Tax Credit May Be Going Away

In a move that could drastically impact the U.S. electric vehicle market, Reuters reports that President-elect Donald Trump’s transition team is planning to eliminate the $7,500 federal tax credit for EV purchases as part of broader tax reform efforts. This development, if enacted, would deal a significant blow to the already slowing adoption of EVs in the United States.

Tesla, the nation’s largest EV manufacturer, is said to have expressed support for ending the subsidy. However, not all industry stakeholders agree. The Alliance for Automotive Innovation has urged Congress to retain the credit, calling it “critical to cementing the U.S. as a global leader” in automotive innovation.

Drivers considering an EV purchase may want to accelerate their plans. With the fate of the federal tax credit uncertain, now may be the last opportunity to take advantage of up to $7,500 in savings before this critical incentive disappears. See the official list of qualifying electric vehicles at fueleconomy.gov. 

Get a Deal Before They’re Gone

With these price cuts for 2025, it’s clear that automakers are eager to make EVs more accessible to the average buyer. The early adopters have already come and gone, and now the success of EV sales depends on the rest of the market. 

However, the potential loss of federal tax credits for some models could offset those savings. As the market for electric vehicles grows increasingly competitive, consumers will have more options, but timing is key to getting the best value. 

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