There’s a reason many people have yet to embrace the electric vehicle trend.
Let’s face it – there’s something odd about plugging your car in at night, the same as you would a phone charger.
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And also, while many EV drivers will tell you that operating an electric car is easy and convenient, in some parts of the country, the infrastructure just isn’t there.
It’s one thing to have to drive a little bit out of your way to fill up your gas on a road trip. It’s another thing to be in the middle of nowhere without a charging station for 100 miles or more.
Plus, while the cost of electric vehicles has come down in recent years, you might spend a lot less buying a car with a boring old gas engine. And at a time when many consumers don’t have extra money to spend, it’s easy to see why plenty would opt for the more economical choice.
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The opportunity to snag an EV tax credit is dwindling
It’s not exactly a secret that EVs can be a pretty sizable investment. Though they can, in many cases, be cheaper to actually own than gas vehicles, the up-front cost tends to be far more substantial.
To that end, lawmakers sought to sweeten the deal with a $7,500 tax credit.
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That Biden-era tax break, however, is rapidly coming to an end.
Thanks to the recently signed One Big Beautiful Bill Act, the EV tax credit is going away after September 30, leaving consumers with just weeks to get their hands on one of these cars.
Not surprisingly, EV sales have soared since the news came out.
Cox Automotive reports that more than 130,000 new EVs were bought in July. That’s a year-over-year increase of over 26%. Used EV sales rose significantly as well.
But with an average price tag of $55,689 for a new EV before dealer incentives or credits, it’s a purchase many people might struggle to afford — tax credit or not.
Costco has a fantastic deal for electric vehicles
A lot of people think of Costco as a place to buy milk, eggs, and paper towels in bulk. You may not think to turn to Costco when you’re in the market for a new car, let alone an electric one.
But it could actually pay to purchase your next car through Costco’s auto program, especially if you’re in the market for an electric vehicle. That’s because the warehouse club giant is offering a host of incentives on EVs, and right in the nick of time.
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The list of cars Costco is offering deals on includes:
- 2025 Volvo EX90
- 2025 Volvo EX40
- 2025 Volvo EX30
- 2024-2026 Chevrolet Silverado EV
- 2024-2026 GMC Sierra EV
- 2024-2025 Chevrolet Blazer EV
- 2024-2025 Chevrolet Equinox EV
- 2024-2026 GMC Hummer EV SUV/Pickup
- 2025 Cadillac Optiq
- 2026 Cadillac Vistiq
- 2024-2025 Cadillac Lyriq
- 2025 Chevrolet BrightDrop 400
- 2025 Chevrolet BrightDrop 600
For most of the cars on this list, there’s a $1,000 incentive for basic Gold Star members, or a $1,250 incentive for Executive members. However, a few vehicles come with an even better deal.
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For the Volvo EX90, there’s a $1,500 incentive for Costco Gold Star members and a $2,000 incentive for Executive members. For the two Chevrolet vans, there’s a $2,750 incentive for Gold Star members and a $3,000 incentive for Executive members.
If you’re jonesing for an EV and want to take advantage of the disappearing $7,500 tax credit, you should know that you need to not only purchase your vehicle ahead of the September 30 deadline, but also take possession by then. So Costco’s EV deals could not have come at a better time.
Maurie Backman owns shares of Costco.
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