Electric cars have been around for over a century, with the one-horsepower 1888 Flocken Elektrowagen having been invented just a few years after the 1885 Benz Patent-Motorwagen, the first car ever made. Technological and infrastructural hurdles kept the electric car from hitting the market at scale for over a century, but, by the 2010s, we were finally there.
Or so we thought. EV adoption was fast-tracked in part by the Inflation Reduction Act of 2022, which secured those tax credits that had us scooping up electric cars at steep discounts of up to $7,500. Then, along came the Big Beautiful Bill of 2025, which scrapped the EV credits for consumers. And yet, nearly half of used EVs are still selling for under $25,000, the price limit for used electric cars to claim a $4,000 incentive.
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