Federal EV tax credits may be gone, but automakers holding unsold electric models aren’t simply waiting for customers to arrive. Instead, they’re putting together their own incentives. BMW has stepped in with one of the most direct responses so far, offering a $7,500 purchase credit across its lineup, and in some ways the deal is more straightforward than the federal program ever was.

Read: BMW Exec Says “Combustion Engines Will Never Disappear. Never!”

BMW says the incentive applies across its full EV lineup, from the $57,900 i4 to the $169,675 i7 M70. Unlike the now-defunct federal credit, this deal doesn’t hinge on income caps or complicated tax liability math; it’s a straight MSRP discount at the time of purchase.

More Than Just a Credit

The move makes BMW one of the first luxury brands to replace the credit in full, and it’s not stopping there. According to AutoBlog, buyers also get access to 2.99% financing for up to 60 months. Returning or “loyalty” customers can also get up to $5,000 extra, with the biggest rewards reserved for buyers of the equally big i7.

For some shoppers, that structure makes BMW’s plan more useful than the federal version ever was. The tax credit never helped customers who didn’t owe $7,500 in taxes, and it locked out high-income buyers and expensive models. BMW’s deal skips the fine print and extends the benefit to anyone financing through its system.

Following a Familiar Formula

While BMW stands out in the luxury field, it’s far from the first automaker to go down a similar road. Hyundai slashed sticker prices on the Ioniq 5 in recent days. General Motors and Ford both bought up a bunch of their own EV stock, obtained the federal EV credit before it ran out, and are passing it on to buyers.

More: BMW Somehow Sold Fewer Electrified Cars Than Last Year In Q3

BMW is just approaching the same problem with almost the exact same solution. These offers run through October 31 and, importantly, only apply to vehicles bought through BMW Financial Services. 

New Poll: American Voters Support Federal Investments in Electric Vehicles Broad, Bipartisan Support for EV Investments and Incentives that Lower Costs, Expand Access, and Help the U.S. Beat China in the Race for Auto Manufacturing WASHINGTON, D.C. – A new bipartisan national poll conducted by Meeting Street Insights and Hart Research finds broad public support …

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There are many benefits to entering the world of EV ownership. If you’re in the market for a new vehicle and are considering switching from gas-powered to electric, you’re probably wondering about the cost differences and how they’ll affect you long term. If you’re ready to shop the different used cars for sale, we have plenty of electric cars for sale in Madison, WI, at our dealership: cars that will save you money long-term.

The Tax Benefits

Unlike gas-powered vehicles, electric vehicles qualify owners for a significant tax credit. Most popular electric vehicle models qualify for this incentive, and the total tax credit ultimately depends on the vehicle’s battery size. Drivers who choose hybrid models will receive a lower tax credit than those who choose fully electric vehicles, in which case you can expect several thousand dollars in federal incentives.

Fuel Savings

Buying an electric vehicle means you’ll no longer have to plan regular trips to the gas station, search for the cheapest or least crowded station, and fight over pumps when the prices rise or there’s yet another gas shortage. You’ll save thousands of dollars yearly in fuel costs because you won’t have to rely on gas to power your vehicle.

Plus, you can take advantage of the many free public charging stations at restaurants, universities, gas stations, and other locations all over the country. Whether driving around your local area or heading out on a road trip, you can search for free charging stations online with an interactive map that will give you links to locations throughout the country.

You’ll Save Money on Vehicle Maintenance

Because electric vehicles require fewer parts than traditional vehicles, the maintenance costs are far cheaper than gas-powered vehicles. Drivers who choose electric vehicles may spend 40% less on maintenance costs than those who own gas-powered vehicles.

Shopping for Used Cars for Sale? Consider an EV

If you’re in the market for a pre-owned vehicle, you can’t go wrong with an electric option. In the long run, you’ll benefit from tax incentives, save money on fuel and maintenance, and help the environment.

At Zimbrick Automotive, we have electric vehicles that can meet the needs of drivers with all different lifestyles and budgets. Whether you’re looking for an economical or luxury vehicle, we have plenty of options. The most popular automotive brands, like BMW, Porsche, Audi, GMC, Chevrolet, Mercedes-Benz, and more, have designed some incredible electric options, and we carry them here at our dealership.

If you want to enter the electric vehicle world, our expert team can help you choose the right option at the right price. Visit us today at Zimbrick Automotive to browse our new and pre-owned electric vehicle inventory, learn more about the advantages of driving an EV, and test drive your favorite model.

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