5 Bestselling EVs Last Year — Should You Buy One in 2025?

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Electric vehicles (EVs) get plenty of attention, but that doesn’t mean Americans are completely sold on the idea of owning one. According to data from the Pew Research Center, only 3 in 10 people would seriously consider buying an EV, even with a tax incentive of up to $7,500.

But things could worsen for the growth and pace of EV sales. While many have taken advantage of the tax incentive, it might not be around much longer. President Donald Trump has indicated that he wants to eliminate the credit.

According to Lauren Fix, sector analyst and industry expert at Car Coach Reports and Car Smarts Brands, EV sales will decline if the incentive goes away. “Most dealers are stuck with these EVs and can’t sell them because customers are [concerned they will] no longer get the $,7500 tax credit, charging is a challenge unless you charge at home and road trips are frustrating.” she explained. “Plus, car insurance on EVs is much higher.”

Even though some are wary about buying EVs amid potential changes, many are still buying — and some may be wondering whether now is a good time to buy one. Below are the top five bestselling EVs from last year, according to Insurify, and some details on whether you should buy one now or hold off.

Tesla Model Y

Data from Insurify shows the Model Y remains a market leader, with 372,613 units sold in 2024, a drop of 7% year over year. But should you buy one this year?

“Its annual insurance cost, at $3,939, is competitive, and its cutting-edge technology and roomy design continue to appeal to buyers,” said Rob Dillan, automotive expert and founder of EVhype. “The modest decrease in sales could be indicative of increased competition, so prospective buyers should keep an eye on pricing trends moving into 2025 as well as overall market saturation.”

Tesla Model 3

The second bestselling EV for 2024 is the Model 3, with 189,903 cars sold. However, it saw a sharper 17% drop year over year. Plus, it costs $4,362 in annual insurance, per Insurify.

“While it is known for its performance and efficiency, its decline in sales suggests increasing competition and perhaps a less competitively priced market without EV credit. Buyers must balance its iconic status and strong features with the additional insurance cost and potential cost headwinds in a post-tax credit environment,” Dillan said.

Ford Mustang Mach-E

Mustang Mach-E sales increased 27% year over year to 51,745 units sold in 2024 — the third highest among EVs. This vehicle costs around $3,595 a year to insure, per Insurify. 

“Its good looks and competitive price will make it a contender for 2025, as rival EVs go mainstream,” according to Dillan. “That powerful jump in sales suggests it might take the policy changes regarding tax credits a little better, but also that it is now a pretty solid alternative in the EV market.”

Hyundai Ioniq 5

With 44,400 units sold, a phenomenal 31% year-over-year gain and an insurance price tag of $3,621, the Ioniq 5 is the breakout king of the EV world.

“Its modern design, fast-charging capabilities and solid market momentum are signs that it is well-positioned, even if the tax credits are cut or removed. The Ioniq 5 delivers terrific value for buyers focused on cutting-edge technology and efficiency,” Dillan said.

Tesla Cybertruck

With its unique design and futuristic bold aesthetic, Tesla’s Cybertruck is appealing to many, as it was the fifth-most-bought EV in 2024, but Dillan explained the model has experienced difficulties.

“Although production has started, there are still challenges to bringing the Cybertruck to the mass market — though, with 38,965 sales and a yearly insurance of $3,813, it is the new kid on the block in the most exciting market,” he said.

Because this model is newer, potential EV buyers are still uncertain. “Its standout design and unique utility win the attention of early adopters, but uncertainty surrounding the scale at which it will be produced and its long-run reliability could dissuade some buyers without the additional push of tax incentives,” Dillan explained. “This could create a potentially volatile resale market until production settles for those attracted to its audacious concept.”

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