The Golden State is seeing a new kind of gold rush, but this time it's green. Electric vehicles (EVs) are hitting the roads in record numbers thanks to increased incentives from the Polis administration. The latest boost, reported by the Colorado Governor's Office, ups the ante for Coloradans eyeing a less-polluting ride. Rebates under the Vehicle Exchange Colorado (VXC) program now offer $9,000 for new EVs and $6,000 for used models. Governor Jared Polis, at a gathering with industry leaders in Boulder, spoke to the importance of the increase, telling onlookers to take advantage of our big electric vehicle rebates and save money toward their EV.
These incentives are particularly noteworthy given the state's burgeoning EV market. Already claiming the title for the highest EV market share in the nation, Colorado saw EVs make up 32.5% of its new car sales in the third quarter of 2025. Despite the federal EV tax credit's expiration on September 30 this year, the state remains aggressive in its push for cleaner transportation. Executive Director of the Colorado Energy Office, Will Toor, expressed continued confidence, according to the Colorado Governor's Office, "Colorado EV adoption remains strong because Coloradans want to drive EVs."
Qualifying for these rebates, however, does come with strings attached. Applicants must trade in an older, high-emitting vehicle to reap the benefits, giving the program a clear environmental edge. And it seems to be working; since its launch in the summer of 2023, over 2,800 Coloradans have traded up to an EV through the VXC program. This transition is supported by a clever combination of rebates, state tax credits, and, for used EV buyers, a unique opportunity given that VXC is the only state incentive available for previously owned electric cars.
Not to be overlooked is the leasing market, which, having been bolstered by the now-expired federal tax credit, made deals as sweet as $19 per month possible for Coloradans last year. Giving way to a potential surge of fresh EV entries into the used market, nearly half of the EVs sold nationwide were leased. The hopes for these newer, soon-to-be secondhand models to find their way into more driveways are high, with shoppers expected to benefit from the increased VXC incentives, according to the Colorado Governor's Office.
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