Tax credits for buying an EV were supposed to last through 2032, but President Donald Trump’s “One Big Beautiful Bill” axed the credit for new and used EVs. Qualified buyers can receive a $7,500 credit for new EVs or a $4,000 credit for used EVs until Sept. 30, 2025.

Income ceilings for the EV tax credit stop at $150,000 for individual filers, $225,000 for heads of household, and $300,000 for joint filers. There are also price caps for vehicles, and specific criteria vehicles must meet to qualify for the credit.

EV sales are up 11.4% year over year, with new models from Acura, Audi, Chevrolet, Honda, and Porsche driving up sales. However, factors like depreciation, battery life, charging stations, and evolving tech should be considered before purchasing an EV.

Owning an EV can save you on gas, but without the tax credit savings, the higher purchase price and possible depreciation hit might outweigh the savings on maintenance and fuel bills. Consider all aspects before making a decision to buy an EV.

Read more at Yahoo Finance: If You’re Thinking About Buying an EV, Trump Made Now the Time To Do It