Time running out for $7,500 EV tax credit

Buyers keen on a Tesla or any EV in the US should hurry to secure a federal government tax credit before it expires on Sept. 30. President Trump’s budget bill ends the $7,500 credit for new EVs and $4,000 for used ones. Act fast with less than two months left.

The loss of the credit will impact popular EVs like the Tesla Model Y, Honda Prologue, and Kia EV9. Tesla’s Model Y will see a price jump from $37,500 to $45,000. Auto research firm Cox Automotive notes a higher EV inventory supply in May, but it may not last.

Experts predict a surge in EV buying before the credit ends, with concerns over a potential 30% drop in EV sales. Despite the loss, there is hope for the industry as improved EV technology and infrastructure can drive adoption without incentives. Consumers need to act now to benefit from the credit.

Any EV sold in the US qualifies for a $7,500 lease incentive with no limitations. While concerns exist over the credit’s expiration impact, analysts believe the industry can weather the storm as EV adoption continues to evolve. Take advantage of the credit while you can for significant savings.

Read more at Yahoo Finance: Tesla, EV buyers need to act now if they want $7,500 tax credit