Trump ends $7,500 EV tax credit: Time to buy your electric vehicle

President Donald Trump’s signature on his “big beautiful bill” ended tax credits that lowered the cost of electric vehicles by up to $7,500. The credits won’t be available after Sept. 30, sparking a rush for consumers to buy or lease EVs. Automakers are promoting urgency before the deadline.

The Inflation Reduction Act created tax breaks like the EV credit to reduce greenhouse gas emissions. EVs are better for the climate but generally more expensive than gasoline cars. Financial incentives have helped close the price gap, with the average EV buyer receiving over $8,400 in incentives in June.

To prepare for the rush to buy EVs this summer, start soon and ensure your dealer is registered to provide the federal tax credit. Stack available tax credits from federal, state, and utility companies for more savings. Consider buying a used EV or leasing to access tax credits more easily. Opt for upfront tax credits for immediate savings.

Read more at CNBC: Trump’s ‘big beautiful bill’ ends $7,500 EV tax credit