Thinking of Buying an EV? Don’t Miss the Tax Credit Deadline!

The clock is ticking on the availability of federal tax credits for buying an electric vehicle (EV) or other eligible clean vehicle. Credits of up to $7,500 for a new EV and $4,000 for a previously owned EV are scheduled to expire after Sept. 30, 2025. Recent data shows that car buyers have been rushing to purchase EVs before that deadline. July and August were strong EV sales months, but industry experts forecast sales to drop temporarily after the tax credits expire. Americans may need to get used to the non-credit-adjusted cost of EVs before the market segment recovers. If you’re considering buying an EV by Sept. 30, review the IRS’s FAQs: http://bit.ly/4mlgG2d