You probably noticed that EV bargains are flooding the market right now. That surge isn’t a coincidence. The $7,500 federal credit for new electric vehicles and $4,000 for used ones vanishes after September 30 thanks to the “One Big Beautiful  Bill” signed by President Trump.

Dealers are pressing low monthly promos, shoppers are rushing in, and industry analysts warn that if you don’t act now, this kind of deal might just disappear.

So what should you do? Start by checking if the new or used EV you’re eyeing qualifies. The full $7,500 goes to new models if they meet battery and sourcing rules, are assembled in North America, and fall under the price caps ($80,000 for trucks/SUVs/vans, $55,000 for other cars.

Used EVs under $25,000 (before tax/fees) may score up to $4,000 in credit but income limits kick in and dealers may or may not handle the IRS paperwork, so ask ahead.

Even if delivery happens after September 30, you can still claim the credit so long as you sign a binding contract and make payment before that deadline. The IRS confirmed this loophole recently. But get proof like a “time of sale” report from your dealer.

Leasing can sidestep income caps entirely, and includes the full credit too.Plus, buyers of new domestically assembled EVs may deduct up to $10,000 a year in auto loan interest (through 2028) if their income fits under thresholds ($100, 000 individual, $20, 000 couples).

(Source: Electrify News Weekly, Sep 5, 2025)