If you’ve been on the fence about switching to an electric vehicle (EV), now might be the perfect time to make the leap. Tax credits for buying an EV were supposed to last through 2032, per CNBC, but President Donald Trump’s “One Big Beautiful Bill” killed the tax breaks for new and used EVs. While the bill axed the credit, there’s still time to take advantage before EVs become more costly.
With the clean vehicle credit, qualified buyers can receive a $7,500 credit for new EV or a $4,000 credit for a used EV until Sept. 30 2025. The credit can reduce the cost of the vehicle by thousands; however, there are several restrictions to take note of.
