Thinking about buying an EV? Most are set to become $7,500 more expensive come October

U.S. President Donald Trump and White House Senior Advisor, Tesla and SpaceX CEO Elon Musk sit in a Model S on the South Lawn of the White House on March 11, 2025 in Washington, DC. (Credit: Andrew Harnik—Getty Images)

• President Trump’s Big, Beautiful Bill will strip away the federal tax subsidy for new, used and leased EVs despite hiking the debt ceiling by $5 trillion. Carmakers may decide to begin reducing production volumes now in order not to be stuck with excess inventory after September ends. That means buyers only have a number of weeks left.

Americans contemplating the purchase of a new electric vehicle should act fast, if they want to save themselves a cool $7,500 on the cost of a car.