The One Big Beautiful Bill, signed into law affecting various economic sectors, including energy and auto industries, will lead to a rush for electric vehicle purchases. Federal tax incentives for EVs will expire on September 30, including a credit of up to $7,500 for new electric vehicles and $4,000 for used ones. Consumers are motivated to buy before these incentives end. Conversely, car dealers must balance increasing inventory with selling before the deadline to avoid overstock.
Under the new legislation, federal tax incentives for buying an electric vehicle will now expire Sept. 30. That includes a credit of up to $7,500 on a new EV.
Auto analysts expect the pending elimination of the $7,500 tax deduction will result in a dash from prospective buyers of electric vehicles.
Karl Brauer, executive analyst at iseecars.com, said everyone who was considering an EV will be much more likely to buy one because they want to take advantage of the incentive before it expires.
Car dealers face a conundrum: They will likely try to get more EVs on their lots in anticipation of higher demand in the coming months.
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