The One Big Beautiful Bill leads to a rush for electric vehicle purchases before federal tax incentives expire on September 30. The legislation, signed into law on July 4, affects the energy and auto industries by rolling back aspects of the Inflation Reduction Act. Federal tax credits for new electric vehicles are reduced, with credits set to expire. Auto loan interest deductions are introduced, but they only apply to cars manufactured in the U.S. Analysts predict increased demand for EVs as the deadline approaches, presenting challenges for car dealers in inventory management.
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, or $4,000 for a used one.
Auto analysts expect the pending elimination of the $7,500 tax deduction will result in a dash from prospective buyers of electric vehicles.
Everyone who was considering an EV will all be much more likely to buy one because they want to take advantage of the incentive before it expires.
Dealers will likely try to get more EVs on their lots in anticipation of higher demand in the coming months.
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