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‘YOLO’-buying EVs: As $7,500 tax credit ends, consumers may rush to cash in. Here’s how to get a good deal

President Donald Trump’s signature on his so-called big beautiful bill was a death blow for tax credits that lowered the cost of electric vehicles. Those tax credits — worth up to $7,500 and $4,000 for purchases of new and used EVs, respectively — won’t be available after Sept. 30. Another tax break that’s ending lets dealers pass along savings on EV leases. The credits were supposed to last for another seven years, through 2032. Analysts think the abrupt end to these federal subsidies will trigger a rush by consumers to buy or lease an EV in coming months.Automakers have certainly taken notice. Tesla, the nation’s largest EV maker, has taken to email blasts and social media to spread the word that the federal tax credits are soon disappearing. “If there ever was a time to yolo your car purchase, it’s now,” the carmaker wrote Tuesday on X. (YOLO means you only live once.) “Order Soon to Get Your $7,500,” read a separate Tesla newsletter emailed Tuesday.