{"id":16918,"date":"2025-09-17T11:50:02","date_gmt":"2025-09-17T18:50:02","guid":{"rendered":"https:\/\/www.soundcu.com\/?p=16918"},"modified":"2025-10-16T08:27:05","modified_gmt":"2025-10-16T15:27:05","slug":"what-to-know-about-the-expiring-electric-vehicle-tax-credit","status":"publish","type":"post","link":"https:\/\/www.soundcu.com\/blog\/what-to-know-about-the-expiring-electric-vehicle-tax-credit\/","title":{"rendered":"What to Know About the Expiring Electric Vehicle Tax Credit"},"content":{"rendered":"
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What to Know About the Expiring Electric Vehicle Tax Credit<\/h2>\n

You may be in the market for an electric vehicle, but be aware that the federal electric vehicle (EV) tax credit is set to expire on September 30, 2025.<\/p>\n

What Is the Federal Electric Vehicle (EV) Tax Credit?<\/h3>\n

The federal electric vehicle (EV) tax credit is offered to individuals and their businesses who purchase a qualifying plug-in EV or fuel cell electric vehicle (FCV). There are different income thresholds to qualify for the tax credit<\/a>, and the vehicle you are purchasing must also meet specifications defined by the IRS, such as manufacturing requirements and suggested retail price (MSRP) limits.<\/p>\n

The Changes<\/h3>\n

The One Big Beautiful Bill Act (OBBBA) has made multiple changes to the tax landscape, and several energy credits<\/a> will be expiring soon as an effect. The new and used EV tax credit, originally expiring in 2032, will now expire on September 30, 2025.<\/p>\n

The IRS has clarified<\/a> that individuals may still claim this credit if they enter into a binding contract prior to the September 30th deadline and a payment, such as a downpayment or trade-in, has been made.<\/p>\n

EVs purchased before September 30, 2025 may be eligible for a tax credit of up to $7,500 for new qualifying EVs, and up to $4,000 for used EVs. There is no tax credit offered for EVs purchased after this date.<\/p>\n

Next Steps<\/h3>\n

With the expiration date set for the tax credits, it\u2019s important to remind yourself not to rush into a purchase. Do your research and find an EV that fits your budget and needs. You can visit the U.S. Department of Energy\u2019s website<\/a> to help you narrow your search for eligible vehicles.<\/p>\n

Once you\u2019ve finished your research, consider buying soon to take advantage of the tax credit. Sound Credit Union offers a 0.25% APR Green Auto Loan discount<\/a> so you can save even more!<\/p>\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\n\t<\/div>\n<\/div>\n\n\n

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Disclosures<\/h2>\n\t\t
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All loans are subject to Sound Credit Union lending policies and loan-to-value guidelines. Your rate and term will be determined by individual creditworthiness including income, debt-to-income ratio, employment, and credit history. Verification of income may be required. Must be 18 years of age to qualify for a loan. Loan promotions cannot be combined with any other offer. Rate and offer are subject to change.\u00a00.25% APR discount is available on select consumer loans with auto pay set up from a qualifying Sound checking account.<\/p>\n

0.25% Green Auto Loan Discount:<\/strong>\u00a0This discount is available on qualifying electric vehicles, year 2023 and newer, and excludes business and Auto Advantage loans. Offer is subject to change at any time.<\/p>\n<\/div>\n\t\t<\/div>\n\t<\/div>\n\n\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

You may be in the market for an electric vehicle, but be aware that the federal electric vehicle (EV) tax credit is set to expire on September 30, 2025. Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":13,"featured_media":16919,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_searchwp_excluded":"","footnotes":""},"categories":[23,50],"tags":[425,426,428,427],"class_list":["post-16918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-advice","category-life-finances","tag-electric-vehicle","tag-ev","tag-green-loan","tag-tax-credit"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/16918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/comments?post=16918"}],"version-history":[{"count":2,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/16918\/revisions"}],"predecessor-version":[{"id":17168,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/16918\/revisions\/17168"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/media\/16919"}],"wp:attachment":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/media?parent=16918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/categories?post=16918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/tags?post=16918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}