For car buyers interested in electric vehicles, the clock is ticking to take advantage of federal tax credits on new and used EVs before they expire on Sept. 30.

Introduced in 2022 under the Inflation Reduction Act signed, the federal tax credits — $7,500 for new and $4,000 for used — are being phased out due to President Trump's One Big Beautiful Bill Act, which is also ending a series of other clean energy credits over the next several months.

With just one week to go until the expiration date of the Biden-era EV credit, customers are flocking to dealerships to cash in. EV sales reached a record high in August, with new EV sales up 17.7% year over year and used EV sales up 59% for the same period, data from Cox Automotive shows.

"As we approach the sunset of the IRA tax credi

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