$7,500 tax credit for EV buyers is expiring

(CNN) - Time is running out to get an electric vehicle tax credit.

Under President Donald Trump’s spending and tax package, the $7,500 federal tax credit for EV buyers ends on Oct. 1.

In recent weeks, some buyers have rushed to get deals ahead of the looming deadline.

Industry insiders predict that losing the tax credit will likely cause a sharp drop in sales; however, a Cox Automotive Survey found that most buyers who want an electric vehicle will still get one, even without the credit.

Automakers could respond to the credit loss with discounts, cash back offers or reduced production.

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