There’s been some confusion about the $7,500 federal EV credit in the US being “extended.” It’s not, the credit still ends on September 30th.
But on August 21, the IRS clarified that EV buyers have some new flexibility. Let me explain:
• If you sign a binding purchase contract
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There’s been some confusion about the $7,500 federal EV credit in the US being “extended.” It’s not, the credit still ends on September 30th.
But on August 21, the IRS clarified that EV buyers have some new flexibility. Let me explain:
• If you sign a binding purchase contract + make a payment (even a small downpayment or trade-in) before Sept 30, you lock in eligibility.
• The car doesn’t have to be delivered by Sept 30. You can take delivery later.
• The credit is only applied when the car is placed in service (i.e., when you take delivery), but eligibility is tied to the contract date (must be by Sept 30). The dealer will provide a time of sale report then.
So basically, you can still take advantage of the EV credit after Sept 30, but you need to sign a binding purchase agreement for the car and make a payment (small downpayment or trade-in) before Sept 30. The car doesn’t have to be delivered by then, you can still get the credit even if it arrives weeks or months later. This is especially helpful for buyers ordering a vehicle that isn’t immediately available, such as one being built (custom/factory order) or shipped from another state.
Having said all that, if you want to take advantage of the EV credit, I would still order as soon as possible. I'd also encourage buyers to reach out directly to EV makers to get further clarification/info on this updated IRS language.
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