Consumers hoping to take advantage of the federal electric vehicle tax credit have only one final weekend left to secure purchasing opportunities.

The One Big Beautiful Bill Act includes provisions to eliminate the $7,500 federal electric vehicle tax credit, with the final application deadline set for September 30th. However, the Internal Revenue Service has provided a convenience for car buyers and manufacturers: as long as a "legally binding written contract" for vehicle purchase is signed, buyers remain eligible for the tax credit even if the vehicle is not delivered before September 30th.

This weekend, automakers including General Motors, Ford, Tesla Motors, and Rivian Automotive, Inc. will launch various promotional activities to attract American consumers to purchase electric vehicles. Tesla Motors has even updated its official website with the notice "Please place your order before September 30th" and added a countdown clock to the site.

However, despite continuous coverage from traditional media and social platforms about the impending expiration of this tax credit, it appears that a significant number of Americans still don't understand how this credit policy actually works.

"While most car buyers have heard of this credit, a recent Cars.com study shows that only about one-third truly understand how it operates," Aaron Bragman, Detroit bureau chief at Cars.com, told Yahoo Finance.

He added: "This is crucial because nearly 80% of consumers considering electric vehicle purchases say this credit would influence their decision to choose an electric car, and nearly half say they might accelerate their car-buying plans before the deadline."

Here are the specific policy rules:

1. Vehicle Eligibility Requirements To qualify for the credit, electric vehicles must meet two core conditions: they must be assembled in North America, and battery raw materials and components cannot originate from countries designated as "Foreign Entities of Concern" (FEOC), including China, Russia, and North Korea. A complete list of qualifying vehicles can be found at fueleconomy.gov.

2. Price Limitations Different vehicle types have clear Manufacturer's Suggested Retail Price (MSRP) caps: for sedans and coupes, the price limit for credit eligibility is $55,000; for trucks and SUVs, the price limit is $80,000.

3. Buyer Income Restrictions Buyers' Adjusted Gross Income (AGI) must meet standards: married filing jointly have an annual income cap of $300,000, while individual filers have an annual income cap of $150,000.

4. Leasing Exemption Clause The law stipulates that leased electric vehicles fall under federal "commercial electric vehicle credit" (specifically the 45W credit clause for commercial clean energy vehicles), which doesn't require North American assembly and has no buyer income restrictions.

Simply put, any taxpayer (and automaker) leasing clean energy vehicles to consumers is eligible to apply for this commercial electric vehicle credit. This means all foreign automakers from Kia to Mercedes Benz Group AG, as well as high-priced electric vehicles from any brand, qualify for application.

Credit Distribution Method Creates Confusion

Another source of public confusion lies in how the credit is distributed.

Previous versions of the federal electric vehicle tax credit required taxpayers to apply for the $7,500 "tax credit" only when filing annual income taxes. Under current law, when purchasing electric vehicles, dealers can directly deduct the credit amount at the "point of sale" – meaning buyers can enjoy the credit benefit immediately upon purchase, with dealers subsequently filing claims with the Internal Revenue Service. Leased vehicles operate under a similar mechanism: the $7,500 credit is directly deducted from each lease payment throughout the entire lease period.

Buyers Should Pay Attention to Automaker Inventory Promotions

"Some automakers and dealers also offer their own discounts and financing incentives, which can be stacked with the federal tax credit to further reduce purchase costs. Don't forget – even if the federal credit policy ends, many states and cities will maintain their own electric vehicle incentive measures," said Bragman from Cars.com.

In fact, some regions in the United States have already launched local incentive policies: New York State offers a $2,000 "Drive Clean Rebate" for certain models, while California provides up to $7,000 in rebates for qualified buyers.

But if buyers want to "stack" dealer incentives, local subsidies, and federal tax credits together, they must act immediately.

"Whether considering purchasing or leasing an electric vehicle, there isn't much time left for everyone," Bragman stated. He also emphasized that to save this $7,500 federal tax credit, "don't wait any longer."