'YOLO'-buying EVs: As $7,500 tax credit ends, consumers may rush to cash in. Here's how to get a good deal

President Donald Trump's so-called big beautiful bill ends federal EV tax credits after Sept

Consumers may rush to buy or lease an electric vehicle before that deadline to get a tax break

Tesla said now is the time to "YOLO" purchase an EV, referencing the fast-apaching deadline

Halfpoint Images | Moment | Getty ImagesPresident Donald Trump's signature on his so-called big beautiful bill was a death blow for tax credits that lowered the cost of electric vehicles

Another tax break that's ending lets dealers pass along savings on EV leases

Analysts think the abrupt end to these federal subsidies will trigger a rush by consumers to buy or lease an EV in coming months. "This is going to be the summer of the EV," Ingrid Malmgren, senior policy director at Plug In America, a nonfit advocating for a quicker transition to electric cars, previously told CNBC

Tesla, the nation's largest EV maker, has taken to blasts and social media to spread the word that the federal tax credits are soon disappearing. "If there ever was a time to yolo your car purchase, it's now," the carmaker wrote Tuesday on X. (YOLO means you only once. )"Order Soon to Get Your $7,500," read a separate Tesla ed Tuesday. (Elon Musk, Tesla's CEO and former head of the so-called Department of Government Efficiency, spoke out against the legislation that axed the tax credits, lambasting the trillions of dollars it adds to the national debt. )'Sense of urgency'This is a theme consumers will ly see through the summer, analysts said

Automakers and dealers will ly "mote a sense of urgency: 'Buy now, the EV incentive is going away,'" said Stephanie Valdez Streaty, director of industry insights at Cox Automotive

Another factor that may speed up purchases: Consumers must have the vehicle in their possession by Sept. 30, Malmgren said in an interview after the bill passed

More from Personal Finance:'Big beautiful bill' doesn't eliminate taxes on Social SecurityTax changes under Trump's 'big beautiful bill' — in one chartTrump's 'big beautiful bill' slashes CFPB fundingIn the eyes of the IRS, it won't be enough that consumers order one by Sept. 30 and take possession later, Malmgren said

They must be driving it off the lot by that deadline, she said. "Having this deadline so soon, a couple months, definitely lights a fire under people's butts," Malmgren said. "I expect that people who are kind of thinking it or on the fence it may take action now. "Consumers will ly see some "really good" financial incentives discounts or financing deals before Sept. 30, on top of the federal tax credits, Valdez Streaty said

For example, Ford ext a "complimentary charger and standard installation offer" in the U

Until Sept. 30, Stacey Ferreira, the automaker's director of U

Sales strategy, wrote on the company's website Tuesday. 'The training wheels are being taken off'Maskot | Maskot | Getty ImagesThe Inflation Reduction Act, which vided historic investments by the U

To fight climate change, created, ext or enhanced tax breaks (including the EV credit) meant to reduce the nation's planet-warming greenhouse gas emissions

EVs are "unambiguously better for the climate" than gasoline-powered cars, even when looking across the entire lifecycle of the vehicle, from manufacturing to recycling, according to reers at the Massachusetts Institute of nology

However, they're generally more expensive — a primary sticking point for would-be buyers, Valdez Streaty said

The average transaction price for a new EV in June was $56,000, before any tax credits or incentives, according to Cox Automotive data

By comparison, the average price for all new vehicles was $49,000, it said

Watch now7:3107:31President Trump: Elon Musk could lose a lot more than just the EV mandateSquawk BoxFinancial incentives have helped bring EVs closer to price parity with traditional cars, and indeed, there's hardly a price premium for some models, analysts said

The average EV buyer got financial incentives worth over $8,400 in June, in addition to federal tax credits, Valdez Streaty said

Consumers may also be eligible for subsidies offered by their state or electric utility, Malmgren said

The end of the federal EV tax credits is "the training wheels are being taken off" of a nascent nology, Valdez Streaty said. "And those training wheels have helped balance and support EV adoption. "While EVs are generally more expensive upfront, they may consumers money over the long term, since recurring charges for maintenance and fuel are generally cheaper, experts said

What to know before getting an EVStart soon: EV demand may surge if there's a rush to buy this summer, and prices may rise if supply is constrained, analysts said

It's in consumers' best interest to start sooner rather than later, they said

Ensure your dealer has registered with the IRS to vide a federal tax credit before buying, they said

Stack tax credits: "Do your re to figure out what credits you're eligible for," Valdez Streaty said

Consumers may be able to stack subsidies from the federal government, and their state and utility company, analysts said. "Stacking of EV credits" can be a strong value position, especially in areas where gasoline prices are high and electricity rates are low, Valdez Streaty said

Look at used EVs: "There are a ton of great deals on used EVs," Malmgren said. "If I were shopping for a vehicle right now, that's what I'd be looking at. " Used EVs are comparable on price to used gasoline-powered cars, have far fewer maintenance issues, and have strong warranties on their batteries and drive train, she said

Consider a lease: Buying a new EV comes with various eligibility requirements for the driver and car to qualify for a tax credit

Leasing sidesteps many of them — opening up those federal subsidies to a wider audience, Malmgren said

Check the lease agreement before signing to ensure the price reflects the tax credit

Opt for upfront tax credit: Consumers should opt to get their tax break upfront as a discount instead of later when filing their annual tax return, Malmgren said. "Given all the uncertainty right now with the administration and IRS, I'd advise against doing the tax credit later," she said. "Plus you compound your value because that's money you don't finance. "Don’t miss these insights from CNBC Morgan Stanley says buy these five stocks that are set to rallyAmazon s form 'golden cross' as Prime Day kicks offInvestors expect bitcoin to break out to new records in the second half from a consolidation phaseGoldman Sachs says these buy-rated stocks offer solid dividends.