EV sales spike with $7,500 tax credit set to expire on Sept. 30

If you have been thinking about purchasing an electric vehicle, you should act fast! This is the last chance to cash in on federal tax credits before they expire.

Buyers across the country have been flocking to dealerships ahead of the deadline.

People have had a lot of reasons to make the switch over the years -- like embracing new technology, not buying or burning gasoline, and the speed and quietness of EVs.

For many, a $7,500 tax credit has been a strong incentive, too, especially when it came to leasing a new electric car at a low monthly payment.

"The EV tax credit that we're looking at that's going to expire has been heavily utilized. If you look at it from an adoption point of view, utilizing leasing and using that workaround is key," said Ivan Drury, the Director of Insights at Edmunds.com.

That incentive goes away at the end of the month, so this summer has seen a surge in EV registrations compared to last year. Some of it comes down to more model choices, but July's sales were up sharply after Congress passed the "One Big Beautiful Bill," which eliminated the tax credit.

Chevrolet's EVs jumped 100%, Volkswagen saw gains of 127%, sales of Porsche's fully-electric models shot up 174%, and Audi had a staggering increase in EV sales, up 252%.

August EV sales were also up overall, and September may end up being a very good month for electric cars, too.

Right now, the Orange County Auto Show is underway, and organizers expect EVs to be getting lots of looks.

"The auto show's a perfect place to come and see a bunch of the EVs, and then get out to the dealership and close that deal before the 30th," said John Sackrison, who runs the auto show.

So, with the monetary incentive going away, is that going to put a huge dent in the sales for EVs?

"There's definitely going to be a hangover. You're going to see kind of this lull, a very, very short interim lull, but EV sales aren't going away forever," Drury said.

If you are intent on getting the full $7,500 tax credit, you'd better act fast. The clock is ticking, so you'll need to sign on the dotted line by Tuesday.