Electric cars might cost more upfront without the federal break—but owners save thousands on gas and repairs over time.

But the latest Senate proposal changes that dramatically. Compared to the original long-term vision, this new plan fast-forwards the expiration date to the end of next September. And while the House version of the bill still suggests ending the credit on December 31, 2025, this new Senate version could accelerate things even more if it passes.

Lawmakers would eliminate a $7,500 tax credit for households that buy or lease new EVs, as well as a $4,000 credit for consumers who purchase used EVs.