If you’ve been waiting to get a Chevy Bolt or Tesla, you better act soon if you want the full $7,500 federal tax credit. Both General Motors and Tesla are about to hit the 200,000 sales limit, which triggers a phase out of the federal tax credit.

Tesla Model 3 Red

Tesla will be the first automaker to pass the 200,000 EV sales line, which could happen as soon as next month. General Motors will likely reach that total in early 2019. Once an automaker passes the 200,000 mark, the phase out period begins, starting after the following two quarters.

This means that even though Tesla will likely pass the 200k mark in Q3 of this year, buyers will be able to still get the full $7,500 tax credit through the end of the year. Starting in January the credit will then be cut in half to $3,750 for the first two quarters of 2019. The credit will then be cut in half again starting on June 1, 2019 and then be fully phased out by the end of 2019.

While Tesla and GM will likely hit the 200k sales mark soon, Nissan, Ford and other automakers are still years away from reaching the same total.

Source: Automotive News