Thinking of buying a Tesla (TSLA) - Get Tesla Inc Report electric vehicle? Better act soon, or you could lose out on a $7,500 federal tax credit.

Once Tesla hits 200,000 electric vehicle sales, the cars it produces won't qualify for the $7,500 tax credit buyers presently get, according to Car and Driver. Elon Musk's company could reach that milestone as soon as the first quarter of 2018, analyst Alan Baum of Baum & Associates said.

Once the 200,000th Tesla is sold, the tax credit will begin a phase out period. The following year, buyers get half the credit. For the next two quarters after that, buyers will get 25% of the credit, or about $1,875.

Based on sales figures, it's likely that both Renault-owned (RNSDF) Nissan's and General Motors-owned (GM) - Get General Motors Company (GM) Report Chevrolet's plug-in hybrid vehicles will remain eligible for the full $7,500 tax credit for at least the next 12 months.

Tesla stock traded up 0.84% to $356.16 at midday on Thursday.

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