staff@slashgear.com (Daniel Trock)
2024-05-06 14:45:46
www.slashgear.com
So the manufacturers can get access to a tax credit. That’s nice and all, but how does that help get you into an EV? If you’re buying an EV, it won’t help you much, but if you’re specifically leasing an EV, the updated guidance provides you with an attractive loophole to cut your overall costs.
When you lease a vehicle rather than purchase it, the vehicle in question is still technically the property of the manufacturer; in other words, they’re commercially-owned vehicles driving on behalf of the manufacturer, kind of like a delivery van. Since the EV you’re driving around in is operating in the manufacturer’s name, the manufacturer can claim the full $7,500 clean vehicle credit. They get a big check from the government, which in turn lowers the overall price of your EV lease.
There are still some rules to be aware of. Firstly, not all EVs are eligible for the full credit; currently, only around 20 distinct models are good for the whole thing, with around 15 eligible for just half. Additionally, the EV must be manufactured in North America and must cost $55,000 or less for sedans and $80,000 or less for a truck or SUV. Talk to your local dealership to see what kind of savings you can get.