One thing I don’t understand is why there is this loophole for leases. Like, we want EVs made in America, unless they’re leased instead of owned. I don’t get it.
Womansplaining-Yo
It’s why I leased an EV when I had never leased a car before.
Couldn’t you lease for one day, buy it out, and still get the full benefit without having to pay back that $7500?
novadustdragon
I did the math and it’s better to lease than to finance or buy new or 1 year old. If you factor in highest amount of depreciation and opportunity cost that you eat in the first few years… Also as a high incomer that doesn’t qualify for other tax credits. But guess the lease is also favored by $7500 you wouldn’t get otherwise
No_Peach_7265
For me personally I’m only buying or leasing an EV made in the USA. People here need to work so I want to support them.
bmeisler
I did this last November, got an Ioniq 6 SEL for 2 grand down and $402/month, including tax. Crazy for a car with an MSRP of 49k. Buyout price is 28k at the end of lease. But I’ll be returning a 3-year old EV with 35,000 miles on it. I’m wondering if they have to stick to that price – cause I bet those won’t be going for more than 20 grand, given the price of used EVs today (the same make & year with 10k miles currently going for about 32k) plus the flood of lease returns that will be coming in. Anyone have any idea about this? It’s my first lease – is the buyout price negotiable?
Speculawyer
OMG! The lease loophole that people have known about since the Inflation Reduction Act was passed!
vdek
I had to lease a model 3 recently to claim the credit since I don’t qualify, otherwise I would have likely financed it since the 2% rate is great.
nmdcDrgn
I wonder if this is true for other countries other than the US
Ok_Push2550
I suspect it may have been intended to get used EVs on the road in a few years. I have a 3 year lease, and I suspect we’ll see a lot of used vehicles hit in 2027 to 2028.
12 Comments
[archive](https://archive.is/20240905194054/https://www.businessinsider.com/electric-vehicle-lease-payments-cheaper-affordability-hack-2024-9)
One thing I don’t understand is why there is this loophole for leases. Like, we want EVs made in America, unless they’re leased instead of owned. I don’t get it.
It’s why I leased an EV when I had never leased a car before.
>”The New Hack for Getting a Cheap EV”
LMAO
[This has been a thing for over a year. ](https://www.caranddriver.com/news/a44131850/leasing-an-ev-tax-credit/)
Couldn’t you lease for one day, buy it out, and still get the full benefit without having to pay back that $7500?
I did the math and it’s better to lease than to finance or buy new or 1 year old. If you factor in highest amount of depreciation and opportunity cost that you eat in the first few years… Also as a high incomer that doesn’t qualify for other tax credits.
But guess the lease is also favored by $7500 you wouldn’t get otherwise
For me personally I’m only buying or leasing an EV made in the USA. People here need to work so I want to support them.
I did this last November, got an Ioniq 6 SEL for 2 grand down and $402/month, including tax. Crazy for a car with an MSRP of 49k. Buyout price is 28k at the end of lease. But I’ll be returning a 3-year old EV with 35,000 miles on it. I’m wondering if they have to stick to that price – cause I bet those won’t be going for more than 20 grand, given the price of used EVs today (the same make & year with 10k miles currently going for about 32k) plus the flood of lease returns that will be coming in. Anyone have any idea about this? It’s my first lease – is the buyout price negotiable?
OMG! The lease loophole that people have known about since the Inflation Reduction Act was passed!
I had to lease a model 3 recently to claim the credit since I don’t qualify, otherwise I would have likely financed it since the 2% rate is great.
I wonder if this is true for other countries other than the US
I suspect it may have been intended to get used EVs on the road in a few years. I have a 3 year lease, and I suspect we’ll see a lot of used vehicles hit in 2027 to 2028.