{"id":9313,"date":"2023-05-16T05:49:53","date_gmt":"2023-05-16T09:49:53","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/now-is-the-time-to-lease-not-buy-an-ev\/"},"modified":"2023-05-16T05:49:54","modified_gmt":"2023-05-16T09:49:54","slug":"now-is-the-time-to-lease-not-buy-an-ev","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9313","title":{"rendered":"Now is the time to lease, not buy, an EV"},"content":{"rendered":"
\n

If you\u2019ve been considering purchasing a new electric vehicle, you\u2019re undoubtedly aware of the shifting financial and political landscape of pricing and incentives. And if you\u2019re not, you should be\u2026 and I\u2019m here to help navigate.<\/p>\n

Instead of looking to purchase, the time is right to lease a new EV.<\/p>\n

\n

Why is now the time to lease an EV?<\/strong><\/h2>\n

It\u2019s always nice to be able to make payments toward owning your vehicle outright. However, the recent changes to federal tax credits for EVs have created a situation where leasing might be the better option. That\u2019s because you open yourself to a greater range of vehicles still qualifying for tax credits. These credits can better affect your actual monthly payment instead of simply serving as a means to reduce your tax liability in a given year.<\/p>\n

Sound confusing? Somewhat, but it\u2019s all simple.<\/p>\n

Plus: <\/strong>As Chevy nixes its Bolt EVs, there\u2019s just one electric car for under $30K<\/p>\n

What qualifies an EV for a tax credit?<\/strong><\/h2>\n

Under the current rules of the Inflation Reduction Act, as it pertains to acquiring a new electric vehicle, for a vehicle to be eligible for the max $7,500 tax credit, it needs to undergo final assembly in North America. Fifty percent of the value of the battery components must be produced or assembled in North America. Forty percent of the value of the critical minerals sourced for the battery need to come from the U.S. or one of our free trade partners.<\/p>\n

Finally, the manufacturer\u2019s suggested retail price (MSRP) for vans, SUVs, or trucks has to be under $80,000 and under $55,000 for other vehicles. Income limits also apply.<\/p>\n

Which electric vehicles qualify for tax credits?<\/strong><\/h2>\n

The\u00a0Cadillac Lyriq,\u00a0Chevy Blazer,\u00a0Bolt,\u00a0Bolt EUV,\u00a0Equinox, and\u00a0Silverado, the\u00a0Ford
\n F,
\n -0.26%<\/bg-quote>
\n F-150 Lightning, the\u00a0Tesla
\n TSLA,
\n -0.97%<\/bg-quote>
\n Model 3\u00a0Performance,\u00a0Model Y\u00a0AWD, Model Y AWD Long Range, Model Y Performance, and then the various trims of the\u00a0Volkswagen ID.4.<\/p>\n

See<\/strong>: EVs that qualify for the up to $7,500 tax credit or partial credit<\/p>\n

Some vehicles still qualify for the $3,750 partial credit, including the\u00a0Ford E-Transit\u00a0and\u00a0Mustang Mach-E,\u00a0the\u00a0Rivian
\n RIVN,
\n +4.11%<\/bg-quote>
\n R1S\u00a0and\u00a0R1T, and the Tesla Model 3 AWD Long Range or RWD Standard Range. A few plug-in hybrid vehicles (PHEVs) also qualify for full or partial credit, but I\u2019m just listing pure battery-electric vehicles (BEVs) right now.<\/p>\n

Learn more:<\/strong> What is EV, BEV, HEV, PHEV? Here\u2019s your guide to types of electric cars<\/p>\n

As you can see, a good handful of models qualify for tax credits. But that list leaves off tons of otherwise great EV options. For example, you don\u2019t get a credit if you buy the\u00a0Hyundai Ioniq 5\u00a0or the\u00a0Kia EV6. The list does not include any\u00a0Mercedes-Benz\u00a0EQ models, none of the upper-rung Tesla models, nor any\u00a0Audi\u00a0or\u00a0Porsche
\n POAHY,
\n <\/bg-quote>
\n \u00a0models.<\/p>\n

What do tax credits mean for EV leases?<\/strong><\/h2>\n

The way the Inflation Reduction Act is written, a leased vehicle qualifies for the tax credit. It\u2019s considered commercial because you\u2019re technically renting your vehicle from the bank that owns it during your lease period. So, the bank will get the lease credit. Automakers are using this indirectly to lower your lease payment.<\/p>\n

Since a new vehicle lease typically considers the automaker\u2019s finance arm as the vehicle owner, the finance arm can direct the tax credit to the lease. This lowers the lease\u2019s cost and lowers your monthly payment. It\u2019s almost like you put $7,500 down right off the top.<\/p>\n

The credit maxes out at $7,500 for vehicles under 14,000 lbs, which we\u2019re dealing with here\u2026even on the insane 9,000-pound\u00a0GMC Hummer EV.<\/p>\n

Automakers use this creative financing to create more attractive EV leasing deals, even for EVs that don\u2019t qualify under the purchase rules.<\/p>\n

Don\u2019t miss: <\/strong>\u2018A used-car factory shutdown\u2019: How the used-car market could get worse for buyers and what could reverse that pattern<\/p>\n

Now\u2019s the time to dig deeper and find automakers ready to dole out the lease deals. And another good news is that since this tech is improving reasonably quickly, you\u2019ll be prepared for enhanced models as they come online two and three years later.<\/p>\n

This story originally ran on\u00a0<\/em>Autotrader.com<\/em>.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019ve been considering purchasing a new electric vehicle, you\u2019re undoubtedly aware of the shifting financial and political landscape of pricing and incentives. And if you\u2019re not, you should be\u2026 and I\u2019m here to help navigate. Instead of looking to purchase, the time is right to lease a new EV. 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