American drivers are increasingly opting to lease electric vehicles to immediately benefit from federal tax incentives, which traditionally favor purchasing, reflecting a growing preference for flexibility and cost-efficiency in adopting electric mobility.
Leasing EVs Offers Faster Access to $7,500 Tax Credit – Lowering Monthly Co
According to the report of The US Sun, American drivers are finding a surprising advantage in leasing electric vehicles (EVs) instead of buying them outright due to a loophole in federal tax incentives. While the $7,500 tax credit meant to encourage electric vehicles adoption typically applies to purchases, experts now say leasing allows people to use this credit more quickly and effectively. Unlike buying, where you get the credit when you file taxes each year, leasing lets you enjoy lower monthly payments right away through your lease agreement.
This loophole has sparked new interest in leasing among potential electric vehicles owners who aren’t ready for long-term ownership or higher upfront costs. By using the tax credit, which applies to qualifying electric vehicles made in the US and meeting specific production and price rules, leasers can start driving an electric car sooner and possibly pay less than with regular car loans.
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40% of EVs Now Leased: How a Lucrative Loophole is Revolutionizing Electric Vehicle Ownership for American Drivers (PHOTO: Manhattan Institute)
Growing Popularity of Electric Vehicle Leasing Highlights Shift Towards Flexibility and Savings
As carmakers and dealerships adjust their plans to encourage more electric vehicle use, leasing is becoming a practical choice. With nearly 40% of all electric vehicles now leased, this shows more people prefer the flexibility and money savings of electric cars. So for many people thinking about electric vehicles, leasing is a smart way to start using electric cars without big financial stress.
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