Electric Vehicle Leasing Is The Cheapest Option For New Car Buyers Across America

And savings from leasing an EV can stack up fast. The Ford Mach-E, for example, is $500 cheaper per month and nearly $7,500 cheaper per year versus a comparable gas-powered vehicle. And the Tesla Model Y, which has been the best-selling EV in America since its introduction, is $425 cheaper per month or more than $5,000 cheaper per year compared to its gas-powered equivalent.Energy Innovation

These new dealer incentives and expanding supplies, coupled with IRA incentives, pushed last month’s average EV transaction price down 20% compared to the same time last year, even though transaction prices among all vehicles rose 1.6% over the same period. EV savings will shift into the fast lane whenever oil prices increase again to 2022 levels, about 40 cents per gallon higher than today.

EVs are already cost-competitive with gas-powered vehicles, even without the federal incentive, but the IRA’s EV tax credit makes monthly lease prices 12% cheaper on average when dealers pass it along to lessees – making almost every EV model cheaper to lease than gas-powered vehicles.... [+]getty New proposals by the U.S.

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