The bubble may have burst on what a year ago were soaring electric vehicle sales, but consumers still in the market for battery-powered transportation will gladly find automakers resorting to deep price cuts and other incentives to help move the metal. Those interested in leasing, rather than financing and purchasing a new EV can take advantage of some especially sweet deals this month.
One reason these deals are so generous is that brands whose EVs no longer qualify for the one-time federal tax credit, including BMW, Genesis, Hyundai, Kia and several others, have found a way to leverage a loophole in the legislation that allows their customers to take advantage of the $7,500 incentive via their leasing programs.
Part of the bill that wound up limiting the tax credits to only a handful of models also extended them to commercial fleets looking to switch from internal combustion to electric powered vehicles. The catch here is that a commercial leasing entity is treated as the de facto “owner” and is allowed to claim the tax credit without limitations and pass it along to a lessee to make the deal more affordable.
Below are the 25 best EV lease deals being offered through the end of May, with some extending through June 3. The majority are for three-year lease terms, though a few are for 13-18 month lengths, which favors those who’d rather not make a longer-term commitment at a time when prices are falling and EV battery and charging technology is advancing.
However, note that leasing offers, as with automakers’ cash rebates and financing deals, can vary somewhat from one part of the country to another, usually to address regional supply and demand issues. Check with area dealerships and/or car companies’ websites to confirm what’s being offered locally.
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