Leasing EVs Now Cheaper Than Buying Thanks to $7,500 Tax Credit Loophole

Leasing an electric vehicle is more affordable than buying one due to a federal tax credit of up to $7,500 from the Inflation Reduction Act.
While only EVs made in North America qualify for the full tax credit when purchased, the location where an EV is made does not matter when leasing thanks to a loophole classifying them as "commercial" vehicles.
Dealers can apply the full $7,500 credit to reduce a customer's monthly lease payment on any EV.
Only 10 of the 49 EVs for sale in the U.S. this year qualify for the full tax credit when purchased, while all EVs qualify when leased.
Leases made up 41% of all U.S. EV deliveries in April, and the average monthly cost of an EV lease has dropped $403 since December largely due to the tax credits.