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Do you get a tax credit for leasing an electric car?
I’ve been considering leasing an electric car as an alternative to buying one outright to save money. Will I still qualify for a tax credit if I’m leasing an electric car?
Allison Stone · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The available $7,500
federal tax credit
makes buying an electric car a much more affordable option for many drivers, but if you’re leasing, it may or may not factor into the price of your lease payments
.The tax credit goes to the manufacturer offering the lease, not you, so it’s up to their discretion whether to factor that in to lower the cost of your monthly payment. A few EVs that are known to not pass on the tax credit to leaseholders include:
- Ford Mustang Mach-E
- Hyundai IONIQ 5
- Kia EV6
It’s also important to note that even if you’re thinking about buying, not every EV or plug-in hybrid qualifies. The tax credit is only available on electric cars from manufacturers that have sold under 200,000 electric models.
If you’re looking for ways to save money, get a great deal on
car insurance
for your new electric car with the Jerry
app.Jerry is the easiest and most effective way to find a car insurance policy that is customized for you. After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to.
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- Gregory R.
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