EV Tax Credit Workaround
As the world shifts towards sustainable energy solutions, EVs have become increasingly popular. However, the high cost of EVs can often discourage potential buyers. Fortunately, there is a workaround in the EV tax credit that can help you save up to $7,500 when leasing an electric vehicle. In this article, we'll explain everything you need to know about this strategy and how you can benefit from it.
What is the EV Tax Credit? The EV Tax Credit is a federal tax credit provided to purchasers of new, qualified plug-in electric drive vehicles. The credit amount varies based on the size of the vehicle's battery and the manufacturer. However, this tax credit is only available to those who purchase the vehicle, not those who lease it.
The EV Tax Credit workaround enables lessees to benefit from the tax credit instead of the lessor. This is because the lessor technically owns the vehicle and can claim the tax credit. However, some lessors choose not to pass on the savings to the lessee. This is where the workaround comes in. By negotiating with the lessor, you can get them to pass on the savings to you in the form of reduced lease payments.
To take advantage of the EV Tax Credit workaround, you need to negotiate with the lessor. Start by doing your research and finding a lessor who is willing to pass on the savings. Once you have found a lessor, negotiate the terms of the lease to include the tax credit savings. This may involve lowering the monthly payments, reducing the down payment, or both.
Leasing an electric vehicle has several advantages over purchasing one. For one, you don't have to worry about the depreciating value of the vehicle. This is especially important for EVs, which are constantly improving and becoming more efficient. Additionally, leasing allows you to upgrade to a new EV every few years, keeping you up to date with the latest technology.
The EV Tax Credit workaround is a great way to save money on electric vehicles. By leasing instead of buying, you can take advantage of this strategy and save up to $7,500. However, it's important to do your research and negotiate with the lessor to ensure that you are getting the best deal possible. So, if you're in the market for an electric vehicle, you may want to consider leasing and taking advantage of the EV Tax Credit workaround.