Model 3

Tesla Model 3 in US Now Has Access to Full $7,500 Tax Credit if Leased

Tesla Model 3 in US Now Has Access to Full $7,500 Tax Credit if Leased

Image: Tesla

Tesla Model 3 in the US now has access to the full $7,500 tax credit if leased. It is worth bearing in mind that with the standard purchase of the most affordable Model 3 variant, the tax credit is halved.

The U.S. government recently published requirements for electric vehicles to qualify for the full tax credit on a $7,500 purchase. They went into effect on April 18 and have now significantly limited the choice of EVs that are available to consumers looking to get them at a discounted price. The list of available EVs includes some Tesla Model 3 and Model Y variants, Volkswagen ID.4, Ford F-150 Lightning, Chevy Bolt, Chevy Bolt EUV, and Cadillac Lyriq.

Following the publication of the recommendations, the base Tesla Model 3 became eligible for a $3,750 tax credit, half the maximum. However, according to Bloomberg, there is one loophole that allows consumers to get the maximum credit amount of $7,500.

By choosing to lease an electric vehicle instead of buying it outright, buyers can still get the full incentive because new federal regulations free leased vehicles from restrictions on where the vehicle is made, where the materials for its batteries come from, and how much money the consumer earns, the report explains. In addition to Tesla Model 3, some other electric vehicles can be bought in the same way, which is great news for consumers.

In addition to receiving full tax credits, consumers also get access to lower monthly payments, free maintenance, consumables coverage, and more. However, it is also worth bearing in mind that leasing has a number of downsides for consumers, from not owning the vehicle to yearly mileage limits.

© 2023, Eva Fox | Tesmanian. All rights reserved.


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Article edited by @SmokeyShorts; follow him on Twitter

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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