Many consumers have become aware of the difference and are capitalizing on it. In April, Krear said, leases accounted for 41% of all U.S. EV deliveries — four times the percentage in December, before the new rules took effect.
In April, Krear said, leases accounted for 41% of all U.S. EV deliveries — four times the percentage in December, before the new rules took effect.
Pohanka, whose group sells vehicles from multiple automakers, said the tax credits have just begun to lower the cost of leasing. Still, the rules governing the credit are complex enough that some buyers appear unsure if they would qualify for it. The rules not only make distinctions between leased and purchased vehicles. They also include income thresholds that disqualify some buyers.
Sen. Joe Manchin, a West Virginia Democrat and a key author of the tax-credit language, wanted the North American manufacturing requirement to help boost U.S. manufacturing jobs. He included the battery requirements to incentivize companies to build a domestic EV supply chain. But Manchin says the Biden administration is circumventing the law’s intent by allowing tax credits for vehicles manufactured overseas.
The Treasury Department denies creating a loophole and says it was Congress that exempted commercial vehicles from the manufacturing and battery requirements. When a dealer buys a vehicle and leases it to someone, it amounts to a commercial transaction. The dealer or a finance company receives the tax credit and retains ownership of the vehicle.
The average monthly ownership cost on an EV leased for three years has dropped $403 since December, largely because of the tax credits, J.D. Power found. By contrast, for an EV purchase financed over five years, the average monthly cost has declined by only $118.
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