Hello folks, I am completely new to this community. I leased a 2020 Chevy Bolt LT in March 2021. My lease details are: 36 months, 10k miles per year and I pay $173 per month ($152 for lease amount + $21 for warranty). Even though the battery recall is ongoing, very happy with the car. When I was leasing the vehicle, the dealer gave me a buyout option for around $20k. So, I am wondering if the federal rebate for EVs is approved then do you think converting lease to buyout qualifies me for the rebate? Will the lease conversion be considered as buying a new car or a used car? Just wanted to check to see, if someone has given a thought about this scenario?
Thanks you in advance 
No, it only covers new untitled cars. Some Energy companies like SCE will give $1000 if you buy a used car, but not on the IRS level.
Ok got it. Thank you for your response.
It would be used, but fwiw, there’s some chatter about a ‘used vehicle tax rebate’ for it being electric. Dunno what the current status of that is - especially since BBB hasn’t passed the senate - but worth keeping this buyout option in your back pocket for the time being.
Makes sense. Since the bill is not passed yet, there are lot of speculations about it. But, good to know that it will be considered a used car if you opt the buyout option.
I did not see anything about ‘used’ cars getting a tax credit. It’s currently about passing the rebate directly through the dealer sale and that implies ‘new’
@Raki But for you, just wait till next year, are you rushing a buyout?
What are you paying for with this?
Ah, I see I also saw this stipulation
So right now OP would not qualify for this. But once it does hit 2 years and his RV is < $25000 then I don’t see why not.
No, I am not in a rush to buyout. I read somewhere that bill will most likely include new EVs purchased in 2021 and also around $2500 for used EVs. If that was true, then I wanted to check with you folks, if I converted my lease into buyout then can it be showed as purchase instead of lease in 2021. But from what I understand, it doesn’t seem to work that way. Buying out a leased car, is considered as buying a used car. Then, there is no point thinking about it even though a $2500 rebate is offered for used EVs.
$21- I think they call it: Chevrolet XS Wear and tear protection: Chevrolet XS Wear Lease Protection | Chevrolet Protection
Basically, it covers little over than the normal wear and tear. For instance, the normal wear and tear cover upto $1000 worth of dents/dings etc. when returning your car. But, the xs wear and tear cover upto $5000 and similarly there are other benefits too. Since, I was leasing for the first time and $20 per month didnt appear much, I opted to go for it…
Interesting, reading that:
- Keys - Useless as $150 does not even come close to covering a key.
- $400 in overmileage
- $720 cost.
Never looked at those after I bought ‘one’ and later when I got the paperwork it didn’t cover tires.
Nope 101010
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