I’ve been waiting to pick a car, but a bunch of models I’m interested in (EVs) are coming out end of year or 2024. Because of this, I don’t want to buy anything now that I wouldn’t want to keep for 5-10 years.
The problem is I need a new car. I would qualify for the tax credits. So I’ve thought of possibly leasing a car for a year to try and get me to 2024 where there would be more EV’s to choose (and test drive).
Obviously not knowing how exactly the credits will work next year, and on which EVs it will apply to, it’s still something I could qualify for in 2024 as well. The question is, is there a deal worth using the credit on by end of year?
Here’s the info on car usage:
-Less than 5k in mileage yearly
-Needs 5 or 7 seats
-EV or PHEV ok (for tax credit)
I’ve looked at some deals online, and the only ones that stood out are Hyundai/Kia or Nissan Ariya. Does a lease in this case scenario make sense? Or is there something else you guys recommend in my circumstance?
Leasing doesn’t qualify for tax credits. You’re rolling the dice on your own if you want the tax credits as you only get them when you purchase. The only way you can “get” the tax credits from a lease is if the car you want has a financial institution willing to pass the tax credits in the form of an incentive AND you immediately purchase it outright.
This doesn’t usually exist (13m EQS lease earlier this year being very much the exception).
The EQS brings me to my next point: brand new models can have major teething issues. You may want to avoid the first year.
If something is a big hit, you’ll probably need to order or get on a waitlist. Anything unclaimed hitting the lot could have a bidding war and massive markups.
Taking all that into account you may want to consider a 24m lease such as a Mazda CX90 PHEV or Jeep GC 4xe.
Depending on where you are, the 13 month Mercedes lease is right up your alley. They’re definitely still running the special in Northern California (see the marketplace).
MBFS is putting the full $7,500 EV lease credit into your lease. Plus there are big discounts off of MSRP and fleet incentives from Sams/Amex.
Basically the lease has no vehicle depreciation; they simply capitalize enough up front fees for the depreciation portion of the monthly over the 13 months to be zero. On my 13 month lease, the entirety of the lease structure is just DAS, a rent fee, and taxes.
No experience with leases so don’t fully understand what you guys are saying to be honest.
I’m not seeing any sub $1k leases on the eqs in my region but don’t know if it’s just me not looking in the right places. I’m in Florida.
Where do I see the incentives for Amex for the eqs you mentioned?
Also, as for the cx90 PHEV and gc are the leases pretty standard in terms of monthly payments or are there particular deals I should be looking out for?
Hyundai has cheap 2 year lease programs on both the Ioniq 5 and the Ioniq 6. Anything new will not be discounted; there may even be a mark up and a waiting list. So leasing something for 2 years will allow you to come back into the market a year after the cars that you really want are available and even discounted.
