I have a high AGI so can’t take advantage of the EV credit if just purchasing.
I’m aware that many dealers will credit $6500 of the $7500 up front to anyone with a lease buyout strategy for new vehicles.
Is the same true for $25k or less used vehicles with the $4000 credit? (i.e. something like a 2023 model 3 now?). Might be tight or have to find something with higher miles since that is more 2022 pricing.
Main options I’m currently considering:
New model 3 or model y with EV lease hack
Used model 3 25k or less if the hack works (has to be 2023+ I think)
New Rav4 Prime when 2026 model comes out if the PHEV credit is still available (is it?) I mostly want to avoid cablegate issues now
I’m in northern VA if it matters at all but willing to travel for a deal.
Ummm..wut? The ‘$7500’ goes to the bank and it’s up to the bank to give you up to $7500, not the dealer. For example: Toyota gives $6500 for the Rav 4 Prime, while Hyundai gives $7500 off an Ioniq 5
This credit comes from the bank, not the dealer. This makes no difference if you immediately buy it out or not.
As this one requires the Dealer to file Taxes properly, not all dealers will do this. Also this does check your AGI, and is not as easily done.
I don’t know how you define high AGI, but if you’re married, anything over 150k you’re kicked out for the used EV tax credit on a purchase. You would be committing tax fraud otherwise.
With new car leases, the manufacturer can choose to pass it on in various ways and avoid such income limits.
EV credit works on leases because it’s considered a commercial vehicle that is owned by the bank/manufacturer and they(most of them anyway) claim the EV credit and pass it back down to you as an EV lease incentive. AGI is completely irrelevant for leasing.
Hi, just wondering if you ever executed your lease hacked on a Tesla? I am considering doing the same as well wondering what your experience was like if you did purchase something.
