The IRS is transferring the $7,500 EV purchase tax credit to dealers after this year. And states are offering big savings, too.
Figuring out whether you qualify for an electric vehicle tax credit isn’t easy— make, model, pricing, the state where you live, your income, and the list goes on. But once you sort things out, you can save thousands.
Still, the credit isn’t a given. Buyers must qualify for it. Stipulations include a household income of not more than $300,000 a year and a car that falls under the credit’s pricing and country of origin limitations. Those qualifications can change over time. The main advantage to leasing is lower monthly payments, all things being equal, because the leasing company owns the car and realizes the value of the car by selling it at the end of the lease.
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