Erin Conroy
@adamjcook Thank you Adam, this is super helpful! Yeah, I think the $4000 credit could apply, because technically the dealership owns the car, & we were renting it from them. So, we're buying a used car & the first owner is the dealership. But I think we can't.
The structure discourages the leasing party from buying the car, because it's actually the same or cheaper to buy a new EV, due to the $7500 tax credit, OR a separate, different used car (even same year/model!), due to $4000 IRA credit.
Adam Cook
@chargrille I leased a VW ID.4 back in May of 2021 in Texas. My dealer took the $7500 credit - which lowered the monthly payments.
I bought out the lease and sold it to Carvana in October of last year when I moved from Dallas to Detroit (where I was able to go car-free).
I did not claim any EV-related credit on my last year's taxes as the instructions in the tax software clearly prohibited it.
That said, in May of 2021, the IRA did not exist when I leased...
Erin Conroy
@adamjcook
Congratulations on going car free, by the way! And thank you!
Did you like the ID4? Had you had any other EVs before it?
Erin Conroy
@marcoshuerta Thank you Marcos! Sadly it is too late for us :)
Marcos Huerta
@chargrille most, but not all, manufacturers are giving $7500 upfront as a capital cost reduction (“lease cash”) when you lease the car.
One set of advice is lease, get the $7500 as a cap cost reduction, then immediately buy out the lease.
If you wait until the end of the lease, you will give back most of the $7500 in the payments as the “money factor.”
Fairly good post on leasing here (Hyundai specifically since they don’t get the new purchase credit): https://www.reddit.com/r/Ioniq5/comments/12nb20a/leasing_101_or_how_to_get_a_good_deal_on_an_ioniq/
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