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Is there a tax credit for leasing an electric car?
I know of the tax credit available when you buy an EV, but I’ve always leased my vehicles and don’t intend to stop. Is there a tax credit for leasing an electric car?
Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The short answer is yes. A credit is available for leased
electric cars
, but the tax credit goes to the manufacturer, not you. To receive the credit, the automaker will factor the credit into the cost of the lease, and you’ll see the difference on your monthly payment. However, the tax credit isn’t mandatory, so it might benefit you to do your research and alert the manufacturer.
The tax credits are directly influenced by the vehicle’s battery size. If qualified, most electric cars will receive $7,500, but some models will fall below the maximum credit.
If you hope to save some more money,
Jerry
can help you do so after your lease. Jerry is a licensed broker that does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even help you cancel your old policy.And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price. This level of service is why Jerry earned a 4.6/5 rating on the App Store and made it the top insurance app in the country.
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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