DETROIT, MI (AP)— Thanks to a boost from the government, leasing—not buying—is becoming the most affordable way to get your hands on an electric vehicle.
Last year’s Inflation Reduction Act provided a federal tax credit of up to $7,500 to use toward an EV. A dealer can apply that credit to any leased electric vehicle, no matter where it’s made, to reduce a customer’s monthly payment.
Not so for people who buy an EV. For buyers, only EVs made in North America qualify for the full tax credit, and only 10 of the 49 electric vehicles for sale in the United States this year meet that requirement.
