Dealer incentives and a legal loophole make leasing more affordable than buying for many electric vehicles in the U.S.
The average new car buyer is paying in the United States around $50,000 in July. Average monthly payments are around $735/month in the first quarter of this year. Average lease payments however have fallen to just below $600/month. EV buyers have now converted into EV-leaders. Leases are accounting for 32% of all EV transactions in the US currently, as data has reported from Q1 of 2024. Customers are saving more money monthly leasing EV’s vs purchasing a new electric vehicle. Cooling demand for these vehicles also is making customers seek leases. Many that are leasing these vehicles are missing out on the tax incentives put in place but with the Inflation reduction act of 2022 most tax breaks are now being restricted to specific models only that are battery powered.
