--- description: "Why You Should Opt to Lease an EV Over Buying: Under new rules, a leased vehicle will still qualify for tax breaks as a commercial vehicle." title: Why You Should Opt to Lease an EV Over Buying - Energy Theory image: https://energytheory.com/wp-content/uploads/2023/04/Why-You-Should-Opt-to-Lease-an-EV-Over-Buying.jpg --- Close Menu - [About](https://energytheory.com/about-us/) - [EV](https://energytheory.com/category/electric-vehicles/) - [FAQs](https://energytheory.com/category/faqs/) - [Glossary](https://energytheory.com/category/glossary/) - [Green](https://energytheory.com/category/green/) - [Renewable](https://energytheory.com/category/renewable/) - [Sustainable](https://energytheory.com/category/sustainable/) - [Energy Economy](https://energytheory.com/category/energy-economy/) - [Energy Services](https://energytheory.com/category/energy-services/) - [Solar](https://energytheory.com/category/solar/) - [Sustainable](https://energytheory.com/category/sustainable/) - [News](https://energytheory.com/category/latest-news/) - Language [![Energy Theory](https://energytheory.com/wp-content/uploads/2022/11/2e3rtgthghnm.png)](https://energytheory.com/ "Energy Theory") ![en](https://cdn.gtranslate.net/flags/svg/en.svg) English ![es](https://cdn.gtranslate.net/flags/svg/es.svg) Spanish ![fr](https://cdn.gtranslate.net/flags/svg/fr.svg) French ![en](https://cdn.gtranslate.net/flags/svg/en.svg) English ![it](https://cdn.gtranslate.net/flags/svg/it.svg) Italian ![zh-CN](https://cdn.gtranslate.net/flags/svg/zh-CN.svg) Chinese (Simplified) ![nl](https://cdn.gtranslate.net/flags/svg/nl.svg) Dutch ![fi](https://cdn.gtranslate.net/flags/svg/fi.svg) Finnish ![de](https://cdn.gtranslate.net/flags/svg/de.svg) German ![hi](https://cdn.gtranslate.net/flags/svg/hi.svg) Hindi ![ja](https://cdn.gtranslate.net/flags/svg/ja.svg) Japanese ![pl](https://cdn.gtranslate.net/flags/svg/pl.svg) Polish ![pt](https://cdn.gtranslate.net/flags/svg/pt.svg) Portuguese ![ru](https://cdn.gtranslate.net/flags/svg/ru.svg) Russian [![Energy Theory](https://energytheory.com/wp-content/uploads/2022/11/2e3rtgthghnm.png)](https://energytheory.com/ "Energy Theory") ![en](https://cdn.gtranslate.net/flags/svg/en.svg) English ![es](https://cdn.gtranslate.net/flags/svg/es.svg) Spanish ![fr](https://cdn.gtranslate.net/flags/svg/fr.svg) French ![en](https://cdn.gtranslate.net/flags/svg/en.svg) English ![it](https://cdn.gtranslate.net/flags/svg/it.svg) Italian ![zh-CN](https://cdn.gtranslate.net/flags/svg/zh-CN.svg) Chinese (Simplified) ![nl](https://cdn.gtranslate.net/flags/svg/nl.svg) Dutch ![fi](https://cdn.gtranslate.net/flags/svg/fi.svg) Finnish ![de](https://cdn.gtranslate.net/flags/svg/de.svg) German ![hi](https://cdn.gtranslate.net/flags/svg/hi.svg) Hindi ![ja](https://cdn.gtranslate.net/flags/svg/ja.svg) Japanese ![pl](https://cdn.gtranslate.net/flags/svg/pl.svg) Polish ![pt](https://cdn.gtranslate.net/flags/svg/pt.svg) Portuguese ![ru](https://cdn.gtranslate.net/flags/svg/ru.svg) Russian [Latest News](https://energytheory.com/category/latest-news/) # Why You Should Opt to Lease an EV Over Buying By [Elliot Clark](https://energytheory.com/author/elliot_clark/)November 17, 20233 Mins Read ![Why You Should Opt to Lease an EV Over Buying](https://energytheory.com/wp-content/uploads/2023/04/Why-You-Should-Opt-to-Lease-an-EV-Over-Buying-1024x683.jpg "Why You Should Opt to Lease an EV Over Buying") Electric vehicles (EVs) have become increasingly popular and While the prospect of owning an EV may be enticing, leasing an electric vehicle is another option that shouldn’t be overlooked. Let us understand why you should opt to lease an EV over buying. Federal Tax Credits are about to disappear for a good number of new models all thanks to newly released [IRS](https://www.irs.gov/) rules. For the longest time subsidies, incentives, rebates, and other such provisions have helped make EVs affordable to the larger section of society. But now that they are about to be withdrawn, people are seeing renewed hope in leasing an EV over buying one. [Joe Biden](https://twitter.com/JoeBiden) is doing his best to encourage EV adoption but the newly revised tax credits are just not helping. Automakers, dealers, and consumers are confused and frustrated alike. As we speak 39 of the 91 EVs, hybrids, and plug-in hybrids are **eligible for the full 7.5k dollar credit**, however, the number will significantly go down by next week when the new rules take precedence. Some vehicles will be off the list because they are too expensive while others will be taken off because either they are not built in the US or because they don’t meet [battery](https://energytheory.com/what-is-battery-cycle/) sourcing requirements laid down in the IRA. Companies like [Ford Motor](https://www.ford.com/) and [Stellantis](https://www.stellantis.com/en) will see many of their EVs and plug-in hybrids qualify for a **tax credit of just 3,750 dollars** which is also the figure that will apply to Tesla Model 3 rear-wheel drive. Now you see why you should opt to lease an EV over buying. Under new rules, a leased vehicle will still qualify for tax breaks as a commercial vehicle, also you just rent a car but don’t become the owner, and if the owner of the EV that is the bank applies their savings toward the lease terms the monthly payment for the customers comes down. Before the IRA was passed in August last year apart from [Tesla](https://energytheory.com/how-to-charge-your-non-tesla-ev-at-a-tesla-supercharger/) Model Y and Model 3, Hyundai Ioniq 5 and Kia EV6 were the most popular EVs in America. However, since they are not assembled in the US they no longer qualify for the tax credits. [Hyundai](http://www.hyundai.com/worldwide/en) group was all set to **invest 5.5 billion dollars to open an EV and battery plant in Georgia** that would provide 8,100 jobs by early 2025, however, with the IRA coming into effect both KIA and Hyundai saw their sales fall massively. **Also Read:** [CEO of Stellantis Carlos Tavares says Earth doesn’t have enough Raw Material to Meet the Demands of EVs](https://energytheory.com/ceo-of-stellantis-carlos-tavares-says-earth-doesnt-have-enough-raw-material-to-meet-the-demands-of-evs/) Before IRA only 6% of KIA and Hyundai EVs were released but after IRA the figure hit the 30% mark. [Andrew Koblenz](https://www.linkedin.com/in/andrew-koblenz-29365b8), executive vice president of legal and regulatory affairs for the [National Automobile Dealers Association](https://www.nada.org/) thinks that leading might not be for everyone as not every customer might not prefer it. However, if you are getting a car with all the latest tech by making monthly payments and not taking ownership then maybe that’s for the best at least for now. Share. [Facebook](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fenergytheory.com%2Fwhy-you-should-opt-to-lease-an-ev-over-buying%2F "Share on Facebook") [Twitter](https://twitter.com/intent/tweet?url=https%3A%2F%2Fenergytheory.com%2Fwhy-you-should-opt-to-lease-an-ev-over-buying%2F&text=Why%20You%20Should%20Opt%20to%20Lease%20an%20EV%20Over%20Buying "Share on X (Twitter)") [Pinterest](https://pinterest.com/pin/create/button/?url=https%3A%2F%2Fenergytheory.com%2Fwhy-you-should-opt-to-lease-an-ev-over-buying%2F&media=https%3A%2F%2Fenergytheory.com%2Fwp-content%2Fuploads%2F2023%2F04%2FWhy-You-Should-Opt-to-Lease-an-EV-Over-Buying.jpg&description=Why%20You%20Should%20Opt%20to%20Lease%20an%20EV%20Over%20Buying "Share on Pinterest") [LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fenergytheory.com%2Fwhy-you-should-opt-to-lease-an-ev-over-buying%2F "Share on LinkedIn") [Tumblr](https://www.tumblr.com/share/link?url=https%3A%2F%2Fenergytheory.com%2Fwhy-you-should-opt-to-lease-an-ev-over-buying%2F&name=Why%20You%20Should%20Opt%20to%20Lease%20an%20EV%20Over%20Buying "Share on Tumblr") [Telegram](https://t.me/share/url?url=https%3A%2F%2Fenergytheory.com%2Fwhy-you-should-opt-to-lease-an-ev-over-buying%2F&title=Why%20You%20Should%20Opt%20to%20Lease%20an%20EV%20Over%20Buying "Share on Telegram") [Email](mailto:?subject=Why%20You%20Should%20Opt%20to%20Lease%20an%20EV%20Over%20Buying&body=https%3A%2F%2Fenergytheory.com%2Fwhy-you-should-opt-to-lease-an-ev-over-buying%2F "Share via Email") ![mm](https://energytheory.com/wp-content/uploads/2023/04/Elliot1-150x150.jpg) [Elliot Clark](https://energytheory.com/author/elliot_clark/) Elliot is a passionate environmentalist and blogger who has dedicated his life to spreading awareness about conservation, green energy, and renewable energy. With a background in environmental science, he has a deep understanding of the issues facing our planet and is committed to educating others on how they can make a difference. #### Related Posts [![31.6% Efficient Perovskite Silicon Tandem Solar Cell by Fraunhofer ISE](https://energytheory.com/wp-content/uploads/2024/09/31.6-300x200.webp "31.6% Efficient Perovskite Silicon Tandem Solar Cell by Fraunhofer ISE")](https://energytheory.com/31-6-efficient-perovskite-silicon-tandem-solar-cell-by-fraunhofer-ise/ "31.6% Efficient Perovskite Silicon Tandem Solar Cell by Fraunhofer ISE") #### [31.6% Efficient Perovskite Silicon Tandem Solar Cell by Fraunhofer ISE](https://energytheory.com/31-6-efficient-perovskite-silicon-tandem-solar-cell-by-fraunhofer-ise/) September 27, 2024 [![24.2% Efficient POLO Back Junction Solar Cell Built with PECVD by ISFH and Centrotherm Scientists](https://energytheory.com/wp-content/uploads/2024/09/24.2-Efficient-POLO-Back-Junction-Solar-Cell-Built-with-PECVD-by-ISFH-and-Centrotherm-Scientists-300x200.webp "24.2% Efficient POLO Back Junction Solar Cell Built with PECVD by ISFH and Centrotherm Scientists")](https://energytheory.com/24-2-efficient-polo-back-junction-solar-cell-built-with-pecvd-by-isfh-and-centrotherm-scientists/ "24.2% Efficient POLO Back Junction Solar Cell Built with PECVD by ISFH and Centrotherm Scientists") #### [24.2% Efficient POLO Back Junction Solar Cell Built with PECVD by ISFH and Centrotherm Scientists](https://energytheory.com/24-2-efficient-polo-back-junction-solar-cell-built-with-pecvd-by-isfh-and-centrotherm-scientists/) September 25, 2024 [![New Walkable PV Panels by Hungary-based Platio Solar](https://energytheory.com/wp-content/uploads/2024/09/New-Walkable-PV-Panels-by-Hungary-based-Platio-Solar-300x200.webp "New Walkable PV Panels by Hungary-based Platio Solar")](https://energytheory.com/new-walkable-pv-panels-by-hungary-based-platio-solar/ "New Walkable PV Panels by Hungary-based Platio Solar") #### [New Walkable PV Panels by Hungary-based Platio Solar](https://energytheory.com/new-walkable-pv-panels-by-hungary-based-platio-solar/) September 24, 2024 Add A Comment Leave A Reply [Cancel Reply](https://energytheory.com/why-you-should-opt-to-lease-an-ev-over-buying/#respond) Save my name, email, and website in this browser for the next time I comment. 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