DETROIT — Thanks to a boost from the government, leasing — not buying — is becoming the most affordable way to get your hands on an electric vehicle.
“Lease affordability has surpassed purchase affordability” in a J.D. Power index that includes total cost of ownership, said Elizabeth Krear, vice president of the EV practice at J.D. Power. “It definitely makes sense,” he said. “Incentives can move the market if that narrows the affordability issue between gas and electric cars.”
Given the confusion he has noticed among customers about qualifying for the tax credit, Pohanka said some EVs are sitting longer on dealer lots than they otherwise would.Critics, including some lawmakers on Capitol Hill, say they regard the Treasury rules that allow many leased, but not purchased, EVs to receive the full tax credit to be an unfair loophole.
Foreign automakers had complained that they were excluded from the tax credit for buyers despite doing what the bill intended — building U.S. battery and assembly plants.