Tesla Model 3 Highland leases qualify for IRA tax credit loophole
The Tesla Model 3 Highland was recently launched in North America. Tesla Model 3 Highland leases are more affordable thanks to a loophole in the Inflation Reduction Act about commercial vehicles.
As customers scoured the updated Model 3 Highland configurator page, a few noticed that Tesla included a $7,500 incentive under leases. The Texas-based automaker noted that the $7,500 EV lease incentive would be distributed across the lease term.
Tesla calculated that Model 3 Highland lease payments would be $329 monthly, excluding taxes and fees. The monthly lease payments drop to $246 after accounting for probable savings.
The IRA loophole Tesla applies to the Model 3 Highland leases is not new. In fact, Car and Driver wrote about it a year ago.
The loophole lies in the IRA’s tax credit qualifications for commercial vehicles. Commercial vehicles are not subject to the eligibility requirements as electric vehicles purchased for personal use.
EVs that qualify for the full $7,500 tax credit must be follow the IRA’s assembly and battery requirements. The IRA’s assembly and battery requirements do not apply to commercial vehicles.
As per the Treasury Department, leased vehicles can be considered commercial transactions since they do not transfer ownership of the car to the lessee. In short, a leased car can be regarded as a commercial vehicle.
The Tesla Model 3 Highland may be considered a commercial vehicle if it is leased. As such, Tesla Model 3 Highland customers may receive the IRA’s $7,500 credit.
Tesla Model 3 Highland is now available in the United States, Canada, Mexico and Puerto Rico. The automaker recently updated the order page of the Model 3, revealing that delivery estimates for the refresh units are between January and February 2024.
Tesla launched the Model 3 Highland RWD and Dual-Motor AWD variants in North America. The RWD variants starts at $38,990 while the Model 3 Highland Dual-Motor AWD costs $45,990 before options.
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The post Tesla Model 3 Highland leases qualify for IRA tax credit loophole appeared first on TESLARATI.
Source: https://www.teslarati.com/tesla-model-3-highland-tax-credit-loophole/
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