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3w ago

EV Leasing Surges as Federal Tax Credits End Sept. 30

IRS timing clarification lets qualifying buyers secure incentives by signing a binding contract with payment before Sept. 30, regardless of delivery date.

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Overview

  • A July leasing share of roughly 70% of EV transactions marked a sharp shift toward leases, according to Edmunds.
  • Automakers and dealers rolled out steep lease offers, including a Hyundai Ioniq 5 at $149 per month and a Chevy Equinox EV at $249 per month, to lock in customers before the cutoff.
  • The One Big Beautiful Bill Act ends the $7,500 new EV credit on Sept. 30, with the $4,000 used EV credit ending the same day.
  • IRS guidance confirms that a signed binding contract plus a payment by the deadline secures eligibility even if delivery occurs later.
  • Buyers can transfer the credit to registered dealers at the point of sale, with Edmunds estimating about $208 in average monthly savings over a 36‑month EV lease.