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2h ago

EV Leasing Surges as One-Month Countdown Begins to Federal Tax Credit’s End

The IRS says a signed contract with payment by Sept. 30 secures the incentive even if delivery happens later.

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Overview

  • The federal EV tax credit now ends on Sept. 30, 2025 following July’s passage of the One Big Beautiful Bill Act.
  • Leasing accounted for 70% of EV transactions in July, up sharply from 2022, as shoppers moved to capture up to $7,500, Edmunds reported.
  • Automakers and dealers rolled out steep lease offers, including Hyundai’s Ioniq 5 at $149 per month with $5,000 due and Chevy’s Equinox EV at $249 per month with $3,000 due.
  • IRS guidance confirms buyers qualify if they enter a binding contract and provide a down payment or trade-in by the deadline, even if the vehicle is delivered later.
  • Shoppers can transfer the credit at point of sale through registered dealers, while purchase-based eligibility carries assembly, battery sourcing, MSRP and income limits that leasing can bypass.