![]() That’s because the credit is phased out after a certain number of cars are produced by each manufacturer. Unfortunately, Teslas aren’t currently eligible for the tax credit. Typically, buying a car allows you to claim the credit outright, while leasing a car means the credit will go to the manufacturer - and lower your monthly lease payments. Eligible taxpayers can claim as much as $7,500 on their tax return. The electric car tax credit - officially known as the Qualified Plug-In Electric Drive Motor Vehicle Credit - is a federal income tax credit that can help to offset the purchase price of a new EV. Teslas maintain their battery capacity - and their resale value - incredibly well, making it easier to recoup the cost if you choose to trade-in or sell. ![]() Some Tesla models depreciate by only 10% over the first three years of ownership, and it takes more than 50,000 miles of driving before the battery capacity drops by 5%.Īs a result, used Teslas sell for nearly as much as new ones, making depreciation less of a concern for Tesla owners than for owners of other luxury cars. EVs by other automakers, such as Ford and Toyota, depreciate at a similar rate. Depreciation RatesĪccording to the World Resources Institute, “EVs tend to depreciate sharply in value … given their short ranges and unproven longevity.” Some electric vehicles, such as the Nissan LEAF, can lose as much as 80 percent of their value in five years, making it a better deal to buy a used LEAF than a new one. Leasing a Tesla will result in lower monthly payments than a loan, but buying a Tesla may be more cost-effective in the long run. Plus, you may be expected to maintain more comprehensive insurance coverage than if you buy it outright.Ĭurrently, Tesla doesn’t provide the option for lessees to buy the Model 3 or Model Y at the end of the lease - rumor has it Elon Musk is saving them for a robotaxi fleet - but other Tesla models may be eligible for this offer. You may also have to pay state or local sales tax when you sign the lease, which is due up front in some states and factored into your monthly payments in others. But it’s worth keeping in mind that you’ll be paying a total of $19,500 over three years – almost half the value of the car. If you simply want to keep your monthly payments low, then leasing a Model 3 is the more affordable option. Or, you could lease the car for a 36-month lease term, with $5,584 due at signing and an estimated monthly loan payment of $389. Tesla estimates that a 72-month loan term with a down payment of $4,500 would cost $549 per month with a 2.49% APR. Unless you’ve been saving up for a Tesla in advance, chances are you’ll take out a loan or a lease instead. Ownership CostĪccording to Tesla’s own figures, the total cost of a new Tesla Model 3 is $39,990, plus $1,200 in delivery fees, for a total of $41,190 due at signing. Buy: Which Option Is Best?įirst, let’s take a look at the pros and cons of leasing or buying a Tesla one by one - from pricing to performance. ![]() Get the latest in EV news and special offers delivered to your inbox.
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