Incredible Lease Deals – Electric Vehicles

Electric vehicle leaseElectric vehicles (EVs) are hot right now but not quite as hot as car companies, the Federal government, and state governments want.  The government wants millions of EVs on the road in the next few years to help reduce fuel dependencies and environmental damage.

After a bit of a slow start, electric vehicles are picking up steam, particularly now that there are multiple brands to choose from and more styles from basic to luxury. However, to give customers additional incentive, car makers are offering big price cuts and special low-payment leases — on top of the huge $7500 tax credit being offered by the U.S. government. Note that the $7500 is a tax credit (comes right off the top of your tax bill) rather than a tax deduction, which has a much less significant effect.

Some states such as Georgia, California, Colorado, West Virginia, Utah, and Illinois have additional state tax incentives for EV buyers and leasers. And some states exempt sales tax on electric vehicles. In some of these states, the incentives phase out over time.

Then, of course, there’s the huge gas savings ($0 cost) that comes with EV ownership.

Leases on EVs are particularly attractive because the $7500 tax credit is already built in. You see, the credit goes to the car’s owner, which is the lease finance company. They, in turn, discount the price of the car by that amount when calculating the monthly lease payment. In other words, you get an immediate benefit from the credit by leasing.

If you buy the same car, you pay and finance full price and only get the $7500 credit next year when you file your taxes.  Leasing is the only way you get the credit at the time acquire a car.

Let’s look at some of the best EV leases currently available:

Honda is offering an incredible lease deal on its Honda Fit EV at only $259/month for 3 years, with nothing down, and free maintenance. Unbelievably, they also pay for collision insurance coverage with no deductible. The customer must buy liability coverage as required by laws in his state. The deal also includes roadside assistance and navigation system updates. If that weren’t enough, they also provide a free 240-volt home charging station although the customer must pay for installation. What a deal!

Nissan is also offering a leasing super-deal on its Leaf EV. The lease deal is $199/month for 3 years, with $1800 down payment and first month’s payment due at time of signing, plus any official tag and title fees. The MSRP sticker price is $29,650 on this vehicle but the lease is based on a highly discounted price of only $19,631 which includes the previously discussed $7500 federal tax credit. This is an excellent deal.

Chevrolet currently offers a special lease deal to residents of Oregon and California on its Spark EV. The deal is $199/month for 36 months and is based on the $7500 tax credit discussed earlier. If the program is successful, expect to see it rolled out to additional states later this year.

Chevrolet also has a sweet lease deal on its Volt, an almost all-electric. The deal is $199/month, 36 months. Even though it has a small gas engine to help recharge the battery it still is classified as an EV and qualifies for the $7500 federal tax credit, which is included in the lease deal.

Ford is leasing the Ford Focus EV for only $284/month with $929 due at signing, which includes first month’s payment. It’s a 3 year lease based on a $11,750 price reduction and allows 10,500 miles a year. A very good deal.

Fiat has a new electric version of its popular 500, called the 500e. Although there are no special lease deals at the time of this writing, we expect to see something soon.

Toyota has a “plug-in” version of its successful Prius hybrid. It’s not pure EV, but a mix between an EV and conventional hybrid. It qualifies for a $2500 federal tax credit.

Mitsubishi’s electric vehicle is the i-MiEV.  Although it can be leased for only  $221/month, 36 months, and $3445 due at signing, the deal apparently doesn’t include the full $7500 federal tax credit.

Tesla currently offers a high-end luxury EV car that has been named Car of the Year by car magazines and is Consumer Report’s highest rated vehicle, ever.

Now that there is competition in the EV market, buyers and leasers can expect to see continuing incentives from dealers, car companies, and governments. In most cases, the special lease deals on EVs require that customers have a good credit score. Therefore you should know your most recent score before you visit a car dealer.  If you don’t know your current credit score and rating, you can get it online quickly and easily. What’s your FICO score? Find out now when you check your credit report for $1 at Experian.com!

If you are interested in a money-saving deal on an EV, now is a good time to shop.

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