Last week we shared some details about the updated incentives for purchasing a new electric vehicle, but there are still savings to be had if you’re in the market to lease an EV or buy used.
If the car you’re interested in is still eligible for the federal tax credit (see here), it’s possible that dealers may pass along the value of the tax credit along to consumers in the form of attractive lease offers. However given the demand for electric vehicles at the moment, that may or may not be the case depending on the car and dealership. Leasing may make more sense if the vehicle you want is one of the many no longer eligible for the federal tax credit, as there is no longer the strong incentive to purchase outright. InsideEVs has put out a helpful feature on the most attractive lease deals available for a variety of electric cars. Either way, consumers can still get a $2,500 rebate through the Massachusetts MOR-EV program for leasing an electric vehicle for at least 36 months. Once the recent MA Climate Bill goes into effect, this rebate will increase to $3,500. More information and a list of currently eligible vehicles can be found here.
If you’d like to buy a used EV, there will soon be tax credits available at both the federal and state level. The MA Climate Bill has extended rebates to used vehicles under the MOR-EV program, but the amount and effective date are still to be determined. In addition, starting in 2024 there will be a tax credit of up to $4,000 available under the Inflation Reduction Act for qualifying used EVs. Green Newton will continue to update information on our website as it becomes available.