Do I get a tax credit for leasing an electric vehicle?
09/9/2023 / Gail Alfar
The retro culture of gasoline cars and vintage gas stations sometimes stirs an emotional connection. I love old cars and old car culture, yet, I own a Tesla. How did that happen? In this article, I'll discuss my attachment to nostalgia and the unique sense of freedom on the open road—what I call my Bob Dylan "On The Road Again" mentality. I'll explore why leasing a Tesla to access the Tesla Supercharger Network has become more appealing, impacting thousands, perhaps even you. Lastly, we'll examine why leasing an electric vehicle may be your best option, and I'll recommend some smart choices.
My All-American Allure of Car Culture
I grew up in Missouri and North Dakota, where my father, a son of an Oldsmobile dealership owner, taught me to love cars. My uncle modifies BMWs for autocross racing and more. I learned to drive at 13 and have immersed myself in a delightful All-American car culture that fosters camaraderie and deep satisfaction in understanding and improving how cars run.
This passion is why I drive a Tesla. I love pulling up to a Supercharger on a lazy Sunday afternoon and chatting with other owners.
You Don’t Need to Own a Tesla to Charge at a Tesla Supercharger
Starting in 2024, owners of Ford, General Motors, Volvo, Polestar, and Rivian electric vehicles can charge at any Tesla Supercharger in the USA.
Elon Musk announced equal service for all vehicles with the appropriate adapter at Superchargers. If you pull up in an electric Ford Lightning truck next to a Tesla Model X, whoever arrives first gets the charge.
In a Twitter Space with Mary Barra, CEO of General Motors, Elon Musk said,
“It’s going to be really great for consumers, they will not have to worry about which plug, which socket, which charging station. and it will just work seamlessly. I think this will be a fundamentally great thing for the advancement of electric vehicles in North America.”
“I really want to reiterate to GM owners out there that Tesla is not going to do anything to prefer Tesla owners, and it really will be an even playing field. I think people should feel comfortable buying a Tesla or a GM car and we will provide support equally to both. The most important thing is that we advance the electric vehicle revolution.” - Elon Musk
Tesla Superchargers are simple and seamless. Once on a road trip, I pulled up to a Supercharger but I didn’t realize that the credit card on my account had been deactivated. But I pulled up and charged anyway.
It wasn’t until days later that I had a small message inside the Tesla App, saying I had a negative balance and asking me to update the card that was on file. Rather than leaving me in a precarious situation, Tesla was incredibly accommodating and allowed me to make the update after the fact.
Now that Ford, General Motors, Volvo, Polestar, and Rivian EVs can charge wherever the North American Charging Standard (NACS) is, it’s a great time for you to consider leasing an EV.
Why Leasing Through Xcelerate Could Be Your Best Option
There are many reasons to consider leasing an electric vehicle. I recommend leasing an electric vehicle that can charge at the Tesla Supercharging network or another NACS network. For an up-to-date look at where the NACS is, see the Tesla NACS Charger Adoption Tracker.
Thus, my recommendation is a Tesla, but if you’re looking at early spring 2024, I recommend widening your choices to include Ford or General Motors electric vehicles. This article will be updated if other vehicles join the Tesla Supercharging network.
Are You Eligible for a $7500 Tax Credit?
Leasing is a safe way to try out the electric vehicle lifestyle without committing to owning the vehicle.
Leasing can be a cost-effective option, especially if the lease incorporates the federal rebate and passes some, if not all, of those savings to you. Keeping the federal rebate part of the conversation front and center with any company you apply for a lease is a good practice.
I would suggest you consider filling out the electric vehicle lease application on the Xcelerate website. Xcelerate can provide you with a lease based on your qualifications so that they can “pass most of the tax credit along, as long as the customer qualifies based on the guidelines.”
Convenience Is Important When Owning an EV
For your convenience, safety, and speed of charging, I recommend the Tesla Supercharging Network, as it has a *99.95% uptime rate.
Keep your eyes open for when Ford and General Motors start to manufacture new electric vehicles that include the North American Charging Standard (NACS) connection within the vehicle. Current estimates are that both Ford and GM will manufacture vehicles incorporating the NACS in early 2025.
Until then, an adapter will be needed to access the Tesla Supercharger Network.
Read about Xcelerate’s electric vehicle lease options.
Read about Tesla’s Partnership with Ford. Tesla and Ford Join Forces to Accelerate EV Adoption: Supercharger Collaboration and NACS Integration
Read about Tesla’s Supercharging Partnership with General Motors. Elon Musk’s Talk on Tesla’s Partnership with GM to Provide Supercharging
*Tesla Impact Report 2022 p70 which highlights the quality of Tesla Supercharging.