EV buyers in the US are immediately feeling the effects of the end of the federal tax credit as Tesla increases leasing prices. The company, however, has launched a new lease discount to help cushion the effect.

The Model Y and Model 3 are now 11 percent more expensive to lease, post the federal EV incentive. The electric Model Y SUV, which was leased for between $479 and $529 per month, now costs up to $599. Similarly, the Model 3 now leases for between $429 and $759, up from between $349 and $699. All the prices are calculated with a $3,000 deposit and for a lease period of 36 months.

Tesla notes on its website that the monthly lease prices above are inclusive of the $6,500 Tesla lease credit. On paper, it means customers will have to pony up the $1,000 shortfall now that the $7,500 tax credit is no longer available.

Tesla also states that “order does not guarantee eligibility,” meaning not all lessees will get the bonus.

While Tesla hopes to maintain demand with the new discount, it is evident that its profit margin will be affected. However, it is not the only EV maker reacting to the expiration of the federal incentive. Ford and GM have devised a method to extend the $7,500 lease savings for at least a few months.

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David Odejide – Tech Writer – 268 articles published on Notebookcheck since 2024

Building on my first degree in Mechanical Engineering and a second degree in Environmental Management (Energy), I have carved a niche as a Content Strategist/Business Developer in the solar industry and writer on electric vehicles and renewables (solar, wind, onshore, offshore, etc.).
My articles have appeared in print, on media websites, and corporate blogs. I have produced hundreds of video scripts for popular YouTube channels on EVs and sustainability.
I will bring unique insights to trends and news from the EV and renewable energy industries, based on more than a decade of following and writing about them.
In my spare time, I manage one of the largest LinkedIn groups for wind energy professionals. I also like to get lost in Scotland’s natural beauty.