The federal government’s $7,500 electric vehicle (EV) tax credit is gone, and leasing a Tesla is becoming more expensive.
The tax credit sunsetted last night, eliminated by the so-called “one big beautiful bill act” passed this summer.
All Tesla products qualified for the discount when leased. Tesla’s financing arm built that into its leasing calculations. With the government discount gone, the company is raising lease prices to compensate.
Reuters reports, “The monthly lease of the electric vehicle manufacturer’s best-selling Model Y increased to a range between $529 and $599, from a range of $479 to $529.” Model 3 prices rose similarly, from a $349 to $699 per month range to between $429 and $759 per month.
Purchase prices for the cars remain unchanged.
Not every automaker is raising payments due to the loss of the credits. General Motors and Ford are pursuing a workaround that may let their dealers continue offering it on some leased cars through the end of the year.
