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Why Tesla Model Y tax credit inclusion is good for some and bad for others

Teslarati

The Tesla Model Y complete lineup was recently added to the IRS list of qualifying vehicles that will give buyers a $7,500 tax credit. While it may seem like the company’s huge price cuts coupled with the tax credit would be good for everyone, it spells bad news for competitors that offer comparable EVs in the same category.

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Honda believes it will outpace US rivals as its first electric SUV is available in all markets

Baua Electric

The new electric SUVs are based on GM’s Ultium platform. Honda Prologue Elite interior (Source: Honda) With the $7,500 EV tax credit, the 2024 Honda Prologue starts as low as $39,900. Are you ready to check out Honda’s new electric SUVs? The Honda Prologue is now available at most dealers, spanning all US markets.

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What EV Drivers Should Know About Leasing an EV This Year

Blink Charging

Although the $7,500 consumer tax credit for buying an electric car is becoming more restrictive for new vehicles adhering to specific manufacturing requirements , there’s a provision enabling consumers to still enjoy the credit when leasing an EV assembled outside of North America.

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Tesla supporters protest after IRA incentives shun popular BEVs, support hybrids

Teslarati

Based on the list of vehicles that qualify for IRA’s $7,500 tax credit, popular battery-electric cars like some variants of the Tesla Model Y and the Ford Mustang Mach-E will not be getting any incentives from the IRA at all. . However, a number of gas-powered hybrids actually do. — Elon Musk (@elonmusk) January 1, 2023.

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Honda undercuts Tesla Model Y after slashing Prologue EV lease prices to $399/mo

Baua Electric

Honda believes the Prologue hits the “sweet spot” of the electric SUV market at the right price. After kicking off production of its first global electric SUV in February, the Honda Prologue began hitting US dealerships in March. With the $7,500 EV tax credit, the 2024 Honda Prologue price falls as low as $39,900 (without destination).

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Best lease-to-own EV deals

Baua Electric

We found that current factory lease offers on 22 different EV models dispel that myth with terms that pass the entire commercial clean vehicle Federal tax credit to the lessee, enabling the lessee to eventually own the vehicle for thousands of dollars less than paying cash upfront or taking out a loan. Lease-to-own savings: $15,366.

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GM’s EV sales surge in back-to-back record months, narrowing gap with rival Ford

Baua Electric

In comparison, Tesla’s cheapest vehicle, the Model 3, starts at around $39,000, while the Cybertruck tops off the lineup at $100,000. Ford’s recent setbacks, including canceling its three-row electric SUV, could open the door for GM to top its US rival by the end of 2024. Meanwhile, surpassing Hyundai may be another challenge.

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