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The Tesla Model 3 Highland was recently introduced in North America. Tesla Model 3 Highland leases are more reasonable because of a loophole in the Inflation Reduction Act pertaining to commercial vehicles.
Tesla Model 3 Highland Leases Qualify For IRA Tax Credit Loophole
As customers browsed the new Model 3 Highland configuration page, a few noted that Tesla had incorporated a $7,500 leasing offer. The Texas-based automaker stated that the $7,500 EV lease incentive would be spread over the lease duration, as per Teslarati.
Tesla determined that Model 3 Highland lease payments would be $329 per month, excluding taxes and fees. After factoring in potential savings, the monthly leasing payments drop to $246.
The IRA loophole that Tesla uses for Model 3 Highland leases is not new. In fact, Car and Driver reported on it a year ago. The IRA's tax credit conditions for business automobiles contain a loophole. Commercial cars do not have the same eligibility standards as electric vehicles purchased for personal use.
EVs eligible for the full $7,500 tax credit must meet the IRA's assembly and battery standards. The IRA's assembly and battery restrictions do not apply to commercial cars. According to the Treasury Department, leased automobiles can be deemed business transactions because they do not transfer ownership of the vehicle to the lessee. In summary, a leased car might be considered a commercial vehicle.
If the Tesla Model 3 Highland is leased, it might be classified as a business vehicle. As a result, Tesla Model 3 Highland purchasers may benefit from the $7,500 IRA credit.
Tesla Launches Model 3 Highland in North America, Reveals Early 2024 Delivery Estimates
Tesla's Model 3 Highland is now available in the United States, Canada, Mexico, and Puerto Rico. The carmaker has updated the Model 3 order page, disclosing that delivery estimates for the refresh units are from January to February 2024.
Tesla has introduced the Model 3 Highland RWD and Dual-Motor AWD models in North America. The RWD models begin at $38,990, while the Model 3 Highland Dual-Motor AWD costs $45,990 before options.
Photo: Manny Becerra/Unsplash
