North America has seen the release of the Tesla Model 3 Highland, with an unexpected lease incentive that makes it more accessible. A feature of the Inflation Reduction Act has been leveraged to offer commercial vehicle leases a significant price reduction.
Substantial Lease Incentive Discovered
Upon examining the fresh Model 3 Highland’s leasing options, patrons discovered a notable $7,500 discount being offered. Tesla has clarified that this sum will be evenly applied throughout the tenure of the lease agreement.
The computations from Tesla suggest that, prior to taxes and additional charges, the monthly leasing rate for the Model 3 Highland would be set at $329. Taking into consideration anticipated savings, the monthly charge effectively reduces to $246.
Exploring the IRA Loophole
The commercial vehicle tax credit loophole utilized by Tesla for the Model 3 Highland leasing isn’t a recent development, having been highlighted by automotive media in the past year.
Under the Inflation Reduction Act, commercial vehicles bypass certain requirements that personal-use electric vehicles must meet. These include specific assembly and battery criteria that are mandatory for non-commercial EVs to qualify for the full $7,500 tax credit.
The U.S. Treasury Department recognizes leased vehicles as commercial transactions since ownership isn’t transferred to the lessee. Hence, the Model 3 Highland, when leased, fits the definition of a commercial vehicle and is eligible for the tax credit.
