- MemberDecember 30, 2022 at 8:07 am
The Treasury Department has struck another blow to Aptera by recently announcing that leasing EVs qualifies for the $7,500 tax credit for cars meeting the price standards. This ruling most likely do to pressure from overseas EV manufacturers left out of the original criteria and some U.S. manufacturers who have exceeded sales of EVs to the point that they are no longer qualified for the rebate. (GM, Tesla)
https://www.yahoo.com/news/u-treasury-says-consumer-leases-160638057.htmlThe Treasury Department has struck another blow to Aptera by recently announcing that leasing EVs qualifies for the $7,500 tax credit for cars meeting the price standards. This ruling most likely do to pressure from overseas EV manufacturers left out of the original criteria and some U.S. manufacturers who have exceeded sales of EVs to the point that they are no longer qualified for the rebate. (GM, Tesla)
- This discussion was modified 3 weeks, 6 days ago by bbelcamino.
- MemberDecember 30, 2022 at 9:20 am
I am not picking anything new, or at least unanticipated from this piece. I admit I don’t understand the distinction between “consumer credit” and “commercial credit” that the article brings up.
Generally speaking, the IRAs agency in increasing uptake of EVs is good and the pressure it applies to bring the tech base to build those EVs in the US is good also.
I don’t see this latest news as any kind of a death knell to Aptera. The IRA is an unfortunate counter weight to Aptera’s success but no more so now than it has been. The big, moneyed interests are the assured winners; same as with most everything else that comes out of Washington.
- MemberDecember 30, 2022 at 11:20 am
I need to dig up the actual treasury statement, but if I just read the yahoo article, this is actually GREAT news for Aptera, as in perhaps on a lease, it will get the $7500 tax credit (not on a purchase).
The article states:
The U.S. Treasury Department said on Thursday that electric vehicles leased by consumers can qualify starting Jan. 1 for up to $7,500 in commercial clean vehicle tax credits
Since this is clearly a work around for many other requirements and the fact that Aptera is an Electric Vehicle, and on a lease, it is a commercial purchase, it should be eligible, even with 3 wheels.
Of course, as I tell others, the devil is in the details. I’d like to find the actual treasury ruling on this since frequently, stuff is left out.
Also, I heard this morning that the Tesla Model Y is out, its not classified as an SUV unless its a 7 seater and because of this, it has the lower MSRP cap which it is over. As a 7 seater, it does qualify.
- MemberDecember 30, 2022 at 2:33 pm
So technically, I could lease an Aptera, qualify for the tax credit, then opt to purchase the vehicle at the end of the lease. Not sure if that’s viable, just tossing the idea out there.
- MemberDecember 30, 2022 at 10:20 pm
Given that my hypothesis that this potentially could open up Aptera for a credit, and if so, and if Aptera creates Aptera Finance (no normal lease company will do these leases) then yes, you could.
What the Treasury Department announced is consumers can in fact get the $7500 credit applied to a lease of an EV that does not qualify for other reasons, such as not made in the US, doesn’t meet battery specs, etc.
Because in a lease, the actual purchase is done by a business, the finance company, not the individual, it qualifies under the business terms which are far more lenient now than the purchase terms.
So, if a whole bunch of stars align and that alignment doesn’t cause a Tsunami, then yes, you should be able to lease for 3 years and then buy it.
- MemberJanuary 25, 2023 at 5:50 am
Have we moved forward at all on this issue? Any chance we will be qualified by the time the launch version starts shipping?
- ModeratorJanuary 25, 2023 at 6:53 am
I’ve heard nothing. The current law excludes many vehicles, including all 2 and 3 wheeled ones. What do you think the chances are a new EV tax law will get passed in time in this congress?
- MemberJanuary 25, 2023 at 7:52 am
The money doesn’t go to the consumer nor does the dealership have to give the credit to the lessee, since the dealership owns the car it goes straight into the pockets of the dealerships owner. It will not be passed on to the consumer.