shawnbrig said:
My reason for leasing is the tax credit. I make less than $50,000 a year and if I purchased I would probably be able to maybe $1000 out of the $7500 credit. Between regular deductions and credits for college tuition if I had purchased last year I would have gotten back $0 Dollars in tax credits LOL. I can see if your someone who makes "a good amount" of money and has to pay the government over $7500 in taxes after your deductions, a purchase would work for you. As a side note, I got the call, and pick up is this evening from 6-8 it will probably be shorter, service is closed, and financing complete.
I wasn't sure about this, so I looked at the actual IRS instructions.
http://www.irs.gov/pub/irs-pdf/f8936.pdf
and also http://www.fueleconomy.gov/feg/taxevb.shtml
It looks like you need to have a net tax liability of $7500, after any 'Personal Credits' (i.e. Foreign tax credit, Credit for child care expenses, education credits, or Retirement savings credits), to use up all of the EV Vehicle credit.
So if you only are paying $1000 in taxes for the year, you only get $1000 in credit. This is the actual tax, not how much left owing after withholding. If you have paid over $7500 in federal income tax, you get the full amount credited.
So indeed, if you have lower income or have a lot of education, child care, or retirement savings credits, you may be better off leasing to get the full benefit.
It's too bad that Texas has the double tax on the leases. Just about every other state has a better deal.