Tesla Cybertrucks have joined the growing number of luxury EVs that can now be leased
Tesla now made Cybertrucks available for lease, but it’s unclear how much that will boost sales.Graham Rapier/Business Insider
Tesla Cybertruck, with a starting price of $80,000, is now available for lease.
Leasing an EV is a popular option, making up 46% of franchise EV sales, per J.D. Power.
Part of the reason is due to a tax credit program that the Cybertruck has been largely left out of.
Tesla is offering the Cybertruck for lease a year after the EV company made its first deliveries to customers.
Under a three-year lease with no down payment and 10,000 annual miles, leasing a Cybertruck costs $1,249 per month, not including taxes and fees, according to Tesla’s website.
The Cybertruck, which has a base MSRP of $79,990, makes up a small part of Tesla’s overall volume production, but it still plays an important role in CEO Elon Musk’s hopes to compete in the crowded pickup truck segment. In its third-quarter earnings report from October, Tesla reported that the Cybertruck reached profitability for the first time in less than a year since deliveries were made to customers in November 2023.
Leasing an electric vehicle has become a popular option for consumers. According to J.D. Power, a market research firm, 46% of EV purchases, not including Tesla, were leases in 2023.
EV maker Rivian said during its third-quarter earnings call earlier this month that 42% of vehicles sold were leased. According to Rivian’s website, the company’s lowest-priced vehicle is the R1T truck, which costs $69,900.
Over the last few years leasing became a popular financing option for EVs due largely to a $7,500 federal tax credit issued under the Biden administration’s Inflation Reduction Act.
Under the program, drivers buying an EV with cash or through a loan could be eligible for a $7,500 tax credit, making the overall purchase more affordable. However, the credit only comes if certain provisions are met, such as vehicle manufacturing requirements, whether the buyer remains under an income threshold, and if the vehicle’s price doesn’t exceed $80,000.
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However, leasing an EV offers buyers another way to take advantage of the tax credit program without meeting every requirement. Through what’s known as a “leasing loophole,” dealerships can receive the tax credit and choose to pass those savings on to the buyer or lessee.
Rivian said during its earnings call earlier this month that lessees make up a large population of those who take advantage of the tax incentive program.
But Tesla’s Cybertruck has largely been left out of the federal incentive program. A spokesperson for the Internal Revenue Service pointed BI to the Department of Energy’s website, which has a list of eligible vehicles under the federal program. The Cybertruck was not listed.
A Tesla spokesperson did not immediately respond to a request for comment.
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