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So you are ready to place an order for your new Tesla Model Y or Tesla Model 3 and due to the EV Tax Credits, you are not sure if you should lease or buy. I'm here to help you with the decision and provide you some compelling details on the numbers behind both options.

First and foremost, you need to determine if you qualify for the EV Tax Credits that are a part of the Inflation Reduction Act of 2022. These new tax credits allow all Tesla Model Y's and Model 3's to qualify for the full $7,500, assuming your income is qualified. These credits will potentially be changing once the Secretary provides input on the Battery Critical Minerals and Components requirements some time in March 2023.

Until then, all Model 3's and Model Y's get the full $7,500. If you do qualify, you want to consider the implications of leasing vs buying. If you lease, you don't get the credit. The bank that is funding your lease gets the tax credit and they have the option to apply some, all or none of that credit to your lease. In the case of Tesla, they are applying most or all of the credit to the lease payment, which is why the Model 3 SR+ is leasing for a low cost of $349/mo.

On the other hand, if you buy, you will get that $7,500 back at time of filing your 2023 taxes, which can then help to offset the full cost of the car. That said, you won't be seeing that $7,500 until 2024. Starting in 2024, this will be a rebate at time of sale, meaning you would get that credit the day you take delivery off the price of the car.

Next, we look at the total cost of the lease and the purchase over the next 3 years. Using Tesla's default financing options, you would be looking at $349/mo for the lease with $4,500 down and $652/mo for the loan with $4,500 down. Both require the same down payment, and the lease seams so much cheaper. The lease is actually cheaper, but only when you consider the cost of the payments and the down payment together.

At the end of the lease, you have nothing to show for it. You have paid roughly $17k to rent a Tesla Model 3 and have $0 or assets at the end of that 3 years. On the other hand, if you buy the same Model 3, you would spend a little over $20k after the rebate is factored in over that same 3 years. You would still own the Tesla, and have an outstanding balance just over $21k.

But what is a 3 year old Tesla Model 3 worth? Well, when we look at the market today, we can see that a clean used Model 3 SR+ is currently selling between $31-35k. So that means after spending $3k more over 3 years, you would have about $10k in equity in the car.

This makes the purchase a way better deal in the end. Tesla Model 3's continue to be extremely popular and they have a strong market. That all said, the market fluctuations for Tesla's can be extreme, in both directions. Because of this, there is risk involved in this math and the market today does not necessarily reflect what the market will be in 3 years.

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