- The Nissan LEAF is the most affordable EV in the United States.
- It qualifies for the tax credit because the vehicle and battery are manufactured in Tennessee.
- Nissan will phase out the LEAF in the next few years in favor of a larger SUV EV.
The time to buy a 2024 Nissan LEAF is now. The newest model of the longest mass-produced EV is eligible for the $3,750 EV tax credit through the end of 2023.
How to Get the Tax Credit
The Inflation Reduction Act EV tax credit has specific requirements. Drivers who apply for the tax credit must purchase the 2024 LEAF by December 31, 2023. They must also meet the requirements in the Internal Revenue Code Section 30D. The code has several requirements, including that drivers must use the EV for personal use and drive it in the United States.
Drivers must also meet financial requirements. Married couples must have an adjusted gross income under $300,000. Heads of households cannot exceed $225,000, and other filers must have adjusted gross income under $150,000.
Why the LEAF Qualifies for the Tax Credit
The 2024 LEAF qualifies for the $3,750 tax credit because it satisfies the battery component portion of the Inflation Reduction Act. The battery component and the LEAF itself are assembled in Smyrna, Tennessee.
Since the LEAF debuted in late 2009, the electric vehicle has been one of the most affordable EVs on the market. It has a low drag coefficient, making it incredibly efficient. While it has a smaller battery and range than the newer EVs, it’s still an attractive option for drivers needing an efficient around-town car.
Get the Low-Cost EV Before It’s Too Late
Adding the $3,750 tax credit makes the EV even more affordable, especially for drivers who aren’t ready to spend over $40,000 for a new car. The MSRP of the 2024 Nissan LEAF S is $28,140, and the LEAF SV Plus has an MSRP of $36,190.
The Nissan U.S. Sales and Regional Operations Divisional Vice President, Judy Wheeler, said, “For more than a decade, the LEAF has been one of the most attainable electric vehicles on the market. Eligibility for part of the federal EV tax credit puts LEAF within reach for even more customers who are ready to make the switch to an EV.
For comparison, the lowest-priced Tesla Model Y is $43,990. This bare-bones Tesla qualifies for the $7,500 tax credit, but even after the tax credit, the 2024 LEAF is less expensive.
Sadly, Nissan will stop producing the LEAF in the next couple of years. Rumor has it that the automaker will replace it with a larger SUV EV in 2026. The replacement EV will have a larger battery, and probably a heftier price tag.
SOURCE | IMAGES: NISSAN
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