AUTO

Is The 2024 Nissan Leaf The Most Affordable Electric Vehicle with Inflation Reduction Act Tax Credits?

March 15, 2024

The 2024 Nissan Leaf, priced at $29,280, is the only electric vehicle under $30,000 in the U.S. With the $3750 federal tax credit, it can now be bought for under $26,000, making it highly affordable.
To qualify for the federal tax credit, the Leaf must be built in 2024 and purchased after March 6th, meeting requirements set by the Inflation Reduction Act.
Compared to discontinued models like the Chevy Bolt EV and EUV, the 2024 Nissan Leaf offers significant value, priced as low as $25,530 after the incentive, outmatching competitors like the 2024 Mini Cooper SE and the 2024 Hyundai Kona Electric.

Affordability remains a key factor in enticing consumers to make the switch from traditional combustion engines. Exciting news has emerged for those interested in electric vehicles (EVs) as Nissan maintains to lead the market with the 2024 Nissan Leaf as a budget-friendly option.

With an MSRP starting at $29,280, the 2024 Nissan Leaf stands out as the sole electric vehicle priced under $30,000 in the United States. However, Nissan has taken a decisive step to further sweeten the deal for consumers, making the compact electric hatchback available for less than $26,000. This enticing price adjustment comes as Nissan announces the reinstatement of the partial $3750 federal EV tax credit for eligible Leaf models.

To be eligible for the tax credit, the Leaf model must have been built in 2024 and purchased on or after March 6th. Additionally, purchasers must fulfill all the requirements outlined in the Inflation Reduction Act. This move by Nissan reinforces its commitment to making eco-friendly driving accessible to a wider audience while adhering to regulatory standards.

Previously, the Nissan Leaf benefited from a federal incentive equivalent to half of the full $7500 tax credit. However, this incentive expired on December 31st, so Nissan had to recertify its battery components to comply with the Inflation Reduction Act. With this recertification now complete, the 2024 Nissan Leaf joins a select group of electric vehicles eligible for federal credits, with only seven models qualifying for the full $7500 credit.

In terms of affordability, applying the federal incentive brings the cost of a new 2024 Nissan Leaf down to as little as $25,530. This places it significantly below competing models such as the 2024 Mini Cooper SE, which starts at $31,895 but does not qualify for federal tax credits.

In the wake of the discontinuation of the Chevy Bolt EV and EUV, the competition for budget-friendly EVs has dwindled. The 2024 Nissan Leaf emerges as a frontrunner, particularly considering alternatives like the 2024 Hyundai Kona Electric, priced at $34,050 without federal incentives. The 2024 Fiat 500e, priced at $34,095, may offer competition upon its release, although its tax-credit eligibility remains uncertain.

Despite the allure of models like the Tesla Model 3, which starts at a higher price point, only the Performance variant currently qualifies for federal tax credits. As such, the 2024 Nissan Leaf solidifies its position as a compelling choice for budget-conscious consumers seeking to embrace electric driving without breaking the bank.