The clock was ticking on Jessica’s 2023 Volkswagen ID.4 lease. As October approached, she found herself in a familiar dilemma many drivers face: how to navigate a lease end and new car search. Her personal journey highlights why proactive planning with your auto broker is essential, especially when considering an EV lease – even for a Cartelligent employee.
The Lease End Dilemma: Weighing My Options
For weeks, I weighed three distinct paths for my next vehicle. Each option presented its own compelling arguments, alongside potential drawbacks that kept me from making a swift decision.
1. Waiting Until Lease End:
My current lease offered a significant perk: free charging, saving me approximately $100 per month. Plus, my current payment was low, and I genuinely enjoyed the Volkswagen ID.4. However, I knew prices were escalating, partly due to global supply chain issues affecting imported components, even for US-built vehicles. This meant waiting carried the risk of higher pricing or diminished incentives.
2. Extending My Current Lease:
The appeal here was maintaining my current vehicle and monthly payment for an additional nine months. Yet, this option meant losing my free charging benefit for the last six months, adding an immediate cost. More critically, I’d still face the uncertainty of market conditions when the extended term concluded, potentially facing higher costs for my next new car.
3. Leasing a New EV Now:
Leasing a new EV now offered the immediate advantage of capitalizing on current pricing and strong incentives. The primary concern, however, was sacrificing three months of free charging from my existing lease and needing to factor in the remaining payments.
The Game Changer: Understanding EV Incentives
I remained on the fence, analyzing the pros and cons of each option. Then, a critical piece of information emerged that shifted everything. I learned that the Inflation Reduction Act (IRA) passed the Senate as proposed, meaning that the $7,500 federal EV tax credit would disappear immediately for many new EVs, including the ID.4.
This insight was a turning point. Securing the EV tax credit was paramount. The path forward became clear: act now to take advantage of best EV deals.
My Decision: Why Acting Now Was The Best Move
With clarity, I decided to lease a new ID.4. I even opted to go up a trim level from the Pro to the Pro S. This allowed me to secure the specific color I wanted and gain the convenience of an automatic tailgate (major bonus). Knowing I maximized my opportunity to receive the EV tax credit, I’m confident in my decision.
Are You Ready To Act Now?
Navigating a new car search can be complex, especially with evolving incentives and new legislation. Don’t let changing market conditions catch you off guard. If you’re considering leasing a new car and want to secure the best lease offers, get the expert guidance from an insider to help you make the most informed decision. Simply complete the form at the bottom of this page, or click here to get started.
