Nissan lowers the Leaf's rental price after new tax credit rules for electric vehicles
Between slumping sales and being cut off from the $7,500 car tax credit, Nissan had to do something to breathe a little life into the aging Leaf EV. From April 18, new rules about sourcing battery materials under the Inflation Reduction Act meant that paper buyers could no longer take advantage of the discount.
According to Automotive News, to help combat that and the growing number of more efficient electric vehicles, Nissan decided to drop the monthly payments on the base sheet to $309. That's a $20 decrease from the previous rate for a 36-month lease. So, if you add it all up throughout a three-year lease, you save $720. That may not sound like much, but Nissan is also forgoing Leaf payments by 21 percent to $1,999 just because of the signing, AutoNews reports. This sweetens the deal a bit.
"We're looking to make sure we offer good value, but we're also competitive in the market," Nissan spokesman Brian Brockmann told Automotive News.
The loss of the electric vehicle tax credit comes at a tough time for the long-toothed paper. It has struggled to keep up with more recent and longer-range competitors. The outlet reports that sales of the Leaf, one of the cheapest electric cars on the market, peaked in 2014 at 30,200 units. They've come a long way since then. In 2022, Nissan sold only 12,025 Leaf, a 16 percent decrease from the previous year. The replacement will come in a few years, so Leaf must keep fighting until then.
It may seem strange that the paper loses its tax credit. After all, it's built, and the batteries are sourced from Smyrna, Tennessee, but more is needed. AutoNews says that under the new rules, to qualify for the full $7,500 credit, at least 40 percent of the value of an EV battery's restorative materials must be extracted or processed in the United States or in a country where the United States has a free-trade agreement, Or from recycled materials in North America. Furthermore, at least half of the battery's component value must be manufactured or assembled in North America. This is just the beginning. The outlet reports that by 2027 that number should be 80 percent, and by 2029 100 percent of the battery should meet those standards.
"Nissan has not yet been able to certify that it meets the new battery components and basic material requirements," Brockmann told the outlet. "We are working closely with our suppliers and hope the paper will qualify for particle credit, at least in the future.
Even without the tax credit, the Leaf is still one of the cheapest electric cars on sale today, starting at just $29,139 (including destination).
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