Leasing has become the preferred way for Americans to get behind the wheel of a new electric vehicle. Leasing accounts for 48.7% of sales, while financing went down to 34.7%, followed by cash with just 16.6%.
The shift toward leasing is a market-wide trend, but the EV sector saw the biggest change in this direction. The percentage of leases attributed to EVs in Q2 2024 was 16.5%, while in Q2 2022 it was 11.0%.
When it comes to EVs, the proliferation of more budget-oriented models, higher inventory levels and the fact that the $7,500 federal tax credit can be applied to any EV when leasing, not just American-made ones, were the main factors at play.
