kona EV and Inflation reduction act

[Bruce Jankowitz]

Hi,

Thinking strongly about purchasing my leased Kona EV at the end of my lease (early next year). Figured this qualifies as purchasing a used EV from a dealer. Is this correct and does this qualify for the credit?

 

[OzKona]

Hi,

Thinking strongly about purchasing my leased Kona EV at the end of my lease (early next year). Figured this qualifies as purchasing a used EV from a dealer. Is this correct and does this qualify for the credit?

Sounds logical, but it would no doubt depend on the jurisdiction you live in.

 

[Bruce M.]

Did you not get the credit at the start of your lease? When I leased mine they credited it as part of the downpayment.

 

[Jim Matthews]

Hyundai leases are held by HMFUSA - you purchase from them, not a dealer. (I similarly converted my KIA Niro lease, most of my paperwork had the HMFUSA return address.)

 

[Glenn Gordon]

Konas and the rest of the Hyundai EVs are made in Korea, so it may be difficult to get the rebate on them here.

 

[Genevamech]

Thinking strongly about purchasing my leased Kona EV at the end of my lease (early next year). Figured this qualifies as purchasing a used EV from a dealer. Is this correct and does this qualify for the credit?

(Not financial advice)

I would not expect buying out a vehicle you're leasing would qualify. The "original use" of the vehicle must have occurred with an individual other than the one claiming the credit, and even though you are technically not the original owner, you are the original user. If this were permitted, anyone with an EV more than 2 years old could sell their car to a dealer, immediately buy it back, and split the $4K with the dealer. What a scam that would be!