Does anyone know how the new $ 5,000 EV rebate in New Jersey would affect lease prices? Would the full $ 5,000 go towards a downpayment? Or does the leasing company keep a portion of the rebate? (If anyone has another EV lease in other states with rebates please let me know your experience).
New $5,000 EV rebate in New Jersey
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From what I have read, a Ford exec at the LA auto show said that they would have a lease-like product on the Mach-E that would actually be a 4 year loan with the option to return the car at a predetermined price like a lease. This product would title the car in the customer's name so the customer gets all the rebates. Another individual who works for Ford piped up with a little more detail saying it would likely be 47 regular payments with a balloon payment at the end. The last payment could be paid by returning the car, paying cash for the balloon payment, or get another loan for the balance.
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I hope this helps:
"S2252 Section 5 b. A seller or lessor of an eligible vehicle shall provide a purchaser or lessee the option to have the amount of the light duty plug-in electric vehicle incentive deducted from the final negotiated and agreed upon sale or lease price of the eligible vehicle..."
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More info about New Jersey incentives for electric vehicle purchases:
if effect now:
- the 7% sales tax is waived.
- 10% discount applied to off-peak toll pricing on NJT and GSP (must apply through EZ-Pass)
- HOV lane use (in certain areas only)
if effect once the incentive program is in place (i believe they have 180 days to work out the details):
- up to $500 toward the installation of a home charger (sales tax waived on this too)
- up to $5000 rebate incentive for vehicles with a MSRP of $55,000 and under. (whether this is base MSRP or after options has to be clarified)
- the rebate can be applied towards the purchase/lease.
More information should be available when the incentive program details are finalized. check --> www.drivegreen.nj.gov for updates.
if effect now:
- the 7% sales tax is waived.
- 10% discount applied to off-peak toll pricing on NJT and GSP (must apply through EZ-Pass)
- HOV lane use (in certain areas only)
if effect once the incentive program is in place (i believe they have 180 days to work out the details):
- up to $500 toward the installation of a home charger (sales tax waived on this too)
- up to $5000 rebate incentive for vehicles with a MSRP of $55,000 and under. (whether this is base MSRP or after options has to be clarified)
- the rebate can be applied towards the purchase/lease.
More information should be available when the incentive program details are finalized. check --> www.drivegreen.nj.gov for updates.
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