Nissan announced its long-running EV is eligible for a partial tax credit.
If you’re looking for a new electric car that costs under $30,000, your options are limited to just one model: the Nissan Leaf. And now, the automaker says you can actually pick one up for even less thanks to a partial $3,750 federal EV tax credit.
Under the Inflation Reduction Act, the $7,500 incentive is broken into two chunks, based on whether a certain share of the battery’s “critical minerals” and other components are manufactured or assembled in North America. The 2024 Nissan Leaf meets one of the requirements, opening it up for half the tax credit, but there is a catch: You have to buy a Leaf on or after today, March 6, that was also built in 2024.
Nissan assembles the Leaf and its battery in Smyrna, Tennessee.
The IRA’s restrictions mean several automakers including Volkswagen (and now Nissan) have had to go through recertification that battery components meet the updated requirements. That’s left some models in limbo as to whether or not they could get the tax credit. (Volkswagen of America, for its part, confirmed the ID.4 would once again receive the full $7,500 tax credit.)
Thanks to the Chevy Bolt’s discontinuation and the ineligibility of the Mini Cooper SE for the tax credit at all, the 2024 Nissan Leaf is the least expensive new EV by a wide margin. Taking the $3,750 credit into account, you can feasibly buy the base S model for around $25,000. While it’s an appealing price tag, there are a couple considerations: The Leaf is getting fairly long in the tooth by now, and Nissan reportedly plans to phase the model out sometime in the next couple years. Still, if you’re looking for a cheap EV, they don’t come any cheaper than this right now.
If you want to save a bit more money, Nissan says those who lease a 2023 or 2024 Leaf will get another $3,750 incentive, bringing the total savings up to $7,500, which will definitely create more compelling monthly payment options.
