The current leasing deals for new EVs are pretty bad, and it appears that you don't need to itemize. In fact, the Gravity is squarely in the sweet spot for this type of thing. Let's see what automakers do in a couple months with deal pricing to get this to work...
Anyone in the market for a car will soon be able to write off fees for their purchase as a tax exemption. The Senate GOP-backed version of Trump’s One Big Beautiful Bill Act includes provisions that will make it easier to purchase a new automobile, though not all cars qualify. Ride and Write-Off
www.forbes.com
"What’s The Impact?
Cox Automotive’s chief economist Jonathan Smoke told CNBC the provision won’t make that much of a difference for low-income and middle-class households.
To make the most of the waived interest, one would need to take out a loan of approximately $112,000 to make use of the full $10,000 deduction, says Smoke.
According to Experian data, the average new car loan is $41,720, while the average new car loan interest rate is 6.73%. For loans of over $100,000, brands like Mercedes-Benz, Maserati, Aston Martin, Lamborghini, McLaren, and Porsche would meet the financial criteria, according to CNBC, but many wouldn’t even qualify, considering they’re foreign imports.
On top of that, most household incomes with new cars lean above-average, with the average household income (HHI) at $140,000 for an EV buyer, $115,000 for a new-vehicle buyer, and $96,000 for a used-vehicle buyer, according to Cox Automotive. It also predicts that 16.3 million new cars will be sold in 2025, but out of the vehicles soon to hit the road, only a few will net their owners a significant number in interest savings.
Realistically, the savings for the average household with this new tax credit will be relatively small, which Smoke noted would clock in at around $500 for the first year, with the value declining year after year.
