Lease or Purchase EV Vehicle
Background: I’m deciding between 1) Purchasing a Tesla Y for approximately $57,000, $10,000 down, payment of $776.00 per month, 72-months, car weighs less than 6,000 lbs, 2) Lease a Audi Q4 Etron, $55,000 lease price, $10,000 down payment, $596.00/month, 3-year lease, car weighs less than 6,000 lbs. I file married with my spouse and our taxable income will be approximately $75,000 - $100,000. We are both realtors (independent contractors) and use the vehicle at least 70% of the time for business. Questions: 1) Which is would be a preferred option purchase or lease? 2) I know the Tesla Model Y will qualify for the $7,500 ev tax credit. Will I be able to qualify for this ev tax credit based upon filing as independent contractors and married couple? 2) IF I am to purchase the Model Y with a loan would I be able to depreciate $20,200 for tax year 2023, write off actual usage expenses (electricity charging fee, maintenance, repairs, insurance, etc), write off the interest paid and if there is any other applicable expenses I could write off (please list)? 3) IF leasing is the preferred option, I know the Audi Q5 Etron does NOT qualify for the $7500 tax credit. Would I be able write off the monthly payment of $596.00/month, actual expenses, would depreciation apply ($20,200 for tax year 2023), actual expenses (gas, maintenance, repairs, insurance, etc) 3) We will be purchasing or leasing either vehicle under our personal names (also our business names).
