Hyundai Tucson Plug-In Leases May Be A Bad Idea

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Buyers planning to lease the very first Hyundai Tucson plug-in hybrid may not be as good as they think. Although a government EV tax credit can bring the cost of the new SUV below $ 30,000, a dealer leasing bulletin shows that Hyundai intends to keep a significant portion of that savings to itself if you choose to lease it.

According to a Hyundai Finance leasing guide, the 2022 Tucson SEL PHEV offers just $ 1,750 in factory lease cash. The fully loaded Limited can give you access to $ 2,500. To put this in perspective, Hyundai says the SUV qualifies for a $ 6,587 electric vehicle tax credit. That’s over $ 4,800 in potential savings.

But that’s not all. These numbers are based on offers here in Southern California and certain zero-emission states. In a city like Denver, if you take a closer look, you will find that Hyundai does not offer any leasing money. This is a major disadvantage that could effectively punish vehicle buyers living outside of the CARB emission states.

While plug-ins offer some of the biggest discounts despite a shortage of inventory, the truth is that the tax credit is not guaranteed. It’s not a discount, and manufacturers can sometimes choose to keep the full value on leased vehicles. In this case, Hyundai’s proprietary finance company appears to be holding the difference.

This can have a huge impact on costs when comparing the plug-in to the Tucson Hybrid. On the east coast, Hyundai’s announced lease for the Tucson PHEV will start at $ 100 / month higher than the Hybrid. For comparison: those who receive the full tax credit may find the plug-in cheaper to buy.

To be fair, this isn’t the first time an EV or plug-in has had this quirk. As we reported earlier this year, Ford is not passing on a $ 7,500 tax credit for the hugely popular Mach-E Mustang. This is a completely different approach than the new Volkswagen ID.4 and could lead to significant savings potential.

Top EV, PHEV and hybrid leasing offers

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