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2024 Cadillac LYRIQ Pre-Tax Credit EVs Have A $2k Discount

Cadillac is giving EV buyers a better reason to choose a LYRIQ that doesn't qualify for the tax credit. Based on bulletins sent to dealers, some 2024 Cadillac LYRIQs built before the EV regained eligibility for the federal tax credit now feature an extra $2,000 discount off MSRP in some regions when leased.

On April 19th, 2024 Cadillac LYRIQs became eligible for a "Select Market Incremental CCR Program" worth $2,000. But the fine print also happens to say "excludes R7T." What this means is that LYRIQs produced before the model became eligible for the $7,500 tax credit feature an additional $2,000 off when leased.

2023 Cadillac LYRIQ EV silver color front view

That's an unusual quirk that could make some LYRIQs better to lease than others. Here, choosing an older unit from a dealer's stock could get you a lower lease payment. As CarsDirect reported earlier this month, 2024 Cadillac LYRIQ lease pricing was cut to just $499 per month, the lowest that we've ever seen.

The downside is that not every LYRIQ will qualify, and the only way to know may be to ask your local dealer and examine the window sticker carefully. Cadillac is continuing to offer $7,500 in Ultium Promise Bonus Cash on purchases of these "pre-tax-credit LYRIQs" to help compensate for the difference in pricing.

Confusingly, Cadillac isn't offering a $7,500 discount on leases but is instead opting to inflate residual values. Based on a Cadillac leasing guide, this could effectively translate to $7,500 in savings on a lease. With the additional $2,000, it could be fair to interpret that as equating to around $9,500 off MSRP.

The extra $2,000 in capitalized cost reduction (CCR) is available through April 30th in select regions only. Some of the areas where you can get the deal include Baltimore, Boston, the state of California, Cleveland, Miami, the state of Michigan, New York, Seattle, Tampa, the state of Texas, and Washington D.C.

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      As CarsDirect’s resident pricing expert, Alex offers must-know analyses of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured by The Wall Street Journal, Fox Business, Motor Trend, Automobile Magazine, and more.

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