The arrangement pertains to acquiring the use of a specific electric vehicle model, manufactured by a South Korean automotive company, within the geographical boundaries of a particular U.S. state. An example would be securing temporary possession of a 2024 model year vehicle, fully equipped, for a pre-determined monthly payment, while residing in Denver or Colorado Springs.
Such agreements offer multiple advantages, including reduced upfront costs compared to purchasing, the ability to drive a newer vehicle more frequently, and the potential for tax benefits. Historically, this type of arrangement has gained traction as electric vehicle technology advances rapidly, allowing individuals to experience the latest innovations without the long-term commitment of ownership. This arrangement has become increasingly popular due to manufacturer incentives and government rebates aimed at promoting electric vehicle adoption.