2024 Cadillac LYRIQ Prices, Deals and Lease Options

Cadillac LYRIQ Tax Credit

The Cadillac LYRIQ is once again eligible for a $7,500 federal tax credit as of February 2024.

For a brief period at the start of the year, the EV lost the credit due to the LYRIQ's noncompliance with updated US Treasury guidelines. In that period, Cadillac offered buyers a $7,500 purchase incentive called the Ultium Promise Bonus.

When it comes to tax credits, we recommend checking with a tax professional to determine whether or not you qualify for the full amount.

If you're leasing, there is still an advantage. That's because a loophole allows automakers to circumvent the Inflation Reduction Act's strict requirements when EVs are leased.

In the case of the Cadillac LYRIQ, GM is inflating the vehicle's residual value as an alternative to offering a $7,500 discount.