Last February there were nine EVs that leased for an average monthly cost of under $400 before tax and license. Since then, factory incentives have become even more attractive, and now four of those nine are leasing for under $300/month. A fifth EV, one that leased for over $400/month back then, has plunged into the sub-$300 club after a $120/month cut in cost.
Under $300/month is notable because many people spend more than that on gas, and, depending on where you get your electricity from, switching to an EV could offset most or all of the cost of the lease.
Have EV leases bottomed yet? Maybe. There are signs of it in a few of these offers, but at this point only time can tell. In any case, these five electrics have some of the best lease terms we’ve seen in years, perhaps ideal for drivers yearning to start their electric transition with minimal financial commitment.
1. 2024 Hyundai Kona Electric SEL – $234/month
At $199/month for 24 months and $1029 to start, the Hyundai Kona Electric has an average monthly lease cost that’s 35% less than when the second-generation models first reached our shores earlier this year. In well-equipped SEL trim (MSRP $38,050), the redesigned front-drive five-passenger crossover carries 25.5 cubic feet behind its rear seats, travels 261 miles on a full charge and scoots from zero to 60mph in 6.7 seconds.
Curiously, the Kona Electric in SE trim (MSRP $34,050) leases for $28/month more than the SEL despite being $4000 cheaper on a purchase. So those willing to settle for the base model’s relatively mild 8.7-second 0-60 time and below-average 200-mile range in an effort to save a bit of money should consider buying rather than leasing, especially since Hyundai’s rebate on a purchase matches the $7500 incentive that contributes to the amazing lease rates.
Hyundai dealers don’t stock many of these gems. By our observation, it seems that the Kona Electric makes up less than 5% of a given dealership’s EV inventory, so huge discounts, like the car itself, are a bit rare. Let us help you find a Hyundai Kona Electric in your area.
2. Subaru Solterra Premium – $241/month (2023), $329/month (2024)
I thought about striking this one off the list since the 2023 Solterra seems to be completely sold out. It remains on the list since there are some incredible dealer discounts on 2024 models that could drive the average monthly lease cost of a 2024 to well below $300/month. Most notably, Heritage Subaru Catonsville in Maryland, Diehl Subaru in Ohio, and Diablo Subaru of Walnut Creek in California are discounting in-stock 2024 Solterras in Premium trim by $6500 or more, which should translate into a $70/month reduction from the factory lease terms, resulting in an effective monthly lease cost of $250 to $260 per month. Judging by the market reaction to a no-down, $241/month factory lease offer that quickly cleaned out 2023 models from dealer inventories in April, $260/month is a pretty good deal for a current-year all-wheel-drive five-passenger crossover that goes 227 miles on a charge, hustles from zero to 60mph in 6.5 seconds, and carries 29 cubic feet of cargo behind its rear seats.
By our count, Solterra availability has at least tripled in the last two months as an influx of 2024 models arrived at dealerships, which might be part of the reason for some of the enticing discounts we found. Find a great deal on a Subaru Solterra near you.
3. 2024 Hyundai Ioniq 6 SE RWD – $264/month
Maybe it’s not the cheapest lease on this list, but its incredible 361-mile range arguably makes the Hyundai Ioniq 6 SE in rear-wheel-drive configuration the best value of the bunch. Capable of sprinting to 60mph in just 6.2 seconds, the five-passenger sedan clearly manages to achieve its range without sacrificing performance. A slippery albeit somewhat polarizing exterior design likely factors into its efficiency, leaving a smaller than average 11.2 cubic foot trunk as perhaps the only evidence of compromise.
The factory lease terms of $189/month for a short 24 months with $1999 due at signing before tax and license is quite attractive for an EV with best-in-class range that’s only on its second year in the US. In fact, Hyundai’s Ioniq 6 factory incentives over the past couple of months seem to have been working so well that advertised dealer-advertised discounts currently range from modest to nonexistent, even on higher trim levels. That being said, popular car shopping websites indicate that discounts of about $1500 can be achieved in some areas. Look for a Hyundai Ioniq 6 deal near you.
4. 2024 Toyota bZ4X XLE – $266/month (AWD in NY), $267/month (FWD in CA)
Unfortunately you’ll probably have to wait If you want a Toyota bZ4X because last month’s factory lease offers on the were spectacular, with average monthly lease costs starting from $191/month for a 2023 and $227/month for a 2024. In-stock inventory was depleted in less than two weeks, so now dealers are just taking reservations for in-transit and allocated vehicles that barely entered the build phase.
Today, shopping for a bZ4X almost feels like we’ve traveled back in time, circa 2021, when dealer markups and mandatory accessories were the norm rather than the exception. One dealership in the Los Angeles area that was peddling their inventory of 2024 models for nearly $3000 under MSRP in April is now listing a $1990 upcharge for dealer-installed accessories on each bZ4X that is in transit or still being built. And guess what? Six out of seven are reserved. This could indicate that Toyota’s factory lease terms on the bZ4X may have bottomed last month, given that dealers can secure deposits despite a $37/month hike in lease cost. It won’t be a complete surprise if bZ4X leases gradually ratchet up in cost from here until equilibrium is achieved between supply and demand.
As it stands, Toyota’s California lease offer of $189/month for 36 months with $2999 due at signing before tax and license is a true bargain for a front-drive five-passenger crossover that hauls 27.7 cubic feet of cargo behind its rear seats, travels 252 miles on a full charge, and does zero to sixty in a tick over seven seconds. New Yorkers get an even better offer – $159/month for 36 months, $3999 due at signing – for an all-wheel-drive with a 228-mile range and 0-60 time of 6.5 seconds. Great deals, assuming minimal dealer markups and add-ons.
Shoppers who don’t enjoy negotiating with dealers that have the upper hand should seriously consider the Subaru Solterra, which is pretty much a carbon copy of an all-wheel-drive bZ4x but with immediate availability and attractive retailer discounts. For die-hard Toyota loyalists and those that just can’t live without the additional 24 miles of range of a front-drive bZ4X, we can help find a fair deal on a Toyota bZ4X in your area.
5. 2024 Nissan LEAF S – $294/month (Northeast, DE, VA, MD), $315/mo (elsewhere)
At $189/month for 36 months with $3,959 to start, the average monthly lease cost for the Nissan LEAF S is dipping to just under $300/month for the first time in over two years. However, that still seems a bit expensive for the aging front-drive, five-passenger hatchback with 24 cubic feet of cargo space behind its rear seats since it only travels 149 miles on a full charge and takes 7.4 seconds to achieve 60mph from standstill.
Some dealers seem to be compensating for these shortcomings by substantially undercutting the factory lease terms, particularly on the West Coast. Nissan of Portland in Oregon and Concord Nissan in the San Francisco area are advertising 36-month leases with effective monthly costs of $193 and $228, respectively for a LEAF S. Southern California dealers Nissan of Van Nuys, Nissan of Tustin, Nissan of Costa Mesa, and Nissan of Mission Hills have 18-month leases that with effective monthly costs between $237 and $246, which is incredibly attractive considering the short commitment. Look for Nissan LEAF deals near you.
As always, check our Electric Vehicle Best Price Guide and Electric Vehicle Best Lease Guide for the best deals on EVs in the US.
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