Nine EVs that lease for under $400/month: Ioniq 5, Solterra, Niro, Ioniq 6, more

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There’s a loophole in the stricter IRA federal tax credit that only applies $3750 rebates on North American-built cars and separately $3750 on domestic batteries. For whatever reason, all EVs get the full $7500 applied to leases, however. So that has more people leasing EVs than ever before.

The number of electric vehicle models that can be leased for less than an average monthly lease cost of $400/month has grown by 50% since last August. The list now includes nine models with factory offers that rival lease terms on low-priced ICE vehicles such as the Toyota Camry LE, Chevy Equinox LT, and Honda HR-V LX. Two of those EV models have a range of over 300 miles.

1. 2023 Vinfast VF8 Eco – $268/month

On paper, the VF8 Eco looks pretty good, given an incredibly attractive average monthly lease cost that’s well under $300/month before tax and license. Its 264-mile range and 0-60 time of 6.5 seconds is in line with the competition, has a roomier than expected cabin and comes with amenities not typically found in a base trim such as heated front seats, adaptive cruise control, power-folding heated side mirrors, and leather-like seating surfaces. However, cargo space behind the rear seats of this 5-passenger all-wheel drive crossover measures at just 13.2 cubic feet, which would be excusable If that was the only shortcoming of this fledgling EV, but sadly it is not. Reviews by major auto enthusiast publications last spring have been negative, citing quality issues, quirky driving dynamics, and buggy software.

VinFast-EV-deliveries-Q4
VinFast VF 8 (Source: VinFast)

Vinfast says improvements have been made to the VF8 since then, and at $249/month for 36 months with $944 to start before tax and license, it might be worthwhile to give it a test drive to experience how it measures up. If a three-year commitment is too risky, Vinfast’s online payment estimator says that a 24-month, zero-down lease is priced at just $299/month. Either way, the VF8 could save thousands of dollars over leasing any other all-wheel-drive crossover, gas or electric.

2. 2024 Nissan LEAF S – $332/month (Northeast), $357/month (elsewhere)

At $249/month for 36 months with $3219 to start, the 2024 Nissan LEAF S leases for $23/month less than the 2023 model did last August. The front-drive, five-passenger hatchback with 24 cubic feet of cargo space behind its rear seats is a carryover from last year, so it looks and performs as it has for a while, providing 149 miles of range on a full charge and a 0-60 time of 7.4 seconds. Those that yearn for more range and oomph can opt for a LEAF in SV Plus trim (0-60 in 6.8 seconds, 226-mile range), but its average monthly lease cost will be north of $400/month unless the dealer agrees to a substantial discount.

electric vehicle tax credit
Nissan LEAF / Source: Nissan

Fortunately, we did find a number of dealers advertising thousands off MSRP on a 2023 or 2024 LEAF SV Plus. In fact, we found two dealers – Quirk Nissan in Massachusetts and Beaverton Nissan in Oregon – touting lease offers on an SV Plus with an average monthly cost that’s under $300/month before tax and license. Look for Nissan LEAF deals near you.

3. 2024 Hyundai Ioniq 5 – $333/month (SE Standard Range), $353/month (SE Long Range RWD)

This eye-popping offer of $242/month for 36 months and $3507 at signing is by far the best factory lease deal we’ve seen on the critically acclaimed, beautifully sculpted Hyundai Ioniq 5. The five-passenger crossover with 27.2 cubic feet of stowage behind the back seats, when in SE Standard Range trim, is good for 220 miles on a full charge and adequately accelerates from zero to 60mph in 7.4 seconds. Want an even better bargain? Committing another $55/month over the three-year lease term buys a whopping 37% bump up in range, for a total of 303 miles.

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Hyundai IONIQ 5 Source: Hyundai

Want more bells and whistles, or all-wheel-drive, or maybe even both? It can all be had for under $400/month plus tax and license by scoring a big enough dealer discount. For example, Mission Hills Hyundai in Los Angeles has a rear-wheel-drive Ioniq 5 in SEL trim discounted by $2500 that’s leasing at $138/month for 36 month, $5787 at signing, which calculates to an average monthly cost of just $295/month. On the other side of the continent, McGovern Hyundai in Massachusetts is leasing an all-wheel-drive Ioniq 5 SE for $249/month for 36 months, $3499 at signing, which has an average monthly cost of $339/month. And Hyundai 112 on Long Island is advertising an Ioniq 5 SEL AWD lease at $426/month for 39 months with $1076 at signing, which does include the New York Drive Clean rebate, but it’s apparently priced with no dealer discount. These terms step over our $400 line in the sand, but negotiating a $1500 to $2000 discount should drop the effective lease cost of an all-wheel-drive Ioniq 5 SEL (255 miles of range, 0-60 in 4.4 seconds) to less than $400/month. Let us help you find a great Ioniq 5 deal in your area.

4. 2024 Hyundai Ioniq 6 – $339/month (SE RWD), $353/month (SEL RWD)

Here we go again! During last year’s EV price war, Hyundai slashed over $100/month off the effective monthly lease cost of its least expensive Ioniq 6, which at the time was the 240-mile Ioniq 6 SE Standard Range. Last week, Hyundai took another swing at their Ioniq 6 incentives, perhaps in response to Tesla reducing the monthly lease cost of cheapest Model 3 sedan down to $432/month. So now the 2024 Ioniq 6 SE, a sleek sedan capable of covering an astounding 361 miles on a full charge and sprinting from zero to sixty in just 6.2 seconds, can be leased for just $249/month for 36 months with $3499 due at signing, plus tax and license. Upgrading to SEL trim takes only $14/month more, adding larger wheel and tires, wireless device charging, leather-like seating surfaces, digital key, enhanced collision avoidance, and enhanced driving assistance to the already well-appointed SE trim.

Need all-wheel-drive? McGovern Hyundai in Massachusetts is advertising an Ioniq 6 SE AWD (316 miles of range, 0-60 in 4.2 seconds) that can be bought at a $2000 discount or leased at $249/month for 36 months and $3499 at signing. We found other dealers offering similar discounts on an all-wheel-drive 2024 Ioniq 6 SE or SEL, and although these dealers may not be advertising leases, the discounts published on their websites should translate into lease terms that work out to an average monthly cost that’s under $400. Find Hyundai Ioniq 6 discounts at a dealer near you.

5. Kia Niro EV Wind – $343/month (2023), $357/month (2024)

At $239/month for 36 months and $4499 to start, the factory lease offer on a 2024 Kia Niro EV Wind has an average monthly cost that’s $30/month less than the lease on a 2023 model back in August. Remaining 2023 models are slightly cheaper, advertised at the same monthly payment as a 2024 but requiring $500 less to start. The five-passenger, front-drive crossover goes 253 miles on a full charge, scoots from zero to 60mph in 6.7 seconds, and carries 23 cubic feet of cargo behind the rear seats.

2023 Kia Niro EV

We found two dealers – Lee Johnson Kia in the state of Washington and Ron Tonkin Kia in Oregon – with lease deals that undercut the factory lease terms. Check for Kia Niro EV lease discounts and lease deals in your area.

6. 2024 Hyundai Kona Electric SE – $363/month

The new-for-2024 Kona Electric SE leases for $259/month for 36 months and $3999 to start, plus tax and license. That computes to an effective cost that’s $10/month less than the factory lease offer on the first-gen 2023 model in base SE trim offered last August, but there is some give-and-take. On the plus side, in addition to fresh interior and exterior aesthetics, the redesigned front-drive five-passenger crossover grew six inches in length, contributing to more passenger space as well as a 33% larger cargo area behind the rear seats, now measuring at 25.5 cubic feet. The rub is that the base model now comes with a smaller 48.6 kWh battery and less powerful 133hp motor, dropping its range to 200 miles and slowing its 0-60mph time to 8.7 seconds. Those that long for the range and performance achieved by the Kona Electric of yore can pony up an additional $60/month for a second-gen in SEL trim, which scoots from zero to sixty in 6.7 seconds and goes 261 miles on a full charge.

Hyundai-Kona-Electric-MSRP
2024 Hyundai Kona EV (Source: Hyundai)

As one might expect, the redesigned Kona Electric is pretty much selling at MSRP for now, less any factory incentives, which is currently at a very compelling $7500 whether you choose to lease or buy.  There are several dealers offering discounts worth mentioning, though. Keyes Hyundai of Mission Hills in the Los Angeles area and Coggin DeLand Hyundai in Florida are advertising a $1000 discount on their Kona Electric inventory, Dahl Hyundai in Wisconsin is offering an SEL at $945 off, and Bob Howard Hyundai in Oklahoma City is discounting one 2024 SEL by $3780. Quantities are currently limited when compared to other Hyundai EVs and to its platform sibling, the Kia Niro EV, with the price-leading SE trim being the most scarce, accounting for less than 10% of the Kona Electrics currently on dealer lots. Find a Hyundai Kona Electric at a dealer near you.

7. 2024 Mini Electric Hardtop – $371/month

Mini keeps trimming the lease cost of its Electric Hardtop, now advertised at $279/month for 36 months with $3579 due at signing for a 2024 model. That calculates to an average lease cost that’s $22 less than the lease terms on a 2023 model back in August. The front-drive, two-door, four-seat hatchback with 8.7 cubic feet of cargo space behind its rear seats sprints from zero to 60mph in 6.1 seconds but travels only up to 114 miles on a full charge.

Mini Cooper SE. It's electric.

Mini enthusiasts that long for more range will have to wait until its 2025 refresh, which promises a bigger battery that should be good for 200+ miles on a charge. Until then, don’t be surprised if Mini continues to whittle away at the current model’s lease cost. As far as dealer discounts, estimates from car shopping websites indicate markdowns ranging between 2% (about $500-$700) to 4% (about $1300) can be expected, which should translate to a $10-$20/month savings from the factory lease offer. Check for a Mini Electric Hardtop deal near you.

8. 2023 VW ID.4 Standard – $388/month

If size is all that matters, The VW ID.4 Standard could be viewed as the best factory lease deal on this list since it’s the only one that can carry five people and over 30 cubic feet of cargo at the same time, just barely edging out the Subaru Solterra by a cubic foot or so. However, settling on the Standard trim level means settling for rear-wheel-drive and a smaller battery, limiting its range to 209 miles and its zero to sixty time to 7.6 seconds. If more range and performance is desired, the decked-out ID.4 Pro S AWD goes 255 miles on a full charge and sprints to 60mph from a standstill in 5.5 seconds. VW’s lease offer on the Pro S AWD is a relatively reasonable $379/month for 36 months with $4499 to start, which computes to an average monthly lease cost of just $471/month.

Volkswagen ID.4

We found a number of dealers discounting an ID.4 by $4000 or more. A discount of that magnitude should drop the lease cost of an all-wheel-drive Pro S to about $400/month before tax and license. Case in point – Winn VW in the Los Angeles area has an ID.4 Pro S Plus advertised at a discount of $4000 that can be leased for $0 down, $402/month for 24 months. Look for Volkswagen ID.4 discounts in your area.

9. 2023 Subaru Solterra Premium – $399/month

2024-Subaru-Solterra

Dealers practically sold out of the Solterra in Premium trim after Subaru declared a no-down, $399/month lease offer last August, which is a bargain for a five-passenger, all-wheel-drive EV that hauls 29 cubic feet of cargo behind its rear seats, hits 60mph from standstill in 6.5 seconds, and covers 222 miles on a full charge. By our observation, dealer stock of the Premium and Limited trim levels remained depleted as the killer lease deal was continued into the new year, leaving only the top-of-the-line Touring trim available. Good news is that dealerships have some 2023 Premium and Limited Solterras in showrooms again, and Touring models are being discounted generously. But don’t expect these 2023 deals to last long since scores of the improved 2024 Solterra are in transit to retailers, and although Subaru is holding the line on its MSRP going into the new model year, it may be wise to assume the alluring lease terms will no longer persist.            

Some of the best deals we found on a 2023 include a $7393 discount on a Solterra Premium from Heritage Subaru Catonsville in Maryland, $7100 off MSRP on a Touring model at Lithia Reno Subaru in Nevada, over $6000 off MSRP on a Touring model at Diehl Subaru in Ohio, Livermore Subaru in Northern California and Hello Subaru of Temecula in Southern California, and over $5600 off MSRP discount on a Limited model at Stohlman Subaru in Virginia and Subaru of Troy in New York. Find Subaru Solterra deals near you.

Honorable mention: Tesla Model Y – $469/month

New Ultra Red Model Y

The 260-mile Tesla Model Y is certainly worth mentioning here because it is seeing its most competitive pricing ever. Leases start at $379/month with the terms outlined below. Its current average monthly lease cost after after amortizing the amount due at signing before tax and license is just $469/month, which is a huge $105 reduction from last month.

Tesla has the most robust charging network by far, and there are more Model Ys on the road than any other EV, guaranteeing many accessories, repairability, and general knowledge of the vehicle. You can also skip the annoying dealership experience.

Bump the car up to Long Range 310-mile AWD for $430/month and a down of $2499 net an effective monthly lease cost of $519/month, which is $100 less than last month. Extras include optional 7-seats, tow hitch, premium paint, FSD and 3.5 sec 0-60 Performance option. Use our referral link to get 3 months of FSD for free.

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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