The bubble may have burst on what a year ago were soaring electric vehicle sales, but consumers still in the market for battery-powered transportation will gladly find automakers resorting to deep price cuts and other incentives to help move the metal. Those interested in leasing, rather than financing and purchasing a new EV can take advantage of some especially sweet deals this month. For example, the 2023 version of either the Nissan Ariya or Kia Niro EV is leasing with eminently affordable monthly payments as low as $149. No fewer than 25 electrified rides are leasing for less than $500 per month though the end of May, with cash due at signing for most at around $2,000-$5,000.
One reason these deals are so generous is that brands whose EVs no longer qualify for the one-time federal tax credit, including BMW, Genesis, Hyundai, Kia and several others, have found a way to leverage a loophole in the legislation that allows their customers to take advantage of the $7,500 incentive via their leasing programs.
Part of the bill that wound up limiting the tax credits to only a handful of models also extended them to commercial fleets looking to switch from internal combustion to electric powered vehicles. The catch here is that a commercial leasing entity (which in this case is a participating automakers’ captive financing arm) is treated as the de facto “owner” and is allowed to claim the tax credit without limitations and pass it along to a lessee to make the deal more affordable.
Below are the 25 best EV lease deals being offered through the end of May, with some extending through June 3. The majority are for three-year lease terms, though a few are for 13-18 month lengths, which favors those who’d rather not make a longer-term commitment at a time when prices are falling and EV battery and charging technology is advancing.
However, note that leasing offers, as with automakers’ cash rebates and financing deals, can vary somewhat from one part of the country to another, usually to address regional supply and demand issues. Check with area dealerships and/or car companies’ websites (usually under a “special deals” or “offers and incentives” tab) to confirm what’s being offered locally. And keep in mind that the best lease deals are usually restricted to those having stellar credit histories in addition to qualifying incomes; those with late payments or defaults on their records will be asked to pay more.
25 Best Electric Vehicle Lease Deals For May, 2024
- 2024 Audi Q4 e-tron: $419 per month for 36 months with $3,813 down.
- 2024 BMW i4 sDrive35: $499 per month for 36 months with $4,979 down.
- 2024 Cadillac Lyriq: $439 per month for 36 months with $4,889 down.
- 2024 Chevrolet Blazer EV: $469 per month for 36 months with $3,319 down.
- 2024 Genesis GV60: $379 per month for 13 months with $5,999 down.
- 2024 Genesis Electrified GV70: $499 per month for 13 months with $3,999 down.
- 2024 Honda Prologue 2WD EX: $469 per month for 36 months with $3,999 down.
- 2024 Hyundai Ioniq 5 SE Standard Range: $242 per month for 36 months with $3,507 down.
- 2024 Hyundai Ioniq 6 SE: $189 per month for 24 months with $1,999 down.
- 2024 Kia EV6 Light Long Range RWD: $269 per month for 24 months with $3,999 down.
- 2023 Kia EV6 Light Long Range RWD: $249 per month for 24 months with $3,999 down.
- 2024 Kia Niro EV Wind: $189 per month for 24 months with $3,999 down.
- 2023 Kia Niro EV Wind: $149 per month for 24 months with $3,999 down.
- 2024 Kia EV9 Light Long Range AWD: $419 per month for 24 months with $4,999 down.
- 2024 Lexus RZ 450e Premium AWD: $489 per month for 36 months with $4,999 down.
- 2024 Nissan Ariya Engage FWD: $369 per month for 18 months with $3,259 down.
- 2023 Nissan Ariya Engage FWD: $149 per month for 18 months with $3,959 down.
- 2024 Nissan Leaf S 40 kWh: $259 per month for 36 months with $2,259 down.
- 2024 Polestar 2: $299 per month for 27 months with $3,299 down.
- 2023/2024 Subaru Solterra Premium: $329 per month for 36 months with $329 down.
- 2024 Tesla Model 3 RWD: $299 per month for 36 months with $2,999 down.
- 2024 Tesla Model Y Long Range RWD: $299 per month for 36 months with $2,999 down.
- 2024 Toyota bZ4X Limited: $309 per month for 36 months with $2,999 down.
- 2023 Toyota bZ4X Limited: $289 per month for 36 months with $2,999 down.
- 2024 Vinfast VF8 ECO: $389 per month for 36 months with $0 down .
- 2024 Volkswagen ID.4 Standard: $369 per month for 36 months with $3,999 down.
