Wiktor Wise
Electric vehicles (EVs) are becoming an increasingly popular option for those looking to buy a new car. While EVs typically have higher prices than gas-powered cars, there are many manufacturer-backed incentives that can make them a more affordable option. In particular, leasing an EV can be a great way to take advantage of low prices, with some monthly payments coming in at under $300. This article will explore the best ways to lease electric vehicles for cheap, including the various incentives and deals offered by manufacturers and dealers.
| Characteristics | Values |
|---|---|
| Lease deals | 0% financing, employee pricing, manufacturer-backed incentives |
| Lease prices | $129/month (Nissan Ariya, Kia Niro EV), $252/month (Hyundai Ioniq 6), $274/month (Hyundai Kona Electric), $299/month (Acura ZDX), $351/month (Dodge Charger Daytona), $369/month (Acura ZDX), $399/month (Tesla Model Y), $409/month (Genesis GV60 Standard model), $499/month (Tesla Model Y Long Range All-Wheel Drive) |
| Tax credits | $7,500 tax credit may soon disappear |
| Other incentives | $4,000 discount for coming from another Acura lease or a competing vehicle brand, $1,000 trade-in bonus, $1,000 Competitive Owner Coupon, $400 public charging credit, $8,500 in savings |
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What You'll Learn
Tax credits and incentives
Electric vehicles are generally more expensive than their gas-powered counterparts. However, manufacturer-backed incentives can make electric vehicle lease deals more affordable. These incentives can help you get more for your money.
In 2022, the Inflation Reduction Act revamped the Federal Electric Vehicle Tax Credit. If you place a new plug-in electric vehicle or fuel cell vehicle in service in 2023 or later, you may qualify for a clean vehicle tax credit. The federal EV tax credit is worth up to $7,500 for qualifying new electric vehicles and $4,000 for qualifying used electric vehicles. However, individual consumers cannot claim the EV tax credit when leasing an EV. Instead, dealerships may qualify for a commercial vehicle tax credit, and they may pass down the savings to you by lowering the leasing cost.
Some states also offer additional incentives. For example, California's Clean Air Vehicle program grants carpool lane access to select electric vehicles, and New Yorkers might be eligible for a state-level rebate of up to $2,000 on top of the federal tax credit.
If you install qualified vehicle refueling and recharging property at your home, including electric vehicle charging equipment, you may be eligible for the Alternative Fuel Vehicle Refueling Property Tax Credit.
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Manufacturer-backed deals
Manufacturer-backed lease deals are a great way to get your hands on an electric vehicle for a competitive price. These deals are often available directly from the manufacturer or at your local dealership.
One of the most popular electric vehicles, the Tesla Model Y, has recently become more affordable with the introduction of a new base model. This has resulted in a $4,000 price advantage, making it the cheapest Model Y lease to date. You can now lease the 2026 Tesla Model Y Long Range Rear-Wheel Drive for $399 for 36 months with $4,093 due at signing (10,000 miles a year).
Another great option is the Hyundai Ioniq 5, which has an effective monthly cost of $376 for the SE Standard Range (12,000 miles a year). Hyundai dealers are known for offering lease terms that beat the factory lease offers, so it's worth checking out your local dealer. If you're looking for something a little more premium, the SE Long Range option is a smart upgrade at an effective cost of $406 per month.
If you're in the market for an electric SUV, Genesis is currently offering a great deal on the GV60 with a monthly lease payment of under $350. The GV60 is packed with features and fitted with first-rate materials, so you don't have to compromise on quality for a low price.
For those who want to test out EV ownership with minimal commitment, the Kia Niro EV crossover is an excellent choice. It boasts upscale styling, a spacious cabin, and a super-low monthly payment.
Lastly, the Nissan Leaf is a small, value-oriented electric hatchback that does a lot for a low price. Its modest driving range makes it perfect for those seeking an EV as their second car or for short commutes.
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Cheapest electric vehicles
Electric vehicles (EVs) are typically more expensive than cars with traditional powertrains. However, leasing is a good option for those looking to get an electric car as it usually means a lower monthly payment, lower out-of-pocket costs, and complete warranty coverage for the duration of the lease.
Nissan Ariya
The 2025 Nissan Ariya has a $129/month lease after a price cut. Some Nissan dealers are advertising lease offers that undercut the factory lease terms, with some monthly costs even going below $200.
Hyundai Ioniq 5
The 2025 Hyundai Ioniq 5 is one of the best EVs you can lease, with an effective cost of $376 per month for the SE Standard Range (12,000 miles a year). The SE Long Range is an upgrade at an effective cost of $406 per month. A $1,000 Competitive Owner Coupon can offer additional savings in select regions, bringing the cheapest Ioniq 5 lease down to $334 per month.
Genesis GV60
Genesis is offering a deal for the GV60 with a monthly lease payment of under $350. The Standard model is also available with a three-year lease for a $409 monthly payment.
Kia Niro EV
The Kia Niro EV crossover has a super-low monthly payment and a shorter-than-usual term, making it a great chance to test out EV ownership with minimal commitment. It also has upscale styling and a spacious cabin.
Acura ZDX
The $65,000 Acura ZDX is cheaper to lease than a Honda CR-V. Through June 30, 2025, A-Spec models can be leased for as little as $299 for 24 months with $2,999 due at signing, bringing the effective cost to $424 per month. This is the cheapest ZDX lease to date.
Tesla Model Y
The 2026 Tesla Model Y has a new base model with a $4,000 advantage in price compared to before. You can now lease a Model Y Long Range Rear-Wheel Drive for $399 for 36 months with $4,093 due at signing (10,000 miles a year). At an effective cost of $513 per month, it's the cheapest Model Y Juniper lease to date.
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Electric vehicles with the lowest monthly payments
Electric vehicles are a great choice for those looking to save money on fuel and routine maintenance. While electric vehicles often have higher prices than gas-powered cars, manufacturer incentives can make them substantially more affordable. Here are some electric vehicles with the lowest monthly payments:
Nissan Leaf
The Nissan Leaf is a small, value-oriented electric hatchback that offers a lot for a low price. With a modest driving range, it is perfect for buyers who want an electric vehicle as their second car or for those with short commutes. The Nissan Leaf is one of the most affordable electric vehicles on the market, with monthly lease payments starting as low as $129.
Hyundai Kona Electric
The Hyundai Kona Electric is another excellent option for those seeking a low monthly payment. The 2025 model comes with standard vehicle-to-load charging, allowing you to power small appliances using a standard household-style outlet. The base SE trim offers a range of 200 miles and includes features such as cloth upholstery, a 12.3-inch touchscreen, and wireless Android Auto and Apple CarPlay. The Hyundai Kona Electric has a monthly lease payment of around $274, making it a great value proposition.
Genesis GV60
Genesis is offering an attractive deal on the GV60 electric SUV, with monthly lease payments starting at under $350. Despite the low price, the GV60 doesn't compromise on quality. It is equipped with first-rate materials, comfortable seats, and an array of standard features, including heated front seats and a panoramic sunroof. The GV60 has a range of 294 miles, which is more than sufficient for most daily commutes.
Kia Niro EV
The Kia Niro EV crossover stands out for its upscale styling and spacious cabin. With a super-low monthly payment and a shorter-than-usual lease term, the Kia Niro EV provides an excellent opportunity to test out electric vehicle ownership with minimal commitment.
Hyundai IONIQ 5
The Hyundai IONIQ 5 is another impressive electric vehicle with competitive lease terms. While the monthly cost varies based on the trim and region, it can be as low as $334 per month with certain discounts and incentives. The SE Standard Range offers 12,000 miles per year, while the SE Long Range provides an even better value if you can afford the slight upgrade.
Tesla Model 3
The Tesla Model 3 is now available with extremely low APR financing options and $0 down payment for all trims. Well-qualified buyers only need to pay the first month's lease payment and the acquisition fee to get behind the wheel of this sought-after electric vehicle.
In addition to the vehicles mentioned above, it is worth exploring other electric cars with attractive lease deals, such as the Acura ZDX, Dodge Charger Daytona, and Nissan Ariya. Remember that lease deals and incentives can vary by region and are subject to change, so be sure to check with local dealerships or manufacturer representatives for the most up-to-date information.
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How to find the best quote
Finding the best quote for leasing an electric vehicle requires a bit of research and comparison. Here are some tips to help you get the best deal:
Research Different Models
First, determine the type of electric vehicle you're interested in. This could be based on factors such as your budget, preferred features, and driving needs. Research different makes and models that fit your criteria. Compare their specifications, range, and available incentives. For example, the Nissan Leaf is a value-oriented electric hatchback with a modest driving range, making it ideal for short commutes or as a second car.
Explore Manufacturer-Backed Incentives
Many manufacturers offer incentives and deals on their electric vehicles. These can include low-interest rates, cash-back offers, or special lease programmes. For instance, Volkswagen offers 0% interest on the ID.4, while Dodge provides no-interest financing on the Charger Daytona with $3,000 cash back. These deals can significantly reduce your overall costs.
Compare Local Dealer Offers
Once you've identified a few models you're interested in, it's time to compare quotes from local dealers. Visit multiple dealerships in your area and discuss their lease offers. Dealers often have some flexibility in negotiating lease terms, and they may be willing to match or beat a competitor's advertised offer. You can also take advantage of online tools and resources to find local dealers with the best lease deals for specific models, such as the Acura ZDX or Tesla Model Y.
Understand Tax Credits and Discounts
When leasing an electric vehicle, it's essential to understand how tax credits and discounts work. In some countries, tax credits may be applied to the lender and offered as a discount to the buyer. Leasing can be advantageous in this case, as the tax credit applies to all EVs, regardless of their country of origin. Additionally, certain discounts may be available for individuals with excellent credit ratings or returning lessees. Be sure to review all the details related to tax credits before signing any paperwork.
Stay Up to Date with Current Deals
Keep yourself informed about the latest deals and incentives by regularly checking reputable websites and resources. Websites like CarsDirect, U.S. News, and TrueCar provide up-to-date information on the best electric vehicle lease deals, financing options, and manufacturer incentives. They can help you stay ahead of the curve and take advantage of limited-time offers or recently improved lease terms.
By following these steps and staying diligent in your research, you'll be well on your way to finding the best quote for leasing an electric vehicle that suits your needs and budget.
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Frequently asked questions
There are a few ways to lease electric vehicles for cheap. Firstly, it is recommended to act before tax credits on electric vehicles disappear. You can also visit multiple dealers to get the best quote in your area. Additionally, manufacturer-backed incentives can make EV lease deals more affordable. For example, the 2025 Hyundai IONIQ 5 and 2025 Hyundai Kona Electric are known for their low monthly payments.
Some of the cheapest electric vehicles to lease include the Nissan Leaf, Honda Prologue, Hyundai IONIQ 5, and Chevrolet Equinox. The Kia Niro EV is also one of the cheapest EVs to lease, with a monthly payment of $129.
The 2025 Nissan Ariya has a lease price of \$129/month. The 2025 Hyundai IONIQ 6 is available for \$252/month, and the 2025 Hyundai Kona Electric for \$274/month. Genesis also offers a deal for the GV60 with a monthly lease payment of under \$350.
