Trystan Casey
Electric vehicles (EVs) are typically more expensive than cars with traditional powertrains. However, leasing is a great option for those looking to drive an EV without breaking the bank. Leasing an EV can mean lower monthly payments, lower out-of-pocket costs, and complete warranty coverage for the duration of the lease. In addition, leasing an EV can help you stay up to date with the latest technology, especially with regard to battery range. In this article, we will explore the cheapest electric vehicles to lease and the best deals on offer.
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What You'll Learn
Shop around for the best deals
Shopping around for the best deals is a crucial step in leasing an electric vehicle for an extremely cheap price. Here are some tips to help you find the most affordable options:
- Compare Prices Across Different Dealerships: Don't just settle for the first dealership you come across. Visit multiple dealerships, either in person or online, and compare the prices they offer for the electric vehicle you're interested in. This will give you a better understanding of the market and help you identify the best deals.
- Look for Manufacturer-Backed Deals: Keep an eye out for manufacturer-backed deals, which can offer significant savings. These deals are often available directly from the car manufacturer's website or through their authorized dealerships. For example, Volkswagen and Dodge are offering 0% financing on certain electric vehicle models.
- Check for Local Dealer Variations: Local dealers may have some flexibility in their pricing and may be able to offer you a better deal than what is advertised. It's worth visiting or contacting local dealerships to inquire about their best prices.
- Consider All-Inclusive Packages: Some dealerships may offer all-inclusive packages that bundle the cost of the vehicle, maintenance, and other services into a single monthly payment. These packages can sometimes provide cost savings and the convenience of having everything taken care of.
- Utilize Online Resources: Take advantage of online resources and websites that aggregate electric vehicle lease deals. Websites like TrueCar, CarsDirect, and U.S. News & World Report regularly update their listings with the latest deals and incentives, making it easier for you to compare different options.
- Subscribe to Alerts: Subscribe to weekly or monthly deal alerts from reputable automotive websites. This way, you'll be notified about the latest lease deals and special offers as soon as they become available, helping you stay ahead of the game.
- Negotiate and Price Match: Don't be afraid to negotiate with dealerships. If you find a better deal elsewhere, bring it to the attention of the dealer and ask if they can match or beat the competition. This is a common practice and can help you secure an even better price.
By following these tips and staying vigilant, you'll be well on your way to finding extremely cheap lease deals for electric vehicles. Remember to also consider your specific needs, such as the desired model, range, and features, to ensure you're getting the best value for your money.
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Look for federal and local tax credits
Electric vehicles are increasingly becoming a more viable option for consumers, thanks to government incentives such as federal and local tax credits. These tax credits can significantly reduce the cost of leasing an electric vehicle, making it a more affordable option for those looking to go green. Here are some things to know about leveraging federal and local tax credits to lease an electric vehicle extremely cheaply:
Federal Tax Credits
The federal government offers tax credits for the purchase or lease of new and used electric vehicles (EVs). The amount of the tax credit depends on whether you are buying or leasing, and whether the EV is new or used. For instance, as of 2024, federal EV tax credits topped out at \$7,500 for the purchase of a new EV, \$4,000 for the purchase of a used EV, and \$7,500 for banks or automakers offering EV leases. It is important to note that these credits may be claimed by the bank or the automaker's finance company, who may then discount your lease accordingly.
The Inflation Reduction Act of 2022 revamped these federal tax credits, and they are available through 2032. To qualify for the full \$7,500 tax credit, several requirements must be met. The EV must be purchased for use and not for resale, have a Gross Vehicle Weight Rating (GVWR) of under 14,000 pounds, be propelled by an electric motor that draws power from a battery of at least 7 kWh, be able to charge from an external source of electricity, and be manufactured for use on public streets with at least four wheels. Additionally, the final assembly of the vehicle must occur in North America.
State and Local Tax Credits
In addition to federal tax credits, various state and local tax credits or incentives may be available for leasing an EV. These can include tax credits, rebates, reduced vehicle taxes, or registration fees. Edmunds maintains a list of state, local, federal, and manufacturer incentives, while the U.S. Department of Energy provides an interactive chart of state incentives. It is recommended to research these incentives before shopping for an EV lease, as they can vary and change over time.
Other Tax Credits
There are also other tax credits related to electric vehicles that you may be eligible for. For example, installing qualified vehicle refueling and recharging property at your home, such as electric vehicle charging equipment, may qualify you for the Alternative Fuel Vehicle Refueling Property Tax Credit. Additionally, there is a federal EV charging infrastructure tax credit that can help you save money on chargers.
By taking advantage of these federal and local tax credits, you can significantly reduce the cost of leasing an electric vehicle. It is important to stay informed about the specific requirements and eligibility criteria for each credit, as well as any changes or updates to the tax credit programs.
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Consider a cheaper model
Electric vehicles (EVs) are generally more expensive than their petrol or diesel equivalents. This is because the technology is new and development costs are higher. However, leasing can be a more affordable way to access an EV.
Leasing an EV can open up a range of choices that might otherwise be unaffordable. For example, the monthly cost of leasing a Volkswagen E-Up is a little over £260, while the Smart EQ Fortwo Coupe EV is even cheaper. The Fiat 500e is another affordable option, with two battery options: a 24 kWh unit that provides a range of up to 118 miles, or a 42 kWh battery that offers a range of 200 miles.
If you're looking for something more spacious, the Nissan Leaf Mk2 is a sensible option with lots of space and a big boot. A well-specified Acenta model will cost less than £320 per month and has a range of 168 miles, which is plenty for urban commutes. The Vauxhall Corsa Electric is another good option, with a range of up to 248 miles and support for rapid 100 kW DC recharges.
For those wanting a more premium experience, the Genesis GV60 is a luxury electric SUV with a monthly payment of under $300. The Standard model is available with a three-year lease for $359 per month. The Kia Niro EV crossover is another great value option, with upscale styling and a spacious cabin.
It's worth noting that manufacturer incentives can make EV leasing deals more affordable, and electric cars also offer significant savings in terms of running and maintenance costs.
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Choose a shorter lease
Choosing a shorter lease is a great way to lease an electric vehicle extremely cheaply.
Leasing an electric vehicle is a good option for those who want to try out EV ownership with minimal commitment. It typically means a lower monthly payment, lower out-of-pocket costs, and complete warranty coverage for the duration of the lease.
For instance, the Kia Niro EV crossover is a great value proposition with upscale styling and a spacious cabin. It has a super low monthly payment and a shorter-than-usual term, making it an excellent opportunity to test out EV ownership with little commitment.
Similarly, the Hyundai Kona Electric crossover has a low monthly payment, but it is loaded with standard features, making it a great value. The lease deal for the 2025 model includes vehicle-to-load charging, allowing the car to power small appliances.
The Nissan Leaf is another excellent example of a cheap lease option. It is a small, value-oriented electric hatchback that does a lot for a low price. It is perfect for buyers who want an EV as their second car or for those with short commutes due to its modest range.
It is worth noting that lease deals can vary by location and dealer, so be sure to check with your local dealership to find the best offers available to you.
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Check for manufacturer-backed deals
Manufacturer-backed deals are a great way to lease electric vehicles for extremely cheap. These deals are often offered by car manufacturers to promote the sale or lease of their electric vehicles. They usually involve incentives such as low monthly payments, rebates, or other perks that make leasing an electric vehicle more affordable.
To find these deals, you can start by checking the websites of various car manufacturers. Many manufacturers, such as Volkswagen, Ford, Genesis, and Kia, have offered lease deals on their electric vehicles in the past. By visiting their websites or contacting their dealerships, you can inquire about any ongoing or upcoming manufacturer-backed lease deals.
It is also essential to keep an eye out for new models or updated versions of existing electric vehicles. Manufacturers often introduce special lease deals to generate interest and boost sales when launching new models. For example, the 2024 Hyundai IONIQ 5 Disney100 Platinum Edition is a limited-edition model that may offer unique lease deals.
In addition to checking manufacturer websites and dealerships, you can also utilize online resources specifically dedicated to electric vehicle lease deals. Websites like CarsDirect and Electrek provide up-to-date information on the latest manufacturer-backed lease offers. They often include details on monthly payments, incentives, and the duration of the lease deals.
Lastly, remember that manufacturer-backed deals may vary by location. Deals offered by dealerships in California, for instance, may differ from those in other states due to local incentives or promotions. Therefore, it is beneficial to check with your local dealerships to understand the specific offers available in your area.
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Frequently asked questions
There are several ways to get a good deal on an electric vehicle lease. Firstly, look for manufacturer-backed deals, which can include 0% financing or low monthly payments. Secondly, take advantage of federal and local tax credits, rebates, and incentives offered by the government and dealerships. Finally, consider cheaper models with lower monthly lease costs.
Some electric vehicles that have been mentioned as having low lease costs include the Smart EQ ForTwo, the Chevrolet Spark, the Hyundai Kona Electric, the Kia Niro EV, the Nissan Leaf, and the Genesis GV60.
Electric vehicles are generally more expensive than traditional cars, but leasing can make them more affordable due to lower monthly payments and down payments. Leasing an electric vehicle can also help you stay up-to-date with the latest technology and avoid the hassle of selling a model with a degraded battery in the future.
