Wiktor Wise
Electric vehicles (EVs) are becoming an increasingly popular option for consumers, with over 1.3 million sold in the US in 2024. There are a variety of lease deals available for EVs, with some going for under $300 a month. In March 2025, there were deals on vehicles from brands such as Ford, Honda, Hyundai, Kia, Nissan, Toyota, and Volkswagen. There are also manufacturer-backed incentives and tax credits to make leasing an EV more affordable. For example, the 2024 Ford F-150 Lightning was available for $249 a month for 36 months, with certain incentives. However, it's important to note that lease deals can vary by location, so it's always a good idea to check with your local dealer for the best offers.
| Characteristics | Values |
|---|---|
| Pros of leasing an electric vehicle | Access to the latest electric vehicles with minimal commitment; lower monthly payments compared to buying; tax credits and manufacturer incentives can make leasing more affordable than traditional gas cars; 0% financing deals available |
| Cons of leasing an electric vehicle | Lease deals vary by location and are subject to dealer participation; may require a credit check; potential hidden costs or restrictions |
| Popular electric vehicles for leasing | Tesla Model 3, Model Y, and Rivian R1S; Honda Prologue; Hyundai Ioniq 5, Ioniq 6, and Kona Electric; Kia Niro EV; Nissan Leaf; Lucid Air; Ford F-150 Lightning; Acura ZDX |
| Sample lease deals | Honda Prologue: $239 per month for 36 months with $3,199 due at signing; Hyundai Ioniq 5: $199 per month with $3,999 due at signing; Dodge Hornet PHEV: $199 per month for 24 months with $3,959 due at signing; Nissan Leaf: $269 per month for 36 months with $2,589 due at signing |
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What You'll Learn
Electric vehicle lease deals
Electric vehicle (EV) lease deals are a great option for those looking to acquire a new car without the long-term financial commitment of buying. With an influx of affordable models and rising inventories, there are plenty of excellent EV lease options available.
Lease vs. Buy
Leasing an EV is often more financially viable than buying one, as the monthly lease payments are typically lower than the average loan payments. This is because, with a lease, you are only paying for the depreciation of the car during the lease period. Additionally, lease deals may come with incentives such as complimentary home chargers and installations, discounts, and trade-in bonuses.
Tax Credits
Currently, federal tax credits and incentives are available for EVs, which has led to highly attractive lease deals. However, these incentives may soon disappear under the Trump administration, so it is advisable to take advantage of these deals while they last. When leasing an EV, the tax credit goes to the lender and is often applied as a discount on the lease price.
Best EV Lease Deals
Some of the most affordable and efficient EVs on the market are offered by Kia and Hyundai. The Niro EV, for instance, can be leased for just $129 per month. The 2025 IONIQ 5 and IONIQ 6 are also available with significant discounts and incentives. Honda's Prologue is another popular option, with a lease price of $239 per month for 36 months.
Other excellent EV lease deals include the Ford F-150 Lightning, available for $249 per month for 36 months, and the Chevy Equinox EV and Blazer EV, which offer 0% financing and a Costco members discount. The Dodge Hornet PHEV and Jeep Wrangler 4xe are also worth considering, with lease prices starting at $199 and $229 per month, respectively.
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Pros and cons of leasing vs buying
Leasing an electric vehicle (EV) is becoming an increasingly popular option, especially with the rise of EVs. It offers flexibility and lower monthly payments than buying a car outright. However, there are some disadvantages to leasing, such as the lack of ownership and stricter terms regarding mileage and the condition of the car.
When you lease a car, you are essentially renting it over a fixed period, usually two to four years. This can be a great option if you want to drive a new car every few years without the hassle of ownership. You also don't have to worry about the resale value of the car, which can be unpredictable for EVs due to fluctuating prices and rebates.
On the other hand, buying an EV gives you the benefit of ownership and the freedom to customise your car. You also won't have to worry about mileage limits, which can get very expensive with a leased car. Additionally, you may be eligible for tax credits and incentives that can significantly reduce the cost of an EV.
One of the main disadvantages of buying an EV is the risk of getting stuck with outdated technology. EV technology is advancing rapidly, and if you buy an EV, you may miss out on future upgrades and improvements. With a leased car, you can easily upgrade to a newer model at the end of your lease.
Another factor to consider is the financial implications of both options. Leasing may require a higher credit score and can result in higher long-term costs since you don't build equity. Buying an EV, on the other hand, may require a larger upfront cost or a loan, which can be a burden for some buyers.
Ultimately, the decision to lease or buy an EV depends on your personal preferences and circumstances. Leasing can be a great option if you want flexibility and lower monthly payments, while buying may be preferable if you want ownership, customisation, and freedom from mileage restrictions.
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Tax credits and incentives
The Inflation Reduction Act (IRA), enacted by the Biden administration, introduced several consumer tax breaks for EVs, including the ""new clean vehicle" tax credit. This provides a tax break of up to $7,500 for eligible buyers of qualifying new and used "clean vehicles". This credit is typically received directly from the car dealer at the time of purchase. However, it's important to note that this credit comes with certain conditions. For example, the final assembly of the EV must occur in North America, and there are specific requirements for battery components, manufacturing rules, and sticker price.
Additionally, a mechanism called the "qualified commercial clean vehicles" tax credit allows auto dealers to pass the same $7,500 tax break to lessees. This credit is classified as a commercial sale under the IRA, where the carmaker sells the vehicle to a leasing partner, who then handles consumer transactions. This credit is easier to obtain than the one for new EV buyers, as it lacks stringent requirements for car manufacturing, sticker price, or buyer's income. This "leasing loophole" has contributed to a significant increase in EV leasing.
It's worth noting that, while leasing an EV can provide access to substantial incentives, there are potential complexities and nuances to consider. For instance, individual consumers cannot directly claim the EV tax credit when leasing; instead, the credit belongs to the lessor. However, dealerships might pass down some savings to lessees by lowering the leasing cost by the credit amount. Nevertheless, this is not guaranteed, and negotiating may be required to ensure you receive the full benefit of the tax credit.
Furthermore, there may be additional incentives available at the state and local levels. For example, California's Clean Air Vehicle program grants carpool lane access to select electric vehicles, while New Yorkers might be eligible for a state-level rebate of up to $2,000 on top of the federal tax credit. However, it's important to be aware of any restrictions on claiming multiple incentives to avoid issues with "double-dipping".
In summary, tax credits and incentives can play a crucial role in making EVs more affordable and accessible. By taking advantage of these incentives, individuals can not only reduce their costs but also contribute to the adoption of cleaner and more environmentally friendly transportation options.
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Cheapest electric vehicles to lease
Electric vehicles (EVs) are becoming an increasingly popular option, with over 1.3 million sold in the US in 2024. Leasing is a great option for EVs, with the average monthly lease payment for an electric car being $175 less per month than the average loan payment.
Some of the cheapest EVs to lease in 2025 include the 2024 Ford Mustang Mach-E, which can be leased for $223 per month for 36 months with $2,000 due at signing. The 2024 Kia EV6 is available on similar terms, for $228 per month. The 2024 Ford F-150 Lightning is also available for less than $300 per month, with a $5,000 discount after combining bonus cash and Tesla conquest cash.
The Honda Prologue is another popular option, at $239 per month for 36 months with $3,199 due at signing. The Hyundai Ioniq 5 and Ioniq 6 are also available with big discounts, and the luxury Genesis GV60 can be leased for under $300 per month. The 2024 Volkswagen ID.4 is also a good option, as it is significantly cheaper to finance than a Tesla.
The cheapest EV lease deal might be the Kia Niro EV, at just $129 per month. The Nissan Leaf is another small, value-oriented electric car with a low price, great for those who want an EV as their second car or for short commutes. The Hyundai Kona Electric crossover is another good option, with low monthly payments and lots of standard features.
It's important to note that lease deals can vary by location and are often subject to dealer participation, so be sure to check with your local dealer to find the best offers available to you.
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Electric vehicle lease deals by region
Electric vehicle (EV) lease deals vary by region, and it's a great time to lease an electric vehicle. Here are some of the best deals available in different regions:
California, New York, Oregon, and Other Select States
Acura offers its ZDX model for lease at $299 per month for 36 months, with $3,199 due at signing. With a $1,000 conquest or loyalty offer, the monthly payment can be lowered to around $330.
Southern California
Hyundai offers its 2024 IONIQ 5 SE Standard Range for lease at $159 per month for 24 months, with $3,999 due at signing and 12,000 miles per year included. The effective cost of the IONIQ can be as low as $326 per month. The SE Long Range model is available for lease at $189 per month with the same amount due at signing. The 2025 IONIQ 5 can be leased for $199 with $3,999 due at signing for the SE Standard Range, and $229 for the LR model.
California
The Ford Mach-E Select is available for lease at $229 for 24 months, with $4,329 due at signing and 10,500 miles per year included. The Ford F-150 Lightning XLT trim can be leased for $249 per month for 36 months, with $6,199 $6,809 due at signing and 10,500 miles per year included.
National
Volkswagen offers 0% financing on the 2024 ID.4, which is now significantly cheaper to finance than a Tesla. This offer can be combined with $5,000 in Bonus Customer Cash.
North America
The Kia Niro EV is one of the cheapest EVs available for lease, starting at $129 per month. The Genesis GV60, a luxury electric SUV, is offered for lease at a monthly payment of less than $300, a rare price for such a vehicle. The standard model is available with a three-year lease for a $359 monthly payment. The Honda Prologue is offered for lease at $239 per month for 36 months, with $3,199 due at signing.
It's important to note that lease deals may be subject to change and may have specific terms and conditions, so be sure to check with the respective dealerships or manufacturers for the most up-to-date information.
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Frequently asked questions
Leasing an electric vehicle can be more affordable than buying one, with lease prices being lower than the average loan payment. You can also take advantage of manufacturer-backed deals and incentives, such as 0% financing and discounts.
Yes, tax credits are often applied to lease deals, offering the buyer a discount. Tax credits also apply to all EVs, regardless of where the car and its battery materials come from, which is not the case when you buy an electric vehicle.
Some of the best lease deals include the Ford F-150 Lightning for $249 per month, the Honda Prologue for $239 per month, the Hyundai Ioniq 5 for $199 per month, and the Kia Niro EV for $129 per month.
Yes, the Genesis GV60, a luxury electric SUV, is available for lease for under $300 per month. The Lucid Air, another luxury electric vehicle, is also available for lease starting from $529 per month.
It's important to note that lease deals can vary by location, so be sure to check with your local dealer for the best offers. Your credit score may also affect the availability of leasing incentives, and some deals may require a credit check.
