The 9 Cheapest Electric Vehicles To Lease Right Now and Save Money (All Are Under $400 a Month)
When the number of electric vehicles (EVs) that qualify for a full or partial federal income tax credit of up to $7,500 decreased from 43 in 2023 to 13 in 2024, many consumers switched from owning to leasing. Leasing has afforded buyers a loophole to get federal tax credits for EV models not found on the list allowed by the Inflation Reduction Act.
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Leasing allows car shoppers to apply the full $7,500 tax credit included in the Inflation Reduction Act to an electric vehicle, regardless of whether the car meets benchmarks for parts produced in North America that apply if the vehicle is purchased.
People are catching on to the rule, even if it means signing up for a different kind of financing than originally planned. As Financial Times reports, about 52% of EVs were leased in November 2023 compared to 8% in November 2022, according to Edmunds data. And in the second quarter of 2023, Tesla Model 3 became the first EV to enter the top 10 leased vehicles in the U.S., per InsideEVs.
If you’re in the market for an EV, make sure to do a hard target search of every dealership near you because many of them offer great MSRP cuts, discounts, cashback, and incentives to get your signature. Here are nine EVs that can be leased for under $400 a month.
9. 2023 Subaru Solterra Premium – $399/month
Lease Offers: no-down, $399/month lease offer
The first all-electric Subaru debuted for the 2023 model year and can be leased for a hair under $400 a month. According to Electrek, 2023 is being discounted at certain dealerships throughout the nation as the company rolls the new 2024 across the U.S., so check your county showrooms for great deals while they last.
8. 2023 VW ID.4 Standard – $388/month
Lease Offers: $388/month
Edmunds wasn’t shy in pointing out the ID.4’s drawbacks (an awkward control system, for example), but VW’s latest electric SUV also has a lot going for it, including being one of the lowest-priced EVs in its class. Potential buyers should find discounts of around $4,000 quite easily right now.
7. 2024 Mini Electric Hardtop – $371/month
Lease Offers: $279/month for 36 months with $3579 due at signing; $371/month
Featuring nine trims across its hardtop, SE and convertible lines, Mini is going all in on EVs. The little hardtop lacks range, but is a powerful and handy ride. Fans of the Mini will need to wait for the 2025 redesign to get a bigger battery, but good deals can be found for buyers looking now.
6. 2024 Hyundai Kona Electric SE – $363/month
Lease Offers: $259/month for 36 months and $3999 to start, plus tax and license; $363/month
J.D. Power notes that Hyundai has placed all its 2024 base prices lower than its corresponding 2023 models, a rarity in these times of rising MSRPs. You may have to upgrade if you’re expecting a certain range and performance levels, but there are some great discounts to be had on dealer lots.
5. Kia Niro EV Wind – $343/month (2023), $357/month (2024)
Lease Offers: $239/month for 36 months and $4499 to start; $343/month (2023), $357/month (2024)
2023 models are advertised at the same monthly lease rates, but the upfront payment will cost you $500 less. As Car and Driver notes, the EV Wind is a great entry point subcompact smaller and more affordable than its classmates: the Hyundai Ioniq 5, the Ford Mustang Mach-E and the VW ID.4.
4. 2024 Hyundai Ioniq 6 – $339/month (SE RWD), $353/month (SEL RWD)
Lease Offers: $249/month for 36 months with $3499 down; $339/month (SE RWD), $353/month (SEL RWD)
We’re entering a time when EVs are (slowly) starting to compete with their combustion engine rivals in the sticker price. The sleek Ioniq 6 electric sedan now costs just $249 a month and $3,499 down to lease, cheaper than the Sonata and Toyota Camry, and the same price as a traditional Honda Accord lease, per InsideEVs.
3. 2024 Hyundai Ioniq 5 – $333/month (SE Standard Range), $353/month (SE Long Range RWD)
Lease Offers: $242/month for 36 months and $3507 at signing; $333/month (SE Standard Range), $353/month (SE Long Range RWD)
While it can’t quite match the range of the Tesla Model Y or Ford Mustang Mach-E, the 5 is a stylish, comfortable, and practical EV with a generous number of features that can be had for under $400 a month.
2. 2024 Nissan LEAF S – $332/month (Northeast), $357/month (elsewhere)
Lease Offers: $249/month for 36 months with $3,219 down; $332/month (Northeast), $357/month (elsewhere)
While the upgraded SV Plus will get you about 212 miles on a single battery charge, the standard S model is good for around 150 miles. One of the cheapest EVs for 2024, now might be the time to pounce on a favorable lease, as the Leaf may be discontinued in a couple of years, speculates Edmunds.
1. 2023 Vinfast VF8 Eco – $268/month
Lease Offers: $249/month for 36 months with $944 down; 0% APR for up to 48 months; $268/month
Leaser beware! The cheapest EV lease around might not be worth it if you follow the words of review sites. MotorTrend questioned the vehicle’s reliability and more, saying, the VF8 Eco is “nowhere near ready for public consumption, yet it’s already being delivered to customers.” Sometimes the price isn’t always right, but if you want to take a chance, the Vinfast VF8 Eco is the cheapest EV lease on the market.
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This article originally appeared on GOBankingRates.com: The 9 Cheapest Electric Vehicles To Lease Right Now and Save Money (All Are Under $400 a Month)
