This Is the Cheapest EV You Can Lease Right Now — It’s $169 a Month
If the eternal question for car buyers is, “Is it better to buy or lease a car?” The eternal answer is surely, “Know one knows.” Deciding whether to buy or lease a new vehicle is a tough decision that has been made even harder in this time of sky-high sticker prices and interest rates.
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The lease-or-buy choice comes down to your finances, priorities and personal situation. Although buying a car is generally considered a safer financial option in the long term, a remarkable lease deal or incentive can swing your decision considerably.
If you’re in the market for an electric vehicle (EV), leasing one might be your best option, even after significant price cuts by some manufacturers, said Consumer Reports. Still in their relative technological infancy, leasing will keep you tethered to an EV for only a few years, long before battery and charging tech becomes outdated.
More importantly, leased EVs are considered “commercial vehicles,” making them eligible for the full $7,500 federal clean vehicle credit without meeting strict battery and sourcing requirements. While these credits belong to the automaker or their finance company to claim, many dealers are passing on the equivalent credit value to lessees as discounts.
Case in point: CarsDirect claims that the cheapest EV you can currently lease is the Hyundai Kona Electric. According to Hyundai USA, the 2024 Kona Electric SE can be leased for just $169 per month over 24 months, with $1,999 due at signing.
Hyundai incentives are also available on higher trims like the Kona SEL EV ($199 per month for 24 months with $1,579 due at signing) and the Kona Limited EV ($242 per month for 24 months with $1.999 due at lease signing). All Kona EV lease incentives end on Apr. 30, 2024, and include the application of a $7,500 EV Lease Bonus.
Redesigned for 2024, the second-generation Kona EV has improved range and interior/cargo space, but the base SE trim might be skimpy on power and truck room. Edmunds likes the Kona, but recommends the SEL trim, which has more range and power and comes with heated front seats, a power-adjustable driver’s seat and roof rails. Already the #1 cheapest electric SUV, per Kelley Blue Book, now might be the perfect time to take advantage of current lease deals.
If you’re in the market to buy rather than lease, Hyundai has a featured finance offer that is competitive too. Per Hyundai USA, the Kona Electric SE (MSRP $32,675), the SEL ($36,675) and the Limited (MSRP $41,045) are all available to finance at 0.99% APR for up to 48 months. These offers also end in 21 days.
Regardless of whether you decide to buy or lease a new vehicle, you will be paying more than you want and more than you ever have. That’s just the way things are in the auto market at the moment. With prices so high and entry-level cars vanishing from the market, it’s more important than ever to research what kind of car you want and what kind of deal you can get.
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This article originally appeared on GOBankingRates.com: This Is the Cheapest EV You Can Lease Right Now — It’s $169 a Month
