Although EV prices have gone up slightly in the past months, lease rates are at their lowest as carmakers try to lure customers. State and local incentives mean that some US customers might get better lease deals than others, but there are plenty of good EVs that you can lease for under $250.
Tesla is, so far, the only carmaker able to produce EVs profitably. This doesn’t mean that the EV maker is comfortable lowering prices. However, it can do so if it needs to without this becoming an existential problem. So far, it is unclear whether reducing prices might help sell more EVs. Despite some big incentives offered by legacy carmakers, non-Tesla EV sales are still dwindling. However, according to S&P Global Mobility, the overall EV market significantly outperforms the light vehicle market in the US, with a 7% rise in the first half of 2024 compared to only a 1.8% rise.
Considering the market slowdown and production capacity that many legacy carmakers have, it’s inevitable that we’ll see more incentives offered to EV buyers. More affordable EV models are also entering the market at a time when most carmakers barely started production of expensive electric cars. This is good news for buyers, who will likely benefit from prices tumbling in the coming years. However, it will be a bloodbath for carmakers that didn’t see this coming.
According to data from Motor Intelligence cited by Automotive News, some carmakers offer incentives as high as $18,000 per vehicle on their mainstream EVs. These models include the Kia EV9, Toyota bZ4X, and Nissan Ariya, reflecting a low demand. Besides heavy incentives to lure buyers, carmakers also offer incredible lease deals by subsidizing financing. This lowers the monthly rates for many EV models below $250 and, in the case of the Nissan Ariya, even below $100.
1. Nissan Ariya FWD Engage
MSRP: from $40,980
Lease: from $99 for 36 months with $3,329 due at signing
Photo: Nissan
Depending on where you live, the Nissan Ariya can have incredibly affordable lease rates. The best conditions are offered in Denver, where the all-electric crossover is listed at just $99 per month for 36 months, with $3,329 due at signing. This deal is possible thanks to a $5,000 Colorado Innovative Motor Vehicle Credit bonus, $10,000 in bonus cash, and a $1,000 loyalty bonus factored into the payment.
This will get you the Engage trim with a 63-kWh battery, which offers up to 216 miles of range. Granted, this doesn’t sound that impressive, but considering this is the most affordable lease deal you can find in the US, you can’t be too picky. Nissan Ariya still offers a surprisingly roomy interior and a wide range of options.
The front-wheel-drive setup of the Engage trim develops 238 horsepower, which is hardly pavement-ripping. However, it’s more than adequate for a budget family EV, providing swift and silent acceleration. The suspension offers a relaxed and comfortable ride, and the one-pedal-driving ability makes this a good choice for those who favor this driving style.
2. Nissan Leaf S 40 kWh
MSRP: from $29,280
Lease: from $109 for 36 months with $2,529 due at signing
Photo: Nissan
The Nissan Leaf is one of the most affordable EVs on the market, even before incentives. However, for Colorado residents, this will be especially affordable by the end of August, as the Japanese carmaker is working to clear the MY2024 inventory. The 2024 Nissan Leaf S 40 kWh can be leased for just $109 per month over 36 months, with $2,529 due at signing. This includes the $5,000 Colorado Innovative Motor Vehicle Credit and an additional $1,000 cash bonus.
Even if you’re not in Colorado, many deals are as low as $239 per month, with $2,289 due at signing. The Nissan Leaf S 40 kWh is probably not the best EV for road trips, considering its 149 miles (240 km) of range, but it could be a decent solution for the daily commute. The Nissan Leaf SV 60 kWh can get you further, at 212 miles (341 km), but the price starts at $36,190, dangerously close to the vastly superior Ariya.
The second-generation Nissan Leaf entered its final model year, with a replacement expected to launch in late 2024 for the 2026 model year. Until then, Nissan is trying its best to keep sales alive. Not many people want an already obsolete EV compared to the newer models on the market. This explains the crazy deals you could find at some dealers.
3. Kia Niro EV Wind
MSRP: from $40,975
Lease: from $149 for 24 months with $3,999 due at signing
Photo: Kia
The Kia Niro EV might not look so shiny nowadays, especially when compared to the newer EV6. However, Kia is compensating this with one of the best lease offers on the market. The entry-level Niro EV Wind can be leased for just $149 per month over 24 months, with $3,999 due at signing. This is a great value relative to the Niro EV’s starting price of $40,975. The offer is available in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island by September 3.
The 2024 Kia Niro EV was launched last year after the model was thoroughly revised in 2022. Although a little long in the tooth, the 2024 Niro EV Wind offers a decent 253-mile (407 km) range from a 65-kWh battery. The Niro EV doesn’t have a heat pump fitted as standard, so make sure you buy it with the Preserve Package if you’re living in a colder region.
On the plus side, the equipment is rich, even in the Wind base trim. This includes dual 10.25-inch screens for the instrument cluster and infotainment system, an eight-speaker audio system from Harman Kardon, and a bi-tone interior theme for the Wave top trim. A comprehensive driver-assist package is also standard, making the Niro EV a compelling proposition.
4. Lexus RZ 300e FWD Premium
MSRP: from $55,175
Lease: from $189 for 27 months with $1,999 due at signing
Photo: Lexus
Many would dismiss the Lexus RZ as an overpriced Toyota bZ4X, but the Japanese carmaker made sure to differentiate the two models. This extends beyond cabin materials and features to technical improvements. However, this doesn’t hide the fact that the Lexus electric crossover doesn’t offer much appeal to potential buyers. This partly explains the crazy deals Lexus dealers scrambled to provide as they tried to make ends meet.
The 2024 Lexus RZ 300e Premium can be leased for $189 per month over 27 months, with only $1,999 due at signing. The deal is offered in Colorado by the end of August and represents a lot of value, considering the vehicle’s MSRP of $55,175. This is possible thanks to a massive $20,350 cash incentive rolled into the payment.
The RZ 300e FWD variant is new, having been launched with the 2024 model year. It develops a measly 204 horsepower but offers the longest range in the RZ lineup, at 266 miles (428 km). The battery pack has a nominal capacity of 72.8 kWh. It’s unclear how much of this is usable because Lexus and Toyota kept the value under wraps.
5. Hyundai Ioniq 5 RWD SEL
MSRP: from $48,795
Lease: from $209 for 33 months with $3,999 due at signing
Photo: Hyundai
The Ioniq 5 is the most popular Hyundai EV, thanks to its impressive features and compelling feature package. As the first model built on Hyundai’s E-GMP platform, the Ioniq 5 introduced the 800-volt architecture to the masses. The main benefit is crazy-fast charging, with less than 20 minutes needed to charge from 10% to 80% when using an 800-volt DC fast charger. With a full battery, it can travel up to 303 miles (488 km).
The sweetest deal is offered to buyers of the mid-level Ioniq 5 RWD SEL model, which has a starting price of $48,795. This can be leased for just $209 per month over 33 months, with $3,999 due at signing. While this is not as impressive as the Lexus above, keep in mind that the Ioniq 5 is one of the hottest EV models on the market. Last year, Hyundai sold 34,000 units in the US, while 2024 looks on track to surpass this record.
This is one of the reasons why Hyundai will start production in the US in October for the 2025 model year. The US-built model will introduce the changes offered to the electric crossover in Europe and Korea. These include a bigger battery pack (84 kWh instead of the current 77.4 kWh), which should bring a higher range. If you like this lease offer, it’s because Hyundai wants to prevent the Osborne effect from affecting sales of the current model.
6. Kia EV6 Light Long Range RWD
MSRP: from $47,325
Lease: from $209 for 24 months with $3,999 due at signing
Photo: Kia
If you’re willing to spend more than the $149 Kia Niro EV lease rate, you can get the best compact EV in Kia’s lineup. Coincidentally, the Hyundai Ioniq 5’s sister model is also offered from $209 a month with $3,999 due at signing, but for a 24-month contract instead of 33 months. The offer is available in California, Colorado, Oregon, and Washington state, while other regions might see higher rates at $249 per month.
The Kia EV6 Light Long Range RWD develops 225 horsepower from a single-motor configuration. Thanks to a 77.4-kWh battery pack, it can go up to 310 miles (500 km) on a charge. This trim is new for the 2024 model year, capitalizing on the Light RWD popularity while offering a bigger battery. Also new is the Light Long Range AWD, which you can drive home on a $259 monthly lease contract.
Thanks to the 800-volt architecture, the Kia EV6 boasts very short charging times when plugged into a 350-kW charger, needing only 18 minutes to charge from 10% to 80%. This is as fast as you can get on a volume model and is one of its unique selling points. As a family model, you could probably do better with the Hyundai Ioniq 5, which has a bigger trunk. However, the Kia EV6 scores better in sportiness.
7. Volkswagen ID.4 Standard
MSRP: from $41,160
Lease: from $219 for 36 months with $3,499 due at signing
Photo: Volkswagen
Volkswagen is aware that the ID.4 has grown a little long in the tooth because it offered a $1,000 lease bonus in August. This dropped the monthly payment for the base trim ID.4 Standard to $219 over 36 months, with $3,499 due at signing. This will not make the aging MEB architecture more appealing but will allow more people to lease an otherwise pretty expensive EV.
The Standard trim will offer an RWD configuration with 210 horsepower on tap and a battery pack with 58 kWh of usable capacity. This is only good for 206 miles (332 km) of range, which isn’t very much, especially considering the price. Fast charging is limited to 140 kW, and it takes about half an hour to charge the battery from 10% to 80%.
Although many have complained about software issues, families should be happy with the spacious cabin, which leads the segment in this regard. The cargo space measures 64.2 cu-ft (1,818 liters), enough for most families. The ID.4 is also more comfortable than other EVs in its segment.
8. Toyota bZ4X AWD XLE
MSRP: from $47,309
Lease: from $219 for 36 months with $3,999 due at signing
Photo: Toyota
Having already reviewed the Lexus RZ 300e above, it’s clear that Toyota is asking more for pretty much the same vehicle, minus the luxury appeal of a Lexus. Still, you can do much worse on a $47K vehicle, which is why the $15,250 cash incentive significantly sweetens the deal. This results in a $219 per month payment over 36 months, with $3,999 due at signing. The offer is available in CT, NJ, and NY regardless of the buyer’s residency and expires on September 3.
Toyota’s first electric vehicle has had a troubled history, with wheels falling off and a lackluster charging experience. These have been mostly ironed out, and the 2024 model is a much better EV if you’re willing to forget that it’s still inferior to most other EVs on the market. Specifically, its onboard AC charger only supports 7.6 kW, while DC fast charging performance (up to 150 kW) is also mediocre.
The 2024 Toyota bZ4X has an improved thermal management system, offering a better ownership experience in cold climates. Not only that, but standard equipment has also been upgraded, with the base version XLE getting an 8-way power adjustable driver’s seat and power liftgate for easy access. Although the bZ4X is spacious and comfortable, it’s not necessarily practical, missing a glove compartment and a frunk.
9. Tesla Model 3 RWD
MSRP: from $38,990
Lease: from $226 for 36 months with $3,999 due at signing
Photo: Tesla
I know this is not the best lease offer, given that the Tesla Model 3 RWD has the lowest price in this lineup. Tesla leases have another disadvantage: you cannot buy the car at the end of the lease term and must return it to Tesla. However, for $226 per month (with $3,999 due at signing), residents of Colorado can drive one of the best EVs on the market for 36 months. Depending on your state of residence (and local EV incentives), the monthly fee may vary.
Despite the lithium-iron-phosphate (LFP) battery pack that only ensures 272 miles (438 km) of range, the Model 3 RWD has the important advantage that you can charge it regularly to 100%. This makes it equivalent to an NMC/NCA EV with a much bigger battery, with the only drawback being a lower top range on road trips. Even at 272 miles, it’s better than many other EVs listed above with a higher price (albeit lower lease rates).
The Tesla Model 3 has been recently overhauled, providing one of the most exciting technological packages in the industry. Although it’s the base model, you’ll find almost all the comfort and tech features from the more expensive Tesla Model 3 trims.
10. Hyundai Ioniq 6 RWD SE
MSRP: from $43,600
Lease: from $227 for 33 months with $3,987 due at signing
Photo: Hyundai
This funny-looking electric sedan is technically identical to the Ioniq 5 but adds the benefit of an aerodynamically optimized body. The Ioniq 6 boasts an impressive 0.22 drag coefficient, allowing it to go almost 60 miles further than the Ioniq 5. The RWD variants boast up to 361 miles (580 km) of range.
If such a long range appeals to you, you’re in luck because Hyundai offers a very interesting lease contract for the Ioniq 6 RWD SE. You can have it for $227 per month for 33 months, with $3,987 due at signing. As with all the above offers, this also ends on September 3.
For the money, you’ll get a single-motor configuration with 225 horsepower and a 77-kWh battery. Despite the peculiar shape, the Ioniq 6 offers decent space for passengers and their luggage. The Korean electric sedan is also one of the few models in its class that offer bi-directional charging.