Yahoo Autos Want a 25% Discount On a New Car? Lease, Then Purchase, a New EV
It’s the perfect storm of car buying: a glut of new electric cars are sitting on dealers lots right now, all subject to the benefit of federal tax incentives. But in January those subsidies may end abruptly when our new president is sworn in; we are still waiting to know if the new administration will end EV incentives.
For now, bargain hunters will find lease deals on brand new cars for the monthly price of a gym membership, many for less than $200 a month. And with the lease buyout, the total price could be a 25% discount over the MSRP, which is simply unheard of.
Here is what you need to know to get what may be the best new car bargain ever.
This story is 100% human researched and written based on actual first-person knowledge, extensive experience and expertise on the subject of cars and trucks. No AI was used.
Low Price Lease Deals + Lease Buyout Can Add Up to Big Savings
Many car makers are offering lease deals as low as $159 a month, but of course, like any lease, there are rules: typically there is a limited number of months and miles on the lease and may only be for the entry model or one with the lowest electric range. All criteria must be listed in the public lease advertisement and in the specific offer, which will also list a lease buyout price, or sale price that is automatically offered to the lessee at the end of the lease. Often the buyout price is lower than what the car might sell for used.
Add up all the costs—the monthly payment, down payment and buyout price—the total expenditure can add up to a discount of 20% or more from the MSRP. For example, the Hyundai Ioniq 5 Standard range offers a lease payment of $159 a month with a $3,999 due at signing. At the end of the lease it can be purchased for $25,785, making the total investment $33,441 before tax and fees but including delivery. That’s nearly a $10K, or 22%, discount on the car.
Keep in mind that lease deals are limited time offers and only on specific models, are dependent on your credit, can be limited by region of the country and the car has to come from a dealer’s current stock, among other criteria. Be sure to read the small print carefully.
Here are some good deals we found on some electric cars we really like.
Hyundai Ioniq 5 Standard Range: $159
We love the award winning Hyundai Ioniq 5 SUV for its cutting-edge design, flexible interior and fast charging capability. The Standard Range model is rear wheel drive, can drive about 220 miles on a charge and generates 168 HP. Lease details require $3,999 due at signing; lease term is for 24 months, includes 12,000 miles a year and buyers have the option to purchase at the end of the lease for $25,485. MSRP is $41,800.
Kia EV6 Light Long Range RWD: $219
For the larger battery and longer range, this is an amazing deal. The sporty and innovative Kia EV6 Light model is rear wheel drive, has a range of about 300 miles on a charge and generates 225 HP. Lease terms require $3,999 due at signing plus an $600 acquisition fee. Lease length is 24 months, includes 10,000 miles a year and buyers have the option to purchase the EV6 at the end of the lease for $26,502 or pay a termination fee of $400. MSRP is $45,950.
Nissan Ariya Engage Edition $289
This one may have been our favorite EV test drive of the year; Nissan knows how to design and build an EV. We’ve seen reports of Nissan Ariya lease deals for $199, though the Nissan site quotes $289. Other lease deal terms include: 24 month lease, $4,189 due at signing, 12,000 mile per year allowance. The Engage model is front wheel drive, has a 272 mile range and delivers 214 HP. The car can be purchased at the end fo the lease for $22,003; the MSRP is $41,515.
This one may be worth shopping around for; there are other trims available at similarly attractive terms, and with all the other deals discussed in forums, you might find a better offer than this.
VinFast VF8 Eco Lease Deals: $199
VinFast makes leasing very simple: the 264 mile range VF8 Eco (which generates 349 HP) is available for $199 a month with nothing due at signing, though there is a $695 lease acquisition fee. Lease deals for the VinFast VF8 include 36 months, includes 10,000 miles per year and upon return you can buy out the lease for $21,712 plus a buyout fee of $350 or pay $395 to return the car. MSRP: $46,000.
Nissan Leaf S: $279
If you want to drive one of the most-driven EVs on the road, the Nissan Leaf should be on your shopping list. The Nissan Leaf S has a range of 149 miles and generates 147 HP; but if you want more power or range it looks like there are leases available on higher trims. though as with the Ariya, it’s really difficult to see many details before talking to a dealer.
On the face of it, the $279 lease deal is on the high end, but the initial payment is only $2,299, it includes 12,000 miles a year and the buyout at the end of the lease is $16,400. MSRP is $28,140.
Kia Niro: $149
This is one of our favorite EVs on the market right now for a lot of good reasons: Inside the Kia Niro is spacious and includes a lot of standard tech and safety features. Built on Kia’s last generation electric platform, it’s not as powerful, fast charging or long-range driving as the EV6, but it comes with a lower price tag for both purchase and lease.
These lease deals are for 24 months, includes 10,000 miles a year and requires $3,000 at signing. Buyout at the end of the lease is $24,585. The Kia Niro has a solid 253 mile range and delivers 201 HP, though it’s not available in all wheel drive. MSRP for the Wind model is $39,600.
Hyundai Kona: $189
Just redesigned last year, the Hyundai Kona is sharp and stylish and much more spacious than the first generation model. The 2024 model includes a lot of great tech features, such as a wide multimedia screen and a full suite of driver assist and safety systems. All that makes this lease deal really attractive.
The lease deals on the Kona, which has a 200 mile range and delivers 133 HP, includes: $189 a month, $3,999 at signing, 12,000 miles per year allowance and a buyout price of $23,510, or a $400 fee at return. MSRP for the Hyundai Kona EV SE is $32,875.
Fiat 500E $199
This could be a good option for those with a short commute for two reasons: First, Fiat 500e‘s $199 a month lease deal only covers 5,000 miles a year but second, driving an average of 100 miles a week would allow you to easily charge at home on a 110V charger, which should also be really cheap.
This little run-about has lots of character and charm, a driving range of about 150 miles and produces 117 HP. But it’s $34,095 MSRP is a lot for a small electric, even with the fuel savings. The lease deal, though, makes this cutie pie even cuter.
Honda Prologue AWD EX Lease Deal: $289
Through a partnership with Chevrolet, Honda entered the EV market last year with the novel and elegant Honda Prologue. The design is a departure from gas-powered Hondas, but includes all Honda’s technology and that great drive experience we’ve come to love and expect from Honda. The Prologue AWD produces 288 HP and has a driving range of about 275 miles.
The lease price is a bit more than others on this list but still a good deal at under $300. Other details include: lease is for 24 months, $2,999 due at signing, 10,000 miles a year allowance and a buyout price of $26,415 or a return fee of $400. With a MSRP of $51,795, the lease and buyout represent about a 30% discount from the MSRP—one of the best overall deals on EVs right now.
With all these lease deals and attractive buyout prices, if you’re still on the fence about getting an EV the used market should offer some lucrative deals in a couple of years, too. But leasing now lets you get your feet wet without making a huge commitment.
And you’ll probably use it more than your gym membership.
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