What Is the Best Electric Car Lease Deals Right Now

Looking for the best electric car lease deals right now? You’re in the right place. With rising fuel costs and growing environmental awareness, leasing an EV has never been more appealing—or affordable. From federal tax credits to manufacturer incentives, we break down the hottest offers available in 2024 so you can drive green without breaking the bank.

Key Takeaways

• Federal and state incentives can slash lease costs: Many EV leases qualify for up to $7,500 in federal tax credits, which dealers often apply directly to lower monthly payments.
• Top EV models with great lease deals include the Tesla Model 3, Chevrolet Bolt EV, and Hyundai Ioniq 5: These vehicles offer strong range, modern tech, and competitive pricing.
• Lease terms typically range from 24 to 36 months: Shorter leases offer flexibility, while longer ones may reduce monthly costs but limit upgrade options.
• Money factor and residual value impact your monthly payment: A lower money factor (like 0.00125) means lower interest, and higher residual values reduce depreciation costs.
• Check for manufacturer loyalty or conquest bonuses: Brands like Ford and Nissan offer extra cash for switching from gas vehicles or returning lessees.
• Always compare total lease cost, not just monthly payment: Include down payment, fees, mileage limits, and potential penalties to avoid surprises.
• Timing matters—end-of-quarter and year-end sales often bring the best deals: Dealers are more motivated to meet quotas, leading to deeper discounts.

Why Leasing an Electric Car Makes Sense in 2024

Electric vehicles (EVs) are no longer just a futuristic dream—they’re here, they’re practical, and they’re becoming more affordable every year. With advancements in battery technology, expanding charging infrastructure, and growing consumer demand, now is one of the best times to consider leasing an EV. But why lease instead of buy? And what makes 2024 such a standout year for electric car lease deals?

Leasing an electric car offers several advantages over purchasing. First, it allows you to drive a brand-new vehicle with the latest tech, safety features, and efficiency improvements every few years. Since EVs evolve rapidly, leasing helps you stay current without the long-term commitment of ownership. Second, monthly payments are typically lower than financing a purchase, especially when factoring in incentives. And third, you avoid the uncertainty of battery degradation and resale value, which can be tricky to predict over a 5- or 7-year ownership period.

In 2024, the market is flooded with attractive lease offers thanks to increased competition among automakers, federal tax credits, and state-level rebates. Major brands like Tesla, Hyundai, Kia, Ford, and Chevrolet are aggressively promoting their EV lineups to meet emissions standards and capture market share. This competition translates into better deals for consumers. Whether you’re commuting in the city or taking weekend road trips, there’s likely an electric car lease that fits your lifestyle and budget.

How Electric Car Lease Deals Work

Before diving into the best offers, it’s important to understand how EV leasing actually works. At its core, leasing is like renting a car for a fixed period—usually 24 to 36 months—with the option to return it at the end of the term. You pay for the vehicle’s depreciation during that time, plus interest (called the “money factor”), taxes, and fees.

One of the biggest advantages of leasing an EV is the ability to take advantage of federal and state incentives without worrying about claiming them yourself. Under the Inflation Reduction Act (IRA), new EVs that meet certain criteria—like final assembly in North America and battery component requirements—qualify for a $7,500 federal tax credit. While this credit traditionally went to buyers, many dealers now apply it directly to the lease, reducing your monthly payment or down payment.

For example, if you lease a qualifying EV with a $7,500 credit, the dealer might roll that amount into the lease as a “capitalized cost reduction.” This effectively lowers the vehicle’s starting price, which reduces your monthly payment. Some states, like California, New York, and Colorado, also offer additional rebates of $1,000 to $5,000, which can be combined with federal credits for even greater savings.

Another key factor in lease pricing is the residual value—the estimated worth of the car at the end of the lease. EVs with strong resale value, like the Tesla Model Y or Hyundai Ioniq 5, often have lower monthly payments because the leasing company expects to recover more when the car is resold. Conversely, models with lower residual values may come with higher payments.

Understanding Lease Terms and Fees

When evaluating lease deals, don’t just focus on the monthly payment. Look at the full picture: the capitalized cost (the negotiated price of the car), the money factor (interest rate), the residual value, and the lease term. Also, pay attention to the down payment (often called “due at signing”), which can include the first month’s payment, acquisition fee, security deposit, and taxes.

Most leases come with a mileage limit—typically 10,000, 12,000, or 15,000 miles per year. Exceeding this limit can result in charges of $0.15 to $0.25 per mile, so choose a plan that matches your driving habits. Some leases offer prepaid mileage packages to avoid surprise fees.

Acquisition fees (usually $500–$1,000) and disposition fees (charged when you return the car) are common but can sometimes be negotiated or waived. Always ask the dealer to itemize all costs so you know exactly what you’re paying for.

Top Electric Car Lease Deals Available Right Now

As of mid-2024, several electric vehicles stand out for their exceptional lease offers. These deals combine low monthly payments, strong incentives, and desirable features. Here are some of the best options currently available:

Tesla Model 3 – Starting at $349/month

The Tesla Model 3 remains one of the most popular EVs on the market, and Tesla is offering aggressive lease deals to maintain momentum. As of June 2024, you can lease a rear-wheel-drive Model 3 for as little as $349 per month with $4,500 due at signing for a 36-month term and 10,000 miles per year. This includes the full $7,500 federal tax credit applied upfront.

The Model 3 offers up to 272 miles of range, access to Tesla’s Supercharger network, and advanced Autopilot features. While Tesla doesn’t traditionally negotiate prices, their lease terms are often competitive due to high residual values and strong demand. Keep in mind that Tesla leases require a credit check and may have stricter approval criteria than other brands.

Chevrolet Bolt EV – Starting at $199/month

The Chevrolet Bolt EV is a standout for budget-conscious lessees. With a starting lease price of just $199 per month and $2,499 due at signing for 36 months and 10,000 miles, it’s one of the most affordable EV leases available. GM includes the $7,500 federal credit in the deal, and some states offer additional rebates.

The Bolt EV delivers 259 miles of range, a spacious interior, and a user-friendly infotainment system. While it lacks some of the premium features of higher-end EVs, it’s an excellent choice for city driving and short commutes. GM also offers a “Bolt Loyalty” program, giving extra incentives to returning Bolt lessees or buyers.

Hyundai Ioniq 5 – Starting at $299/month

The Hyundai Ioniq 5 combines retro-futuristic design with cutting-edge technology. Current lease offers start at $299 per month with $3,999 due at signing for 36 months and 10,000 miles. This includes the federal tax credit and Hyundai’s $1,000 “EV Conquest” bonus for switching from a non-Hyundai vehicle.

The Ioniq 5 boasts up to 303 miles of range, ultra-fast charging (10–80% in 18 minutes), and a spacious, minimalist interior with sustainable materials. It’s available in rear-wheel-drive and all-wheel-drive configurations, making it versatile for different climates and driving needs.

Kia EV6 – Starting at $329/month

The Kia EV6 is the Ioniq 5’s sibling and offers similar performance with a slightly sportier design. Lease deals start at $329 per month with $3,999 due at signing for 36 months and 10,000 miles. Like the Ioniq 5, it qualifies for the full federal credit and Kia’s $1,000 conquest bonus.

With up to 310 miles of range, a 0–60 mph time under 5 seconds (in GT trim), and a luxurious interior, the EV6 is a strong contender in the premium compact EV segment. Kia also offers a 10-year/100,000-mile warranty, which adds peace of mind even for lessees.

Ford Mustang Mach-E – Starting at $349/month

Ford’s Mustang Mach-E blends SUV practicality with sporty performance. Current lease offers start at $349 per month with $4,999 due at signing for 36 months and 10,000 miles. The deal includes the $7,500 federal credit and Ford’s $1,000 “EV Loyalty” incentive for returning Ford lessees.

The Mach-E offers up to 314 miles of range, available all-wheel drive, and a tech-rich cabin with Ford’s SYNC 4A system. It’s a great option for families or those who want a bit more space without sacrificing style or efficiency.

How to Get the Best Electric Car Lease Deal

Finding the best electric car lease deal isn’t just about picking the lowest monthly payment. It’s about understanding the full cost, timing your purchase, and negotiating effectively. Here are some practical tips to help you secure the best possible offer:

Time Your Lease for Maximum Savings

Dealers are often most motivated to move inventory at the end of the quarter (March, June, September, December) or at the end of the year. During these periods, they may offer additional incentives, waive fees, or lower money factors to meet sales targets. Shopping during these windows can save you hundreds—or even thousands—over the life of your lease.

Negotiate the Capitalized Cost

Just like with a purchase, you can negotiate the capitalized cost (the price of the car) on a lease. Start by researching the invoice price and any current incentives. Use tools like Edmunds, Kelley Blue Book, or TrueCar to compare offers from multiple dealers. Even if the advertised lease deal looks great, you may be able to lower the monthly payment by reducing the starting price.

Ask About Incentives and Bonuses

Always ask the dealer about available incentives, including federal tax credits, state rebates, loyalty bonuses, and conquest offers. Some dealers may not mention these automatically, so it’s up to you to bring them up. For example, Nissan offers a $1,000 bonus for lessees switching from a gas-powered vehicle, and Ford has similar programs.

Consider a Higher Down Payment (If It Makes Sense)

Putting more money down can lower your monthly payment, but it also increases your risk if the car is damaged or totaled. A better strategy is to use incentives and rebates to reduce the capitalized cost instead of paying cash upfront. This keeps your money liquid and reduces the amount you’re financing.

Read the Fine Print

Before signing, review the lease agreement carefully. Check the mileage limit, excess wear-and-tear guidelines, early termination fees, and what happens at the end of the lease. Some leases offer a “walk-away” option, while others require you to pay the residual value to keep the car.

Common Mistakes to Avoid When Leasing an EV

Even with great deals available, it’s easy to make costly mistakes when leasing an electric car. Here are some common pitfalls to watch out for:

Focusing Only on Monthly Payment

A low monthly payment might look attractive, but it could be hiding high fees, a large down payment, or a short lease term. Always calculate the total cost of the lease—down payment plus all monthly payments—to compare offers fairly.

Ignoring Charging Costs and Infrastructure

While electricity is cheaper than gas, charging at public stations can add up. Factor in your home charging setup and local electricity rates. Also, consider whether your daily driving fits within the car’s range, especially in colder climates where battery performance drops.

Not Checking Incentive Eligibility

Not all EVs qualify for the full $7,500 federal tax credit. Some models, like the Tesla Model Y Long Range, may only qualify for $3,750 due to battery sourcing rules. Always verify eligibility on the IRS website or with the dealer before committing.

Overestimating Your Mileage Needs

Choosing a 15,000-mile lease when you only drive 8,000 miles a year means you’re paying for unused miles. Conversely, underestimating can lead to hefty overage fees. Be honest about your driving habits and choose a plan that fits.

The Future of EV Leasing: What to Expect

The electric vehicle market is evolving rapidly, and lease deals are likely to become even more competitive in the coming years. As battery costs continue to fall and production scales up, manufacturers will have more flexibility to offer lower prices and better terms.

We can also expect more flexibility in lease structures, such as shorter terms, higher mileage options, and even subscription-based models where you pay a monthly fee to access multiple vehicles. Some automakers, like Volvo and Porsche, are already experimenting with these models.

Additionally, as charging infrastructure improves and range anxiety diminishes, EVs will become viable for more drivers—especially those in rural areas or with longer commutes. This broader adoption will drive further innovation and affordability in the leasing market.

Conclusion: Is Now the Time to Lease an Electric Car?

Absolutely. With strong federal incentives, aggressive manufacturer offers, and a growing selection of capable, stylish EVs, 2024 is one of the best years yet to lease an electric car. Whether you’re drawn to the tech-forward Tesla Model 3, the budget-friendly Chevrolet Bolt EV, or the futuristic Hyundai Ioniq 5, there’s a deal out there that fits your needs.

Leasing allows you to enjoy the benefits of electric driving—lower fuel costs, reduced emissions, and cutting-edge technology—without the long-term commitment of ownership. By understanding how leases work, comparing total costs, and timing your purchase wisely, you can drive away in a new EV for less than you might think.

So, what are you waiting for? Start researching, reach out to local dealers, and take advantage of the best electric car lease deals right now. The future of driving is electric—and it’s more affordable than ever.

Frequently Asked Questions

What qualifies an electric car for the $7,500 federal tax credit?

To qualify, the EV must have a battery capacity of at least 7 kWh, be assembled in North America, and meet specific battery component and critical mineral sourcing requirements. The vehicle must also be purchased new and used primarily in the U.S.

Can I lease an electric car with bad credit?

It’s possible, but terms may be less favorable. Dealers may require a higher down payment, charge a higher money factor (interest rate), or deny approval altogether. Consider improving your credit score or exploring subprime leasing programs.

What happens at the end of an electric car lease?

You can return the vehicle and walk away, purchase it for the residual value, or lease a new model. Be sure to review wear-and-tear guidelines and mileage limits to avoid extra charges.

Are electric car leases affected by battery degradation?

Generally, no. Leasing companies account for normal battery wear in the residual value. However, excessive degradation due to misuse or defects may be addressed under warranty.

Can I modify my leased electric car?

Most leases prohibit permanent modifications. Temporary changes like seat covers or phone mounts are usually allowed, but altering the battery, software, or exterior may violate the agreement.

Do I need special insurance for a leased EV?

Yes, leased vehicles typically require full coverage insurance with higher liability limits. Some lenders may also require gap insurance to cover the difference between the car’s value and the lease balance if it’s totaled.