When Tesla is having trouble selling cars, the market for electric vehicles has entered a new stage. Government officials are starting to walk back overreaching legislation, and automaker CEOs are dialing back overly optimistic sales projections. On the ground, it's simpler: products that can't sell quickly enough get a price cut. During the first quarter of 2024, EV sales in the U.S. posted the first quarter-over-quarter loss in nearly four years. That explains why, in this sunny month of May, there are eight EVs leasing for under $200 per month.
Those offers aren't the result of some funny math, either. Every one of these leases has a fairly standard signing payment of $4000—in some cases, significantly less. Better yet for the EV-unsure, ultra-short EV lease terms of 24 months or less can be had from Nissan, Hyundai, and Kia.
Check Our Leasing Guide
Make sure you first read our leasing guide. We've covered everything that may get glossed over in the showroom: advertising fees, money factors, residuals, legal implications, and all the other fine print that could cost you thousands more than you'd expect. When comparing similar cars, be aware that a lower monthly price often demands more money up front. As with any national lease special, enter your ZIP code on an automaker's website to check if these deals apply to your area. Prices do not include taxes or fees and may be higher or lower depending on your location. Research is always your friend.
2024 Toyota bZ4X
$159 per month/$3999 at signing
36 months/30,000 miles
Springtime has Toyota smelling the flowers and acting extra hospitable by offering 16 models with the same $3999 signing payment. The bZ4X, which is supposed to play in RAV4 territory, is now priced so low it makes a base Corolla appear expensive. For less than you're probably paying for cable, you can enjoy the 252-mile-range XLE with all-wheel drive and a panoramic moonroof. You may not enjoy how slowly it charges, though.
2024 Subaru Solterra
$329 per month/$329 at signing
36 months/36,000 miles
The Solterra is a zero-dollar-down deal—the $329 due at signing is actually the first month's payment. Despite the ultra-low buy-in, the Solterra's cost works out to be more than its Toyota bZ4X twin, even though the two have a similar sticker price of roughly $47,000 each. That's because these two EVs are discounted at very different rates. Whereas Toyota piles on $16,250 worth of incentives, Subaru is giving away just $11,432. Subaru partially offsets that difference with a higher residual value (59 percent versus Toyota's 41 percent), which reduces the monthly cost, but the Solterra lease is still pricier over the entire term. You'll have to decide whether the Subaru badge is worth it.
2024 Kia Niro EV
$169 per month/$3999 at signing
24 months/20,000 miles
Kia regularly offers two-year leases, which we think is a great way to entice buyers into a new EV without locking them in too tight. This lease is for the base Wind, which has a 253-mile range and enough standard features (navigation, heated front seats, 10.3-inch infotainment) to make the pricier Wave irrelevant. Snag an identical 2023 model for $149 per month, or extend the term to 36 months for $199 (2023 Niro) or $219 (2024 model).
2024 Hyundai Kona Electric
$199 per month/$1029 at signing
24 months/24,000 miles
Over the same two-year timespan, a Kona Electric will run about $2000 less than a regular Kona SE AWD. That’s because the down payment is a fourth of the gas model's. The midgrade Kona Electric SEL in this lease includes the larger 64-kWh battery with the more powerful 201-hp front motor versus the base SE, which oddly costs $30 more per month.
2024 Hyundai Ioniq 6
$189 per month/$1999 at signing
24 months/24,000 miles
There’s a reason the Ioniq 6 looks as sleek as it does. In rear-wheel-drive form, Hyundai’s C/D EV of the Year–winning sedan has the longest range of any EV under $50,000—up to 361 miles in this deal’s SE trim. No other EV in this price category cracks 300 miles. This model is faster, packs 50 percent more miles, and stickers for thousands more than the SE Standard Range yet has a $1500 cheaper signing payment and the same monthly cost. Even better, like all current Hyundai EV leases, the Ioniq 6 deal allows a lengthier 12,000 miles per year. Does any of this make financial sense for a company? Don’t tell Hyundai.
2024 Hyundai Ioniq 5
$199 per month/$3999 at signing
24 months/24,000 miles
A 1980s Lancia vibe mixed with the taller, boxier roof of an SUV will cost you dearly versus a conventional sedan. Such is the premium for the Ioniq 5, which we loved enough to be our EV of the Year in 2022, versus the Ioniq 6 which stole the crown for 2023. Like the 6, the 5 lease is for the longer-range SE. (And again, the cheaper and smaller-battery SE Standard Range manages to cost a whole lot more and adds another year to the lease).
2024 Nissan Leaf
$189 per month/$3959 at signing
36 months/30,000 miles
The venerable Leaf, while still among the best new-car deals with cash or financing, is now losing pace as a lease. The base S with the 40.0-kWh battery is rated at only 149 miles, and our testing of an SV Plus suggests the real-world range is likely much lower. As an ordinary-looking hatch with simple tech, the Leaf is not bad, but Nissan has a larger, plusher, and much newer model at nearly the same price.
2024 Nissan Ariya
$189 per month/$4649 at signing
18 months/15,000 miles
In real estate, it’s all about dollar per square foot. The Ariya, with 101 cubic feet of passenger volume, is all about dollar per cubic foot. It’s a few cubes less than the Ioniq 5, yet the back seat feels roomier, and it’s easily twice the car that the Leaf is in every objective and subjective measurement. That makes it a great choice for a one-and-done deal. At 18 months, you could drive two brand-new Ariyas in the span of a normal three-year lease term. This offer is for the front-wheel-drive Engage with the smallest battery pack (with a range that slightly bests the Leaf SV Plus). A 2023 model costs $10 less per month and $110 more at signing.
Clifford Atiyeh
Contributing Editor
Clifford Atiyeh is a reporter and photographer for Car and Driver, specializing in business, government, and litigation news. He is president of the New England Motor Press Association and committed to saving both manuals and old Volvos.
