AUSTIN, TEXAS – MAY 31: A Tesla Model Y is seen on a Tesla car lot on May 31, 2023 in Austin, Texas. … [+]
Year-end deals on electric vehicles are starting to surface as Tesla and traditional car dealers take advantage of the federal tax credit while it’s still available and throw in their own incentives (as of the last week of November 2024). Deals are trending toward leases that eclipse the actual sticker price of an EV.
Tesla Model Y lease — $299/month, Model 3 parity
With Tesla Model Y 2025 models now being delivered, it’s a good time to take a close look at leasing. While 0% APR snags headlines, leases are equally compelling. Tesla has reduced the Model Y Long-Range Rear Wheel Drive lease to $299 a month (before taxes and fees) bringing it in line with the Model 3 lease. And leasing for the popular All-Wheel Drive version is $399 a month. That’s with $2,999 down and 10,000 miles per year. (The $7,500 federal tax credit is worked into the lease over the term of the lease.) That is a pretty compelling deal considering what you get with a Tesla, including access to the best public charging network in the U.S. and standard Autopilot. Full Self Driving, or FSD, Tesla’s most advanced autonomous ADAS driving technology, is also available as an option. FSD is considered to be heads and shoulders above competing technologies.
Additional goodies include: take delivery by December 31 to receive 3 months of FSD (Supervised) and Supercharging. This applies to both the Model Y and Model 3.
Tesla Model 3: one big bonus over Model Y
The Model 3 lease is actually the same as the Model Y — at the moment. And the Model 3 is also offered with 0% APR like its cousin. Typically the Model 3 lease is priced below the Model Y but right now it’s at parity — starting at $299/month. But you do get a big bonus: you get an updated Model 3 “Highland” (previous codename for update) with all the improvements that are expected to come to the Model Y later in 2025. That includes a sleeker look, better/quieter ride, and better performance, among other upgrades.
Chevy Blazer EV: $176/month deals on AWD trims
While there has been a lot of chatter about the Chevy Equinox EV (see below), dealers are also offering great lease deals on the Blazer EV. And some are on the higher-end RS all-wheel drive trims. In Los Angeles, for example, dealers are offering $176/month lease for 24 months and 10,000 miles/year with $2,676 due at signing. And that is for the higher end 2024 Blazer EV RS AWD trim. The Blazer RS AWD has a rated range of 279 miles.
Chevy Equinox EV: hard to beat lease
The Chevy Equinox EV has quickly become a big seller for General Motors, as GM CFO Paul Jacobson mentioned at the Barclays 15th Annual Global Automotive and Mobility Tech Conference this past week. At least some of that has to do with available deals. Leases for the 2024 Equinox EV 2LT FWD start at a hard-to-beat $84/month for 27 months and 10,000 miles/year with $2,584 due at signing. The 2LT FWD model boasts a rated range of 319 miles.
Mustang Mach-E: perennial favorite, $0 down
The Mustang Mach-E, a perennially popular EV ever since deliveries began in early 2021, is available with good lease deals. A 2024 Mustang Mach-E Premium with all-wheel drive and BlueCruise (Ford’s ADAS driver assist technology that is comparable to Tesla’s Autopilot) is available with zero down for $568/month and 10,500 miles per year. While the monthly payments are higher than the deals cited above, it’s zero money up front and a high-end trim with 300 miles range. (See my one-week test drive of a Mach-E with BlueCruise.)
Subaru’s First EV: Solterra deal comes with asterisk
Subaru’s first EV, the Solterra is available with some solid deals. I can personally vouch for the Solterra after test driving it for a week, including a foray into the Mojave Desert where it held up well under challenging off-road conditions. Lease deals in Los Angeles include zero percent financing or a $329/month lease with $329 due at signing. A downside is range, which peaks at about 227 miles.
Hyundai Ioniq: standard range / long range
The Ioniq 5 has always been popular and deals help it along. The Ioniq 5 is offered for $485/month (taxes and fees) with $3,500 due at signing, 12,000 miles/year, 36 months. The standard range Ioniq 5 (cited above) delivers 220 miles of range, which is on the low side, particularly as we go into 2025. The pricier 2024 Ioniq 5 Limited RWD Long Range boasts a range of 303 miles. That can be leased for $614/month with $3,500 due at signing, 12,000 miles/year, 36 months.
