The electric vehicle market is experiencing a significant shift this summer, with prices dropping and lease deals becoming more attractive than ever. As new EV models hit the market, automakers are slashing prices to compete in the growing US EV market. This trend is making it an ideal time for consumers to consider purchasing or leasing an electric vehicle.
According to Kelley Blue Book data, the average price paid for a new EV in the US was $56,371 in June, a 2.5% decrease compared to the previous year. While EV prices have slightly increased since their lowest point in March, lease prices have continued to fall. This is largely due to automakers offering substantial discounts and incentives to make EVs more appealing to consumers.
Several major automakers, including Ford, GM, Hyundai, Kia, Rivian, Volkswagen, Honda, and Toyota, have all reduced lease prices on their EV models this year. With these incentives, many electric vehicles are now more affordable to lease than their gas-powered counterparts. For example, the 2024 Hyundai IONIQ 5 SEL, with a range of up to 303 miles, is cheaper to lease than the Hyundai Venue, the brand’s most affordable SUV.
The 2024 Hyundai IONIQ 5 SEL is listed at $209 per month for 33 months, with $3,999 due at signing, making the effective cost $330 per month. In comparison, the 2024 Hyundai Venue SE is listed at $229 per month for 36 months, with $3,499 due at signing, resulting in an effective cost of $326 per month. Despite the IONIQ 5’s higher starting price, it offers a better lease deal than the Venue.
For those looking for even more affordable lease options, there are several EVs available for under $200 a month. According to CarsDirect, electric SUVs like the 2024 Kia Niro EV and Nissan Ariya are available for lease under $200. The Kia Niro Wind is listed at $189 per month for 24 months, with $3,999 due at signing, and Kia is also offering 0% APR for 60 months on the Niro EV, making it a great deal compared to the hybrid model.
Nissan’s first electric SUV, the Ariya, has starting lease prices under $100 in some regions. The 2024 Nissan ENGAGE FWD lease prices start at just $99 in Denver, although this offer includes a state credit and a $1,000 loyalty discount. Additionally, the 2024 Nissan LEAF, the most affordable EV available for lease in the US, has an effective cost of just $179 a month in Colorado.
Overall, with the current incentives and discounts being offered by automakers, now is a great time to consider purchasing or leasing an electric vehicle. The market is becoming increasingly competitive, leading to better deals and more affordable options for consumers. If you’re in the market for a new EV, be sure to explore the offers available in your area this August to take advantage of these enticing deals.