Best Electric Car Lease Deals [September 2021 Edition]

September 1, 2021

Year	Make	Model	Lease Offers	Expiration
2021	Volkswagen	ID.4	$379/month for 36 months, $3,573 due at signing	10/4/2021
2022	Toyota	Corolla Hybrid	$209/month for 36 months, $2,999 due at signing	10/4/2021
2021	Ford	Escape Plug-in Hybrid	$398/month for 36 months, $3,830 due at signing	10/4/2021
2022	Honda	CR-V Hybrid	$299/month for 36 months, $3,299 due at signing	11/1/2021
2022	Kia	Niro EV	$219/month for 36 months, $3,499 due at signing	10/4/2021

Considerations When Leasing an EV

Range Limits. Rather than getting “miles per gallon” electric vehicles have a range of miles they can drive on a full charge. Evaluate your driving patterns and needs to ensure you get an EV that suits your lifestyle.
Charging Point. Consider where and how you can charge your EV. If you are just leasing, it may not be worth paying for the installation of a special outlet. Are there charging stations nearby or along your typical routes?
Comfort. Ensure the EV is ergonomic and comfortable to drive in. Check for the ability to adjust the seats and steering wheel.
Tech Features. Modern EVs often come equipped with the latest and greatest tech features. Look for an EV with the safety and tech features that are most important to you.

Types of Electric Vehicles

BEV. Battery Electric Vehicles only run on electricity. Very few, like the BMW i3, may have an optional gasoline-powered generator. The battery must be charged with an outlet or charging station.
PHEV. A Plug-in Hybrid Vehicle is powered by electricity and gas. However, it can be plugged into a charging station to recharge the battery. They often have the capability to run on the battery power alone, just gas, or a combination of both.
HEV. A Hybrid Electric Vehicle uses an electric motor to assist the combustion engine. The HEV will use electricity during acceleration or under light load. The car replenishes the battery through regenerative braking.

Should I Lease or Buy an EV?

Reasons for Leasing an EV

EVs have unique considerations.
Turn in the vehicle at the end of the lease for an upgrade. For many EV drivers, this is an appealing opportunity to get ahold of newer technology every few years.
Lower monthly payments.
EVs depreciate faster than other cars, so leasing may prevent you from being upside down in a loan.

Reasons for Buying an EV

More options to buy a used EV than lease one.
Ability to claim significant federal and state tax credits.
Makes more sense financially if you plan to keep the vehicle for many years.
Good chance of securing a 0% APR loan, which may make buying more cost-effective.

Frequently Asked Questions

What is the most affordable EV I can lease?

There are many affordable EVs available for lease. Some of the cheapest EV cars you can lease are the Smart EQ for Two, Honda Clarity Electric, Kia Soul EV, and Fiat 500e.

Is it cheaper to buy or lease an EV?

Whether you should lease or buy an EV depends on the particular model and your intentions. If you plan to drive the car for more than a few years, buying allows you to take advantage of the tax credits. However, leasing often has less expensive monthly payments.

Can I still get the tax credit when leasing an EV?

Typically, the person leasing the vehicle is not eligible for federal or state tax credits. You may be able to get some incentives from your utility company for charging the vehicle.

Can you negotiate an EV lease?

Yes! You can and should negotiate an EV lease to ensure you get the best deal possible. Shop around and compare leasing options before negotiating with a dealer.

Are EVs worth the extra money?

While EVs cost more upfront, they often save drivers money on gas. For those who drive a lot, leasing an EV may be better economically. Additionally, BEVs do not have any emissions, which makes them more environmentally friendly and sustainable.

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