Buyers looking for inexpensive electric vehicles don’t have to wait for BYD’s $20K car to arrive in the U.S. — if it ever does.
In an effort to maintain its heady pace of selling over 1.8 million cars in 2023, Tesla is offering some good deals on Model 3 and Model Y leases. Meanwhile, other EV manufacturers are offering aggressive deals.
Tesla Model 3: Tesla is trying to make its leases irresistible. With a $7,500 lease incentive spread across the term of the 36 month lease, you can grab a new rear-wheel-drive Model 3 with zero down payment for $449/month with 10,000 miles/year and $2,513 due at signing (up front taxes and fees). That model has an EPA estimated 272 mile range and a sticker price of just over $35,000. Up that to 12,000 miles a year (which may be more realistic for some people) and it’s $468 a month (zero down payment) with slightly more up front taxes and fees. On that same Model 3, opt for $3,444 down payment and a 10,000 miles/year lease and the monthly payment drops to $294/month but requires an estimated $6,245 due at signing — for up front taxes and fees. (Note that the inventory category of Model 3s doesn’t necessarily include the new “Highland” Model 3.)
Tesla Model Y: The Model Y lease is also competitive and comes with the same $7,500 lease incentive distributed over the term of the lease. (And note that Tesla ups the Model Y price by $1,000 on April 1.) A 36-month lease on a new Model Y Rear-Wheel Drive — with a sticker price of $37,790 and 260 miles of EPA estimated range — comes to $467/month for 36 months with 10,000 miles a year. That’s with zero down payment. There is $2,547 due at signing for up front taxes and fees. Put $4,254 down and the monthly payment comes to $293/month with an estimated $7,147 due at signing. You can also opt for 12,000 and 15,000 miles/year leases on the Model Y and Model 3 but that will boost monthly payments and up front costs slightly.
Note that leases can, in some cases, work in your favor financially and some cases not. If the car retains its value well over time, you may be better off buying the car and trading it in later. But that can be difficult to predict. On the other hand, when a car sees a sizable loss of value, leasing may be a better option since it will shield you from that loss and keep you from going underwater.
All the Rest: CarsDirect updates their top EV deals every month. Here’s a sample of what they’re highlighting this month courtesy of Alex Bernstein, Senior Manager, Content & Web Ops, CarsDirect.
- The 2023 Subaru Solterra “ranks among the best EVs you can lease,” says CarsDirect. With a price of $399 for 36 months with no money down. “Cheap leases usually come with a big amount due at signing, but that’s not the case here. Subaru’s deal requires just $399 at signing, representing the first month’s payment.”
- 2023 Ford Mustang Mach-E Deal: 0% APR For 72 Months: Ford is offering 0% financing for 72 months on the heels of price cuts worth up to $8,100, according to CarDirect. “This is essentially the best deal we’ve seen to date if you’re looking to buy rather than lease,” CarsDirect said, adding that the Mach-E can get up to 312 miles on some configurations.
- Rivian recently introduced a lease on the R1S that is $472/mo cheaper than a Model X despite having an MSRP that’s $21k higher on paper.
- 2024 Hyundai Kona EV Deal: Lease From $169 Per Month: That’s over 24 months with $1,999 due at signing.
- —$213 Hyundai IONIQ 5 lease
- —Hyundai IONIQ 6 $239 no-money-down lease
- —Polestar 3 lease price cut before launch
- —Ford finally allowing dealers to list EVs below MSRP
- —2024 Kia EV9 Deal: Up To $7,000 Off MSRP