Leasing an electric car is a great option for anybody looking to dip their toe in the world of electric vehicles. Whether you are looking for a hybrid or a fully electric vehicle, there are many lease options for you. We have compiled a shortlist of the best electric vehicle lease deals so you can make the right choice.
Figure 1: Electric vehicles are quickly becoming the standard over IC engine vehicles. Source: TheVerge.com.
While leasing a vehicle has gotten a bad name over the years, that is rapidly changing. Many people enjoy the freedom that leasing a car offers as opposed to being locked into owning one vehicle. Because of this, some of the best electric vehicle lease deals are happening right now.
With such a wide variety of options, it can be hard to find the best electric vehicle lease deals for you. Luckily, this post can help you choose the one that will best suit your needs.
Sources: Wall Street Journal.
What Makes a Great Electric Vehicle Lease Deal?
What makes a great lease deal will depend on your needs and your means. However, there are many objectively good deals happening through manufacturers and dealerships. These will be a good deal no matter how you look at it and can help make the transition to an electric vehicle a little easier on the wallet.
Some of the factors that need to be taken into account when looking for the best electric vehicle lease deals are: down payment, monthly payment and mileage caps. By taking all of these into consideration, you can be sure that you are getting the best deal possible.
Figure 2: Leasing has become more popular with the advent of electric vehicles. Source: BostonGlobe.com.
The down payment on a lease is an important thing to consider because it should be factored into the monthly cost. It is easy to look at the monthly payment of a lease and be swayed by the low number. However, the amount due at signing should be divided throughout the total lease contract.
The monthly payment should also be a deciding factor for you. It should be low enough that you can comfortably pay it every month, but not so low that the down payment is raised. Striking a good balance between the amount due at signing and the monthly payment is a key feature of the best electric vehicle lease deals.
A sales representative at Hansel Ford told us, “we have a lease deal going on right now for the Focus that is $229 a month for 36 months and it’s $2,000 due at signing.” This is a perfect example of a good lease deal since it has an affordable monthly rate as well as a relatively low amount due at signing. It strikes a balance that will not break the bank on either end.
CLICK HERE TO WATCH A VIDEO ON WHY YOU SHOULD LEASE AND NOT BUY YOUR ELECTRIC VEHICLE
It should also be taken into consideration that you do not get a tax credit for leasing an electric or hybrid vehicle. These tax credits instead go to the leasing agency and not you as the driver.
Sources: Edmunds.com; CarsDirect.com; Hansel Ford: Interview with Hansel Ford sales representative conducted 10/15/2020.
How Did We Pick the Best Electric Vehicle Lease Deal?
The lease deals on our shortlist combine the above factors to create an affordable entry into electric vehicles. They all have relatively small amounts due at signing as well as monthly payments that won’t break the bank and short contract lengths.
Ideally, any lease for a car will not be longer than 36 months. Many people find that a lease for longer than that starts to defeat the purpose. Leasing is great for electric cars especially since the technology is always changing and improving. This allows you to upgrade as the cars get more reliable and advanced.
Many dealerships will have their own lease deals going on at any time. However, the deals on our shortlist are all offered by the manufacturer. This means that you should be able to find these deals wherever you may be.
We also looked at factors like whether or not a car was fully electric or hybrid. By leasing a fully electric vehicle, you can save money on gas that you would otherwise have to spend on a hybrid. This should be a deciding factor for you and should be taken into account when adding up the expenses.
Figure 3: It is always best to factor in all the costs when leasing any vehicle. Source: TheStreet.com.
When searching for the best electric vehicle lease deals, you must also take the mileage caps into consideration. Most leases are for a certain length of time or a certain amount of miles, whichever one comes first. You should know your driving habits well in order to pick the lease deal that will work for them.
For this article, we scoured manufacturers and dealerships to find the best electric vehicle lease deals. By knowing this information, you can pick the one that will best suit your needs and ease some of the financial stress of leasing a car.
Sources: CarLease.com; CarAndDriver.com.
1. 2020 Nissan LEAF
Figure 4: The 2020 Nissan Leaf tops our list of the best electric vehicle lease deals. Source: CarsDirect.com.
The Nissan Leaf is one of the premiere fully electric vehicles currently in production. It comes standard with a 160 kilowatt motor that can give you up to 150 miles of range. It also comes with a one pedal braking system that is unique to the Leaf and makes the brake pedal more or less obsolete.
You can lease the 2020 Nissan Leaf for just $199 per month. At under $200, this is one of the lowest monthly payments that you can find. Being able to drive a brand new car for that amount of money is a great deal no matter how you slice it.
Another thing that makes this one of the best electric vehicle lease deals is the fact that there is nothing due at signing for qualified lessees. if your credit is up to par, you can drive a new Nissan Leaf off the lot for $200. You will be hard-pressed to find a better deal on any new, or even used, vehicle.
The contract length for a 2020 Nissan Leaf is 36 months or 10,000 miles per year. If you are one of the qualified lessees who does not have to make a down payment, you could drive the leaf for 3 years for under $8,000.
CLICK HERE TO WATCH A VIDEO REVIEW OF THE 2020 NISSAN LEAF
This is easily one of the best electric vehicle lease deals going on right now. Zero upfront payment is a rare feature in auto leasing and should be utilized if at all possible.
Source: GreenCarReports.com; CarsDirect.com.
2. 2020 Chevrolet Bolt EV
Figure 5: The 2020 Chevrolet Bolt has one of the longest ranges on the market. Source: CarsDirect.com.
The Chevrolet Bolt is one of the more useful and long-range electric vehicles on the market. With a range of 260 miles, the Bolt is an all-electric vehicle for serious drivers. It also features a programmable charging pattern that can allow you to set it to charge when utilities are the cheapest.
You can currently lease the 2020 Chevrolet Bolt for $239 per month. This is a reasonable monthly payment that most people can afford to make. It is well within the normal range of monthly payments for nearly any new or certified used vehicle.
The amount due at signing for the Chevrolet Bolt is just $1,309. This low down payment alone makes it one of the best electric vehicle lease deals on the market. If you amortize this down payment out over the course of the 36-month lease, this adds just $36 per month to your payments.
The mileage cap for the 2020 Chevrolet Bolt comes in at a standard 10,000 miles per year. For most people, this is going to be more than enough without going over. However, if you are a commuter or often take long trips, you may want to look for larger mileage caps.
Sources: Koons.com; CarsDirect.com.
3. 2020 Toyota Prius Prime
Figure 6: The 2020 Toyota Prius Prime comes with an extra 2,000 miles per year on the lease. Source: CarsDirect.com.
When it comes to hybrid vehicles, you would be hard-pressed to find a name more popular than the Prius. Known the world over as one of the first commercially available hybrid cars, the Prius has been developing for many years. Because of this, it may be a good choice if you value longevity and reputation.
Right now, you can lease a 2020 Toyota Prius Prime for $229 per month. This sits right in the middle of the rest of our short list for monthly payments and is fairly reasonable for such a popular model.
With only $1,999 due at signing, Toyota is keeping this hybrid accessible to a wide variety of people. Most people leasing a car are expecting to spend at least that much up front, so it is a nice surprise. This is especially true when combined with the low monthly payment.
Perhaps the most enticing feature of this lease deal is the mileage cap. Most lease deals have a 10,000 mile per year cap. However, the 2020 Toyota Prius Prime gives you 12,000 miles per year, which could be the deciding factor for some drivers.
What makes this one of the best electric vehicle lease deals is the fact that you get 6000 more miles per hour lease term. If you divide those miles out for the entire 36 month lease, you end up with a smaller price per mile than some of the other leases. The secret to getting the best deal possible is to factor in all the components.