The Best EV Lease And Finance Deals In May 2024

Automakers are lowering prices and many lease deals are improving. 2024 might be the year to get behind the wheel of an EV.

Electric vehicle lease and financing deals have been notably improving since last year. With the influx of electric car models hitting the market and inventory building, there are plenty of deals to go around. If you’re going to buy or lease an EV (or plug-in hybrid) in 2024, you’ll likely be intrigued by what promotions certain manufacturers are advertising.

This May, we’ve seen some automakers introduce new attractive offers. As we progress further into 2024, automakers will continue to release new EVs and ramp up inventory, which could eventually lead to even more competitive deals.

Some electric vehicles and PHEVs (we mix both in this story for expediency) are available with appealing lease deals, hefty discounts, and/or reasonable financing rates. Some cars are available with a combination of these offers. Not all deals are equally appealing, but we’ve included them for comparison, and we’ll be working to update this list on a monthly basis. 

At present, numerous cash-back deals are floating around the EV market. Hyundai, Kia, and Genesis are slashing $7,500 off their EVs, and others are introducing similar discounts. However, the most notable is for those who choose to lease, thanks to the $7,500 commercial EV tax credit.

When you lease a new car, the tax credit goes to the lender and is often applied against the lease to offer the buyer a discount. The tax credit also applies to all EVs regardless of where the car and its battery materials come from, which isn’t true if you buy. That means leasing can be the smart move on cars like the Hyundai Ioniq 6, which won’t get the credit if you buy it outright. Just be sure to go over all the details related to the tax credit before signing any paperwork.

Keep in mind that if you choose to lease instead of buy, you won’t have to worry about whether or not your personal tax situation allows you to take advantage of the credit.

We also suggest checking out Hyundai, Polestar, and Tesla for some of the best EV deals available this month. Recently, we’ve seen very compelling leases (sometimes with sub-$300 monthly lease prices and little down), low APR and considerable bonus cash offers. If you need to get into an electric car with the cheapest payments, the Hyundai Kona Electric, Hyundai Ioniq 6, and Subaru Solterra should be at the top of the list. 

Keep in mind that deals aren’t available in all markets, and some have specific restrictions, so check with your local dealer for details on what’s available in your area. The best deals typically apply to individuals with excellent credit ratings. Moreover, the best manufacturer-sponsored incentives are often reserved for returning lessees, as well as automaker employees, family, and friends.

Be sure to bookmark this page and check back often as we update deals on a rolling basis. 

2024 Alfa Romeo Tonale Plug-In Hybrid

• Lease for $369 per month for 24 months with $5,180 due at signing

2024 Audi e-tron GT

2024 Audi Q4 e-tron 

• Lease for $319 per month for 36 months with $4,713 due at signing
• 0.99% APR for up to 60 months

2024 Audi Q4 e-tron Sportback

• 0.99% APR for up to 60 months

2024 Audi Q5 e 

• Lease for $539 per month for 36 months with $4,933 due at signing
• 3.99% APR for up to 60 months

2024 Audi Q8 e-tron

• Lease for $619 per month for 36 months with $6,013 due at signing
• 0.99% APR for up to 60 months

2024 Audi Q8 Sportback e-tron

• Lease for $629 per month for 36 months with $6,023 due at signing
• 0.99% APR for up to 60 months

2024 Audi SQ8 e-tron

• 0.99% APR for up to 60 months

2024 Audi SQ8 Sportback e-tron

• 0.99% APR for up to 60 months

2024 BMW i4

• Lease for $499 per month for 36 months and $4,979 due at signing
• 3.99% APR for 60 months
• Up to $5,000 purchase credit

2024 BMW i5 

• Lease for $699 per month for 36 months with $6,559 due at signing
• 3.99% APR for 60 months

2024 BMW i7

• Lease for $1,069 per month for 36 months with $7,799 due at signing
• 3.99% APR for 60 months

2024 BMW iX

• Lease for $749 per month for 36 months with $6,379 due at signing
• 3.99% APR for 60 months

2024 BMW 330e

• Lease for $599 per month for 36 months with $4,659 due at signing
• 3.99% APR for 60 months

2024 BMW 750e xDrive 

• Lease for $1,379 per month for 36 months with $8,959 due at signing
• 3.99% APR for 60 months

2024 BMW X5 xDrive50e

• Lease for $1,049 per month for 36 months with $6,979 due at signing
• 3.99% APR for 60 months

2024 Cadillac Lyriq

• Lease for $439 per month for 36 months with $4,899 due at signing
• Additional $3,000 lease credit for competitive brand owners
• $1,000 Costco member discount

2024 Chevrolet Blazer EV

2024 Chrysler Pacifica Plug-In Hybrid

2024 Dodge Hornet R/T Plug-In Hybrid

• Lease for $427 per month for 24 months with $3,999 due at signing

2024 Ford Escape Plug-in Hybrid 

• Lease for $525 per month for 48 months with $4,725 due at signing. 

2024 Ford F-150 Lightning

• Lease for $789 per month for 48 months with $7,298 due at signing

2024 Ford Mustang Mach-E

• Lease for $579 per month for 48 months with $4,768 due at signing
• 3.9% APR for up to 60 months

2024 Genesis G80 Electrified

• Lease for $709 per month for 13 months with $3,999 due at signing
• 5.49% APR for up to 60 months

2024 Genesis GV60

• Lease for $339 per month for 36 months with $5,999 due at signing
• $7,500 bonus cash
• 5.49% APR for up to 60 months

2024 Genesis Electrified GV70

• Lease for $399 per month for 36 months with $3,999 due at signing
• $7,500 bonus cash
• 5.49% APR for up to 60 months

2024 Hyundai Ioniq 5

• Lease for $229 per month for 24 months with $3,499 due at signing (SEL Long Range)
• $7,500 cash back (all trims)
• 0% APR for up to 60 months

2024 Hyundai Ioniq 6

• Lease for $189 per month for 24 months with $1,999 due at signing (SE Long Range)
• $7,500 cash back (all trims)
• 2.99% APR for up to 48 months

2024 Hyundai Kona Electric

• Lease for $199 per month for 24 months with $1,029 due at signing (SEL large battery)
• 0.99% APR for up to 48 months
• $7,500 cash back (all trims)

2024 Hyundai Tucson Plug-In Hybrid

• Lease for $349 per month for 36 months with $3,999 due at signing
• 4.99% APR for up to 36 months

2023 Hyundai Nexo Fuel Cell

• Lease for $499 per month for 36 months with $3,499 due at signing
• $35,000 cash back
• 0% APR for up to 72 months

2024 Kia EV6

• Lease for $269 per month for 24 months with $3,999 due at signing 
• 0% APR for up to 60 months
• Up to $9,000 cash back (all trims)

2024 Kia EV9

• Lease for $419 per month for 24 months with $4,999 due at signing
• 0% APR for up to 48 months
• $9,000 cash back (all trims)

2024 Kia Niro EV

• Lease for $189 per month for 24 months with $3,999 due at signing
• 0% APR for up to 72 months
• $5,000 cash back

2024 Kia Niro Plug-In Hybrid

• Lease for $319 per month for 24 months with $3,499 due at signing
• 4.75% APR for up to 48 months

2024 Kia Sportage Plug-In Hybrid

• Lease for $369 per month for 24 or 36 months with $3,499 due at signing 
• 4.75% APR for up to 48 months

2024 Kia Sorento Plug-In Hybrid

• Lease for $479 per month for 24 months with $3,499 due at signing 
• 4.75% APR for up to 48 months

2024 Jeep Wrangler 4xe Plug-In Hybrid

• Lease for $499 per month for 36 months with $2,999 due at signing (returning lessees)
• $5,000 cash back

2024 Jeep Grand Cherokee 4xe Plug-In Hybrid

• Lease for $559 per month for 39 months with $3,999 due at signing
• 3.9% APR for up to 36 months
• $3,000 cash back

2024 Lexus RZ300e

• Lease for $399 per month for 27 months with $1,999 due at signing
• 1.9% APR for up to 60 months
• Up to $7,500 cash back

2023 Lexus RZ450e

• Lease for $399 per month for 27 months with $399 due at signing
• 0% APR for up to 72 months
• Up to $10,000 cash back

2024 Lucid Air 

• Lease for $649 per month for 36 months with $5,649 due at signing
• 2.99% APR for up to 72 months
• Up to $5,000 cash back

2025 Mazda CX-90 PHEV

• Lease for $554 per month for 36 months with $3,999 due at signing
• 4.9% APR for up to 36 months

2023 Mercedes-Benz EQB

• Lease for $499 per month for 36 months with $5,313 due at signing

2023 Mercedes-Benz EQE Sedan

• Lease for $669 per month for 36 months with $6,793 due at signing

2023 Mercedes-Benz EQE SUV

• Lease for $719 per month for 36 months with $7,323 due at signing 

2024 Mercedes-Benz EQS Sedan

• Lease for $1,099 per month for 36 months with $9,513 due at signing
• $5,000 cash back (returning customers only)

2023 Mercedes-Benz EQS SUV

• Lease for $929 per month for 36 months with $9,153 due at signing

2024 Mercedes-Benz GLE 450e Plug-in Hybrid 4MATIC

• Lease for $869 per month for 36 months with $6,913 due at signing

2023 Mercedes-Benz S 580e

• Lease for $1,479 per month for 36 months with $10,923 due at signing

2024 Mini Cooper SE

• Lease for $239 per month for 36 months with $3,799 due at signing

2024 Nissan Ariya

• Lease for $369 per month for 18 months with $3,259 due at signing
• $1,000 cash back for returning customers
• 4.9% APR for up to 72 months

2024 Nissan LEAF

• Lease for $259 per month for 36 months with $2,259 due at signing
• $1,000 cash back
• 4.9% APR for up to 60 months

2024 Polestar 2

• Lease for $299 per month for 27 months with $3,299 due at signing (Long Range Dual Motor and Long Range Single Motor)
• $7,500 cash back for Dual Motor versions
• $2,100 cash back for Single Motor versions
• 1.99% APR for up to 72 months
• $2,000 Costco member discount (includes leases)

2024 Polestar 3

• Lease for $995 per month for 36 months with $6,995 due at signing
• 6.99% APR for up to 72 months

2024 Porsche Taycan

• Lease for $949 per month for 39 months with $9,829 due at signing

2024 Rivian R1S

• Lease for $639 per month for 36 months with $8,535 due at signing
• 6.99% APR for up to 72 months

2024 Rivian R1T

• Lease for $559 per month for 36 months with $7,454 due at signing
• 6.99% APR for up to 72 months

2024 Subaru Solterra

• Lease for $329 per month for 36 months with $329 due at signing

2024 Tesla Model 3

• Lease for $299 per month for 36 months with $2,999 due at signing
• 6.49% APR for up to 72 months

2024 Tesla Model Y

• Lease for $399 per month for 36 months with $2,999 due at signing
• 0.99% APR for up to 72 months

2024 Tesla Model S

• Lease for $999 per month for 36 months with $7,500 due at signing
• 6.49% APR for up to 72 months

2024 Tesla Model X

• Lease for $1,150 per month for 36 months with $7,500 due at signing
• 6.49% APR for up to 72 months

2024 Toyota bZ4x

• Lease for $309 per month for 36 months with $2,999 due at signing

2024 Toyota RAV4 Prime

• Lease for $469 per month for 36 months with $2,999 due at signing

2024 Toyota Mirai

• Lease for $1,009 per month for 36 months with $4,999 due at signing
• 0% APR for up to 48 months

2024 VinFast VF8

• Lease for $389 per month for 36 months with $0 due at signing

2024 Volkswagen ID.4

• Lease for $369 per month for 36 months with $3,999 due at signing
• 5.90% APR for up to 72 months

2023 Volvo C40 Recharge

2024 Volvo S60 Recharge

2024 Volvo S90 Recharge

2024 Volvo V60 Recharge Polestar Engineered

2024 Volvo XC40 Recharge

2024 Volvo XC60 Recharge

2024 Volvo XC90 Recharge

• Lease for $829 per month for 36 months with $5,229 due at signing
• Up to $2,750 cash back 
• 4.99% APR for up to 72 months
• $1,000 Costco member incentive

There are likely additional incentives out there, specific to certain regions or dealerships (if the brand has dealerships) You just have to take the time and do your homework. Some automakers are still offering deferred payments, even if it’s not noted above or on their websites.

Also, keep in mind that used EVs are available with reasonable deals as well, and that market is finally seeing a notable drop in prices. There’s even a new $4,000 point-of-sale federal incentive that your used EV may qualify for.

If there’s a solid EV deal we missed, please share it with us in the comment section below. In the meantime, let us know of any recent deal you took advantage of, and how it all worked out.

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