November 2024: The Best EV Lease and Financing Deals You Don’t Want to Miss
Electric vehicle (EV) deals have evolved significantly over the past year, making EVs and plug-in hybrids more accessible and affordable than ever. With new models hitting the market, incentives increasing, and inventories rising, November 2024 is a fantastic time to find an EV deal that matches your preferences and budget. Whether you’re looking to make the switch to an electric car or just upgrade your current one, let’s dive into the best EV lease and financing offers available this month.
The State of EV Deals in November
This summer marked a peak in some of the most attractive EV lease offers, and while the deals may not be as jaw-dropping as they were a few months ago, the market is still favorable. This November, there’s a surge in loyalty bonuses, cash-back incentives, and conquest deals, which offer savings to drivers switching from a competitor brand.
Not all deals are equally impressive, but we’ve highlighted the most notable ones for comparison. Remember, these deals can vary by region, so it’s wise to check your local dealerships for the most accurate prices.
Noteworthy November 2024 EV Lease Deals
| Vehicle | Monthly Payment | Lease Term | Due at Signing | Key Features |
|---|---|---|---|---|
| Ford F-150 Lightning | $339 | 36 months | $6,000+ | Record-low price for this electric truck |
| Hyundai Ioniq 5 | $159 | 24 months | $3,999 | Affordable with impressive tech features |
| Nissan Ariya | $169 | 36 months | $3,999 | Strong value with advanced safety features |
| Tesla Model 3 (Long Range RWD) | $299 | 36 months | $2,999 | 363-mile range, competitive lease pricing |
| Toyota Prius Prime (Plug-in Hybrid) | Under $300 | Varies | Varies | Budget-friendly plug-in hybrid option |
Top Deals and Changes This Month
- Costco Member Discounts – If you’re a Costco member, you’re in luck! Discounts of up to $2,000 on select EVs are available, making it an excellent time to cash in on your membership.
- Ford F-150 Lightning – The popular electric truck is now available for just $339 per month over 36 months, with around $6,000 due at signing. This is a record-low lease price for the model, making it an appealing choice for EV truck enthusiasts.
- Free Level 2 Charger Option – Certain Chevrolet models, including the Equinox EV, Blazer EV, and Silverado EV, now come with an optional Level 2 home charger discount of $750, adding extra value to these leases.
While some of the summer’s hottest deals have faded, brands like Hyundai, Kia, Nissan, and Tesla continue to stand out. The Hyundai Ioniq 5, for example, is available for $159 per month for 24 months with $3,999 due at signing. Kia’s Niro EV and Nissan’s Ariya also offer competitive sub-$200 monthly lease payments.
Tesla Model 3: Long Range Lease Option
Tesla recently discontinued the standard range Model 3, but the Long Range RWD model, which boasts an impressive 363 miles per charge, is now available at the same lease rate as the previous version. For $299 per month with $2,999 due at signing, the Model 3 Long Range offers a high range at a reasonable lease price, making it one of the best EV leases in its category.
Plug-in Hybrid Deals on the Rise
While pure EVs dominate November’s deals, plug-in hybrids (PHEVs) are also receiving attention, especially from brands like Audi, Toyota, Lexus, Chrysler, and Volvo. However, with the exception of the budget-friendly Toyota Prius Prime, PHEVs tend to come with higher monthly payments than many pure EVs. For those who want a blend of gasoline and electric power without the high cost of an EV, the Prius Prime offers excellent value with a lease under $300 per month.
Understanding the EV Tax Credit Advantage
One significant perk of leasing an EV is that the federal tax credit typically goes directly to the lender, who then applies the benefit as a discount on the lease price. This arrangement can result in lower monthly payments and make leasing financially attractive, particularly for EVs that may not qualify for the tax credit if purchased outright due to complex sourcing requirements.
For instance, if you lease a car like the Hyundai Ioniq 6, you might still get the benefit of the tax credit even though buying it might not make you eligible due to certain battery sourcing criteria. However, keep in mind that if you choose to lease, you won’t directly receive the tax credit, nor will you have to navigate any personal tax filing requirements related to the credit.
Important Reminders for Getting the Best Deal
- Credit Scores Matter – Many of the best offers require excellent credit. Check your score beforehand to see where you stand.
- Manufacturer-Sponsored Incentives – The most competitive incentives are often available to existing lessees or those switching from a competitor. If you already drive an EV or plug-in hybrid from a different brand, you could qualify for additional discounts.
- Regional Variations – Lease deals can vary by location. For this roundup, we’ve used rates in New York City as a reference, but you may find even better offers in your area.
- Check Your Dealership’s Website – While national promotions set the tone, individual dealerships might have unique offers or promotions. Be sure to visit local dealership websites to get the latest, most accurate information.
Here’s a comparison table summarizing the key lease and financing details for the various models:
| Vehicle | Lease Price (Monthly/Term) | Due at Signing | APR | Bonus/Discounts |
|---|---|---|---|---|
| 2024 Acura ZDX | $489/36 months | $5,999 | 0.9% up to 72 months | $4,000 loyalty/conquest |
| 2024 Alfa Romeo Tonale Plug-In Hybrid | $389/36 months | $6,550 | N/A | $7,250 incentive from Stellantis |
| 2024 Audi e-tron GT Sedan | N/A | N/A | 0.99% for 2024, 2.99% for 2025 | $5,000 bonus |
| 2024 Audi Q4 e-tron | $469/24 months | $4,439 | 0.99% for 2024, 2.99% for 2025 | $1,500 bonus, $5,000 Audi Credit |
| 2024 Audi Q5 e | $379/24 months | $4,829 | 0.99% up to 60 months | $4,000 Audi credit, $1,500 bonus |
| 2025 BMW i4 | $459/36 months | $5,389 | 2.99% up to 60 months | N/A |
| 2024 BMW i5 | $649/36 months | $6,499 | 2.99% up to 60 months | N/A |
| 2024 Cadillac Lyriq | N/A | N/A | 3.9% up to 36 months | $3,000 lease credit, $7,500 bonus cash, $1,000 Costco discount |
| 2024 Chevrolet Equinox EV | $299/24 months | $3,169 (eligible), $4,169 (others) | 0% up to 60 months | $750 discount on GM Level 2 home charger |
| 2024 Ford F-150 Lightning | $339/36 months | $6,629 | 0% up to 60 months | Complimentary Level 2 charger & installation |
| 2024 Genesis GV60 | $339/13 months | $5,999 | N/A | $7,500 purchase bonus, $1,000 lease/finance bonus |
| 2024 Honda Prologue | $229/36 months | $2,099 | 0.9% up to 60 months | $1,000 bonus for existing Honda customers or brand conversions |
| 2024 Hyundai Ioniq 5 SE | $159/24 months | $3,999 | 0% up to 60 months | Up to $7,500 cash on dealer inventory purchase |
| 2024 Kia EV6 Long Range RWD | $179/24 months | $3,999 | 0% up to 72 months | $1,000 Tesla conquest cash, $7,500 discount |
| 2024 Lexus RZ300e | $389/36 months | $4,999 | 0% up to 72 months | $7,500 cash discount on purchase |
| 2024 Nissan Ariya | $169/24 months | $6,219 | 1.9% up to 36 months | $1,000 loyalty cash |
| 2024 Polestar 2 | N/A | N/A | 2.99% up to 72 months | $10,000 lease incentive (single motor), up to $7,500 purchase discount |
| 2024 Subaru Solterra | $379/36 months | $379 | 0% up to 72 months | N/A |
| 2024 Tesla Model 3 Long-Range RWD | $299/36 months | $2,999 | 0% up to 36 months | 3.99% APR with $0 down tax credits |
| 2024 Toyota bZ4x | $199/36 months | $3,999 | 0% up to 72 months | N/A |
| 2024 Volvo XC90 Plug-In Hybrid | $679/24 months | $5,635 | 3.99% up to 72 months | Up to $3,000 purchase allowance |
This table provides a snapshot of the available leasing, APR, and bonus incentives for each vehicle listed. Adjustments can be made if you need further details on specific models.
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