If you want to get into an EV but find it too expensive, the 2019 Hyundai Ioniq Electric may be the solution to your problem. It's incredibly efficient, well-appointed, and super cheap to lease.
By super cheap, we mean $79 per month with $999 due at signing. This is not a typo! So, over the course of 36 months, you'll pay just $3,843 in total. It's crazy that you can get away with less than $4,000 on a car that has an MSRP over $30,000.
Diving deeper shows that you could actually buy the Ioniq Electric at lease end — according to Hyundai's official deals site — for some "$13,748 plus tax and purchase option fee." So, in the end, if you lease the Hyundai EV for three years and then buy it at the end, you'd pay something like $20,000 ... for a $30,000 EV!
In California, the lease deal is set at $109 per month with $2,500 due at signing. While this seems like more money out of pocket, it takes into account the $2,500 Clean Vehicle Rebate Program (CVRP), which will currently negate your $2,500 down. So, you'll pay $3,934 in total for the lease, which falls right in line with the aforementioned deal that's available in other U.S. states.
This is all likely due to the fact that the 2019 Ioniq was never widely available, and it's even harder to find at this point. With the upgraded 2020 model coming, Hyundai is working to clear out any remaining inventory.
If you crunch the numbers as we did above, it's abundantly clear that the South Korean automaker is giving the entire $7,500 U.S. federal EV rebate back to buyers, which is uncommon. Usually, when you lease, you lose the opportunity to benefit from such savings. In addition, there is a $920 cost reduction and a $400 dealer contribution. If you add up ~$20,500, plus $7,500, $920, and $400, you're right around the Ioniq Electric's MSRP, assuming a reasonable discount.
In conclusion, it's important to note that these deals aren't available in all states due to the Ioniq Electric's limited (primarily CARB state) sales area. Also, your credit score will impact the deal you're eligible for. Finally, the Clean Vehicle Rebate Program (CVRP) will undergo changes starting on December 3. However, at that point, if there are any 2019 Ioniq Electric's still available, Hyundai will likely update its deal for the new month.