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.

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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. 

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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. 

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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.

Got a tip for us? Email: tips@insideevs.com
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