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.

2024 Polestar 2 First Drive Review 2024 Polestar 2 First Drive Review

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. 

Top Videos:

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

2024 Audi e-tron GT

2024 Audi Q4 e-tron 

2024 Audi Q4 e-tron Sportback

2024 Audi Q5 e 

2024 Audi Q8 e-tron

2024 Audi Q8 Sportback e-tron

2024 Audi SQ8 e-tron

2024 Audi SQ8 Sportback e-tron

2024 BMW i4

2024 BMW i5 

2024 BMW i7

2024 BMW iX

2024 BMW 330e

2024 BMW 750e xDrive 

2024 BMW X5 xDrive50e

2024 Cadillac Lyriq

2024 Chevrolet Blazer EV

2024 Chrysler Pacifica Plug-In Hybrid

2024 Dodge Hornet R/T Plug-In Hybrid

2024 Ford Escape Plug-in Hybrid 

2024 Ford F-150 Lightning

2024 Ford Mustang Mach-E

2024 Genesis G80 Electrified

2024 Genesis GV60

2024 Genesis Electrified GV70

2024 Hyundai Ioniq 5

2024 Hyundai Ioniq 6

2024 Hyundai Kona Electric

2024 Hyundai Tucson Plug-In Hybrid

2023 Hyundai Nexo Fuel Cell

2024 Kia EV6

2024 Kia EV9

2024 Kia Niro EV

2024 Kia Niro Plug-In Hybrid

2024 Kia Sportage Plug-In Hybrid

2024 Kia Sorento Plug-In Hybrid

2024 Jeep Wrangler 4xe Plug-In Hybrid

2024 Jeep Grand Cherokee 4xe Plug-In Hybrid

2024 Lexus RZ300e

2023 Lexus RZ450e

2024 Lucid Air 

2025 Mazda CX-90 PHEV

2023 Mercedes-Benz EQB

2023 Mercedes-Benz EQE Sedan

2023 Mercedes-Benz EQE SUV

2024 Mercedes-Benz EQS Sedan

2023 Mercedes-Benz EQS SUV

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

2023 Mercedes-Benz S 580e

2024 Mini Cooper SE

2024 Nissan Ariya

2024 Nissan LEAF

2024 Polestar 2

2024 Polestar 3

2024 Porsche Taycan

2024 Rivian R1S

2024 Rivian R1T

2024 Subaru Solterra

2024 Tesla Model 3

2024 Tesla Model Y

2024 Tesla Model S

2024 Tesla Model X

2024 Toyota bZ4x

2024 Toyota RAV4 Prime

2024 Toyota Mirai

2024 VinFast VF8

2024 Volkswagen ID.4

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

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:
Read more