Volkswagen just officially debuted its ID.4 small all-electric crossover. According to the automaker, it will have about 250 miles of range. VW is already offering up a lease deal on the SUV, starting at just $379 per month.
According to CarsDirect, despite the attractive lease incentive, the ID.4 will be much more expensive than many current EVs and over triple the cost of leasing a Chevrolet Bolt. We previously announced that people in some areas can lease a Bolt EV for just $154 per month with only $154 due at signing.
The Volkswagen deal applies to the 2021 ID.4 Pro. As soon as it comes out of the gate, people will be able to lease it for $379 per month with $3,579 due at signing. This is a $10,000-mile per-year lease plan. If you roll the down payment into the monthly payment to get a better idea of the effective cost, it works out to nearly $500 per month before taxes and fees.
CarsDirect says the effective payment for the ID.4 is $48 a month more than the Hyundai Kona Electric ($319 per month with $3,999 down). However, it's also $179 less per month than the Tesla Model Y ($499 per month with $5,694 down). The publication's lease deal speculation for the Ford Mustang Mach-E is right on par with that of the Model Y. Ford hasn't made a lease deal official, but CarsDirect says the lease rate "is equivalent to 2.25% APR with 36 and 48-month lease options."
Regardless of any of this, if you're in the U.S. and planning to take advantage of a Volkswagen ID.4 lease deal, you're going to be waiting a long time. The Pro trim isn't coming until next year. By the time it comes to market on our shores, its value proposition could change based on a number of factors, such as interest rates, regional incentives, the $7,500 federal EV tax credit, and local discounts and markups, etc.
VW says the 2021 ID.4 will be priced like a 2021 Tiguan SEL, but only after applying the $7,500 federal tax credit. Keep in mind, not everyone can take advantage of the tax credit, and often, it's people who make less money who don't have the tax situation to get the credit. If you already get a refund of some sort from the IRS, the credit won't help you. However, if you own you're own business and have to pay a bunch of taxes, then it will be to your benefit.