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Hyundai Kona Electric Now Cheaper To Lease Than Gas Kona
The large battery Kona Electric leases for just $199 a month with $1,579 down.
Andrew Lambrecht 
By: Andrew Lambrecht
Apr 26, 2024 at 12:21pm ET
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The Hyundai Kona is the omnipresent specter haunting high school parking lots and traversing college campus roads. There's no wonder why it's a choice car for young drivers: it's a compact crossover with an affordable price tag and a solid warranty. The internal combustion Kona is quite popular, but many likely don't realize that the electric version, creatively named the Kona Electric, is actually priced competitively with the dino juice model. Moreover, leasing the EV is more affordable than the internal combustion Kona.
One can lease the Kona Electric SEL for $199 monthly for 24 months with $1,579 down. Meanwhile, the gasoline Kona SEL runs $239 a month for 36 months, with $3,999 due upfront. Not only does the Kona Electric have more flexible lease terms (24 versus 36 months), but the EV's lease down payment is substantially less. Sure, lease down payments are typically smaller amounts for shorter lease durations, but it's vital to note that MSRP-wise, the Kona Electric SEL starts at $38,050, and the regular Kona SEL runs $26,975 before Hyundai financial incentives.
2024 Hyundai Kona Electric SE
- Lease: $169 per month for 24 months with $1,999 due at signing
- All-in rate: $252 per month
- Total price: $6,055 for 24 months
2024 Hyundai Kona Electric SEL
- Lease: $199 per month for 24 months with $1,579 due at signing
- All-in rate: $265 per month
- Total price: $6,355 for 24 months
2024 Hyundai Kona Electric Limited
- Lease: $242 per month for 24 months with $1,999 due at signing
- All-in rate: $325 per month
- Total price: $7,807 for 24 months
Thanks to the $7,500 federal electric vehicle leasing incentive, opting for the Kona Electric instead of the standard Kona is less expensive. Moreover, Hyundai offers more flexibility with the leasing terms in the electric version than the internal combustion engine-powered one. The electric SEL is $265 a month all-in for 24 months, whereas the Kona SEL is $350 a month all-in for 36 months.
2024 Hyundai Kona SE
- Lease: $232 per month for 36 months with $4,012 due at signing
- All-in rate: $343 per month
- Total price: $12,364 for 36 months
2024 Hyundai Kona SEL
- Lease: $239 per month for 36 months with $3,999 due at signing
- All-in rate: $350 per month
- Total price: $12,603 for 36 months
2024 Hyundai Kona N Line
- Lease: $290 per month for 36 months with $4,010 due at signing
- All-in rate: $401 per month
- Total price: $14,450 for 36 months
2024 Hyundai Kona Limited
- Lease: $330 per month for 36 months with $4,010 due at signing
- All-in rate: $441 per month
- Total price: $15,890 for 36 months
On the basis of financial incentives, Hyundai's recent specials have made the Kona Electric's sticker prices look even more compelling. On all 2024 model year Kona Electric trims, Hyundai is doling out $7,500 cash off to entice buyers. For the gas-powered model, the discount is $1,000. Incentivized, the price parity between buying the more expensive electric models and less expensive gas-powered ones is generally minimized.
While purchasing a Kona Electric outright is still more expensive than a gas-powered one, the barrier for entry is relatively low. An entry-level gas-powered Kona SE goes for $24,625. For the Kona Electric SE, the purchasing cost is $26,550. When buying an entry-level Kona, it's only $1,925 to go electric.
2024 Hyundai Kona Electric SE
- Incentivized Price: $26,550
- 133 horsepower
- 48.6 kWh battery
- 200-mile EPA range
2024 Hyundai Kona Electric SEL
- Incentivized Price: $30,550
- 201 horsepower
- 64.8 kWh battery
- 261-mile EPA range
2024 Hyundai Kona Electric Limited
- Incentivized Price: $34,920
- 201 horsepower
- 64.8 kWh battery
- 261-mile EPA range
While the SE versions have a relatively low delta in terms of pricing disparities, the SEL is around $4,575 more if one opts for the electric powertrain. One could argue the cost savings of not buying fuel, but $4,575 is a pretty steep difference. That said, leasing would be the ideal route for those who want more features. To upgrade a lease from a Kona Electric SE to SEL, there's only a $300 total price difference, as opposed to $4,000 for buying.
2024 Hyundai Kona SE
- Incentivized Price: $24,625
- 147 horsepower
- 31 combined mpg
2024 Hyundai Kona SEL
- Incentivized Price: $25,975
- 147 horsepower
- 31 combined mpg
2024 Hyundai Kona N Line
- Incentivized Price: $31,175
- 190 horsepower
- 28 combined mpg
2024 Hyundai Kona Limited
- Incentivized Price: $32,175
- 190 horsepower
- 28 combined mpg
A 48.6-kilowatt-hour battery and a 133-horsepower electric motor power the 2024 Kona Electric SE. The SEL and Limited versions feature a 64.8-kilowatt-hour liquid-cooled battery and a 201-horsepower electric motor. The SE's setup allows for a maximum range of 200 miles, and the large battery option yields 261 miles. Both models have DC fast charging speeds of up to 100 kilowatts, meaning a 10 to 80 percent charge will take around 45 minutes.
The Kona Electric SE offers an array of standard features, including wireless Apple CarPlay, a 6-way power driver's seat, and adaptive cruise control. The Kona Electric SEL, which comes with a bigger battery and beefier electric motor, features heated front seats, roof rails, and a leather-wrapped steering wheel, among others. The top-trim Limited variant arrives with a repertoire of gadgetry, including Hyundai's Digital Key, ventilated front seats, a heated steering wheel, a power tailgate, Bose Audio and more.
The Kona Electric isn't the most exciting EV, but it's a solid choice for commuters. All Hyundais come with a 5-year or 60,000-mile basic warranty and a 10-year or 100,000 powertrain warranty. For those selecting the Kona Electric, that means ten years of battery warranty.
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Especially when it comes to leasing, opting for the electric version of the Hyundai Kona seems like an obvious choice. The Kona Electric will likely require less maintenance over its lifetime, and it'll most certainly be significantly cheaper to operate.
Note: The Hyundai Kona Electric is available in every state except for South Dakota, Wyoming, and South Carolina.
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