If buying an electric car still feels too expensive, leasing might be the move that makes it work. Especially right now.
Thanks to manufacturer incentives, dealer markdowns, and a big federal tax loophole still wide open, April and May 2025 are shaping up to be one of the best times in years to lease an EV—and there are real deals under $400/month that actually make sense.
We went through current national offers, pulled real pricing from major brands, and cut through the “starting at” fine print to build this guide.
Here’s what you can get now—and what to watch out for.
Why EV Leasing Is Hot Again
Let’s start with why leasing is back in play:
- Federal tax credits apply to leases—no sourcing restrictions.
You can still get the full $7,500 incentive even if the car wouldn’t qualify for purchase. - Many automakers are overstocked on 2024 models.
With slower-than-expected EV adoption and heavy investment in upcoming refreshes, dealers are finally getting aggressive on pricing. - Battery tech is evolving fast.
Leasing lets you avoid long-term commitment while new models with better range and faster charging keep coming.
Best EV Lease Deals Right Now (Under $400/Month)
All prices below are based on national average offers, assume $2,500–$3,500 due at signing, and are for 36-month terms unless otherwise stated.
1. 2025 Hyundai Ioniq 5 SE RWD
- Lease: $369/month for 36 months
- Due at signing: $3,499
- MSRP: $43,300
- Range: 303 miles
- Why it’s hot: Great design, fast charging, and full $7,500 tax credit passed to the lease
This deal makes the Ioniq 5 one of the best values in EV leasing today. Hyundai’s aggressive leasing terms often beat competitors in total cost.
2. 2025 Chevrolet Equinox EV 2LT
- Lease: $389/month for 36 months
- Due at signing: $3,499
- MSRP: ~$35,000
- Range: 319 miles
- Why it’s hot: Brand new model, made in America, and full tax credit applies on lease
Chevy’s long-awaited Equinox EV undercuts just about everything else in its class, and dealers are already offering solid lease rates to move early inventory.
3. 2024 Nissan Leaf S
- Lease: $239/month for 36 months
- Due at signing: $2,899
- MSRP: $29,280
- Range: 149 miles
- Why it’s hot: Cheapest EV lease in the country (short-range city use only)
For budget-conscious drivers doing mostly local commuting, this is the low-cost leader. But make no mistake—this is an aging model with limited range.
4. 2024 Tesla Model 3 RWD
- Lease: $379/month for 36 months
- Due at signing: $3,499
- MSRP: $38,990
- Range: 272 miles
- Why it’s hot: New “Highland” refresh, quieter cabin, better tech, and Tesla’s lease deals now beat competitors
Tesla dropped purchase incentives but leaned into leasing. No tax credit if you buy—but if you lease, the dealer keeps the $7,500 and applies it to reduce your payment.
5. 2025 Ford Mustang Mach-E Select RWD
- Lease: $399/month for 36 months
- Due at signing: $3,899
- MSRP: $42,995
- Range: 250 miles
- Why it’s hot: Ford passed through $7,500 credit and added factory rebates
Mach-E pricing has cooled off and incentives are strong, especially on Select and Premium trims. AWD adds cost but improves winter range and traction.
6. 2024 Kia EV6 Light RWD
- Lease: $379/month for 36 months
- Due at signing: $3,699
- MSRP: $42,600
- Range: 232 miles
- Why it’s hot: Same platform as the Ioniq 5, but sharper drive feel
Inventory is better than expected, and leasing lets you bypass the “no federal tax credit on purchase” problem Kia’s faced since rule changes kicked in.
7. 2025 Volkswagen ID.4 Standard
- Lease: $349/month for 36 months
- Due at signing: $3,499
- MSRP: $39,735
- Range: 209 miles
- Why it’s hot: Now built in Chattanooga, TN—so full lease credit applies
VW struggled early with software, but recent updates improved responsiveness and usability. Just know this is a lower-range version unless you step up trims.
Don’t Forget: Lease Terms Change Monthly
Lease deals are ultra-sensitive to:
- Inventory levels
- Interest rates
- Local market demand
- Trim-specific availability
Always double-check with your local dealer to confirm terms—and ask if the $7,500 lease incentive is applied as a cap cost reduction (lowering monthly payment) or kept by the lessor (not ideal).
What’s the Catch? A Few Lease Watchouts
Leasing EVs is smart—if you understand the terms. Here’s what to keep an eye on:
- Mileage caps: Most leases are 10,000–12,000 miles/year. Go over? You’ll pay.
- Disposition fees: Common at lease-end. Budget $350–$400.
- Residual values: EVs depreciate fast. Leasing protects you, but make sure you’re not being overcharged upfront.
- Hidden dealer markups: Get lease sheets in writing and compare money factor (aka interest rate) to national ads.
FAQ
Can I get the $7,500 federal tax credit when leasing?
Yes—and in 2025, it applies to any lease, regardless of where the car is built or where its battery comes from.
Why do leases get the credit when purchases don’t?
Because leased vehicles count as commercial sales. The credit goes to the manufacturer, who may pass it on as a lease incentive.
What’s the best cheap EV lease in 2025?
The Nissan Leaf S is the lowest monthly cost. But the Hyundai Ioniq 5 and Chevy Equinox EV offer the best overall value under $400/month.
Is leasing better than buying an EV right now?
In many cases, yes—especially for models that don’t qualify for tax credits when purchased. Leasing also protects you from fast-depreciating technology.
Can I buy my EV at the end of the lease?
Sometimes—but many lessors don’t let you purchase leased Teslas or EVs with big credits attached. Always check early.
Final Word
There’s real value in the EV lease market right now—but it’s model-by-model, trim-by-trim, and month-by-month.
If you want to lock in a good deal:
- Lease before dealer stock tightens again
- Ask direct questions about how the tax credit is applied
- Watch residuals and interest rates like a hawk
- Stick to sub-$400 options where the math actually works
We’ll keep updating this post monthly with fresh deals, verified prices, and smart picks to help you skip the games and drive electric for less.
Stay tuned to BidForAutos.com for the EV deals worth chasing—and the ones worth skipping.
