Electric vehicle prices have climbed. Interest rates remain high. But if you’re looking to go electric in 2025 without blowing your monthly budget, there’s still one smart move on the table: leasing.
Right now, EV lease deals are better than they’ve been in months. Automakers are pushing new inventory, passing along tax credit savings, and trying to win back hesitant shoppers. With some strategic timing, you can still get into a solid EV for under $400 a month—with little money down, low commitment, and serious fuel savings.
This guide breaks down the best EV lease deals for May 2025, what to ask at the dealership, and why leasing makes more sense than buying in today’s market.
Why Leasing an EV Makes Sense in 2025
There are three big reasons why leasing is winning in 2025:
1. You Still Get the Full $7,500 Tax Credit
Even if a vehicle doesn’t qualify for the federal tax credit when you buy it, it does when you lease it. The automaker (technically, the lessor) claims the credit—and many pass the savings on to you as lower monthly payments.
2. You Avoid Long-Term EV Risks
Battery technology is evolving fast. If you’re not ready to commit to a full EV long-term, leasing lets you test the waters. In 2–3 years, you can upgrade to something with better range, faster charging, and newer tech.
3. Monthly Payments Are Lower
Thanks to factory lease incentives and the tax credit passthrough, you’ll usually pay $100–$150/month less to lease an EV versus financing one. That matters more than ever as car prices climb.
Best EV Lease Deals in May 2025 (Under $400/Month)
Lease terms vary by region, credit score, and mileage limits. The deals listed below are based on national averages for 36-month leases, with $2,500–$3,999 due at signing unless otherwise noted.
1. Hyundai Ioniq 5 SE RWD
- Monthly Payment: $379/month
- Term: 36 months
- Due at Signing: $3,499
- MSRP: $43,300
- Range: 303 miles
- Tax Credit Applied: Yes
- Why It’s Great: Stylish, practical, and built on an 800V platform for ultra-fast charging. Still one of the best all-around EVs for the money.
2. Chevrolet Equinox EV 2LT
- Monthly Payment: $349/month
- Term: 36 months
- Due at Signing: $3,499
- MSRP: ~$35,000
- Range: 319 miles
- Tax Credit Applied: Yes
- Why It’s Great: The newest GM Ultium-based EV is a strong value. Generous range, smooth ride, and full tax credit make this one a smart lease play.
3. Tesla Model 3 RWD (Highland Refresh)
- Monthly Payment: $389/month
- Term: 36 months
- Due at Signing: $3,999
- MSRP: $38,990
- Range: 272 miles
- Tax Credit Applied: Yes (via lease)
- Why It’s Great: Tesla doesn’t offer traditional discounts—but the lease program remains competitive due to their in-house financing and Supercharger access.
4. Kia Niro EV Wind
- Monthly Payment: $379/month
- Term: 36 months
- Due at Signing: $3,799
- MSRP: $40,975
- Range: 253 miles
- Tax Credit Applied: Yes (via lease only)
- Why It’s Great: Smaller than the EV6 but more affordable. Solid range, smooth ride, and high safety ratings.
5. Volkswagen ID.4 Standard
- Monthly Payment: $359/month
- Term: 36 months
- Due at Signing: $3,599
- MSRP: $39,735
- Range: 209 miles
- Tax Credit Applied: Yes
- Why It’s Great: Now built in Chattanooga, TN, the ID.4 has become a much better deal. Decent cargo space and refreshed interior make it worth considering.
6. Nissan Ariya Engage FWD
- Monthly Payment: $389/month
- Term: 36 months
- Due at Signing: $3,999
- MSRP: $39,590
- Range: 216 miles
- Tax Credit Applied: Yes (via lease)
- Why It’s Great: Quiet, smooth, and comfortable. Charging speed lags behind competitors, but lease pricing has improved substantially in 2025.
7. Ford Mustang Mach-E Select RWD
- Monthly Payment: $399/month
- Term: 36 months
- Due at Signing: $3,899
- MSRP: $42,995
- Range: 250 miles
- Tax Credit Applied: Yes
- Why It’s Great: Updated software and faster charging for 2025. Ford is being aggressive with lease offers as inventory builds up.
8. Tesla Model Y RWD
- Monthly Payment: $399/month
- Term: 36 months
- Due at Signing: $3,999
- MSRP: $44,990
- Range: 260 miles
- Tax Credit Applied: Yes
- Why It’s Great: Still the top-selling EV in America. Leasing one now gets you lower payments and locked-in access to the Supercharger network before NACS expands.
Tax Credit and Leasing: What You Need to Know
How It Works
- You don’t claim the credit yourself when leasing.
- The manufacturer claims the $7,500 credit and may apply it to reduce your lease cost.
- Ask: “Is the $7,500 tax credit already factored into this lease payment?”
- Some dealers pocket the credit instead of passing it along. Don’t assume—ask directly.
What to Ask at the Dealership
Before you sign:
- Is the federal tax credit applied to this lease?
- What is the money factor (interest rate equivalent)?
- Is this a manufacturer-subsidized lease or bank-financed?
- Are there any disposition fees or excess wear penalties?
- Can I purchase the car at lease-end—and if so, at what price?
Who Should Lease an EV in 2025?
Leasing is ideal if:
- You drive under 12,000 miles/year
- You want to try an EV without a long-term commitment
- You live in an area with reliable Level 2 or DC fast charging
- You don’t qualify for the tax credit via purchase due to income limits
Leasing vs. Buying: 2025 Snapshot
| Factor | Leasing | Buying |
| Monthly Payment | Lower | Higher |
| Tax Credit | Always available | Only if vehicle meets requirements |
| Ownership | No | Yes |
| Mileage Limits | Yes (10K–15K/yr) | No |
| Resale Risk | None | You absorb it |
| Tech Upgrades | Easy to switch | Locked in longer |
EV Lease Deals to Watch For (Late May–June)
These vehicles are expected to drop below $400/month in the coming weeks due to new incentives or inventory shifts:
- 2024 Hyundai Kona Electric
- 2025 Subaru Solterra Premium
- 2025 Toyota bZ4X XLE
- 2025 Honda Prologue EX
We’ll update this list monthly as new offers launch.
Final Thoughts
If you’re looking to go electric without locking yourself into high payments, uncertain resale values, or future battery tech shifts, leasing an EV right now makes a lot of sense.
And with smart timing, the right questions, and an eye on inventory, you can still find great EV lease deals under $400/month—even as the rest of the market tightens up.
Stay tuned to BidForAutos.com for monthly updates on lease pricing, EV eligibility, and the smartest ways to go electric in 2025.
