Honda Prologue, Hyundai IONIQ 5 now amongst most leased EVs

The Honda Prologue and Hyundai IONIQ 5 are actually among the most leased EVs within the US. After introducing hefty reductions, the electrical SUVs trailed solely the Tesla Mannequin 3 and Mannequin Y within the third quarter.

Because of increased incentives and new lower-priced fashions, leasing an electrical car is extra reasonably priced than ever. Together with the $7,500 federal tax credit score, some automakers are providing reductions of $10,000 to upwards of $20,000 on EV fashions.

The reductions have made EVs extra retractable than lots of their gas-powered equivalents. Based on Experian, EVs accounted for over 10% of latest car financing in Q3, surging 30% from final yr.

“The expansion in EV financing might be attributed to 2 elements: the EV tax credit score and extra reasonably priced fashions hitting the market,” Melinda Zabritski, Experian’s head of automotive monetary insights, defined. Experian’s new Q3 2024 State of the Automotive Finance Market Report revealed EV leasing almost doubled from final yr.

Leasing accounted for 45% of all new EV transactions within the third quarter, up from 25% final yr and 9.5% in Q3 2022.

The most important think about selecting a lease is the considerably decrease month-to-month funds. The month-to-month fee for leasing a brand new EV was $198 decrease than the typical month-to-month fee for a brand new mortgage final quarter.

Honda, Hyundai electrical SUVs be a part of most leased EVs in Q3

Based on the report, the highest 5 most leased EVs included the Tesla Mannequin 3 (13.60%), Tesla Mannequin Y (9.30%), Hyundai IONIQ 5 (6.51%), Honda Prologue (5.11%), and Ford Mustang Mach-E (4.86%).

Honda and Hyundai are climbing the charts with trendy, long-range EV fashions at an reasonably priced worth. After delivering the primary fashions in March, Honda has already offered over 25,000 Prologues within the US, together with a file over 6,800 in November alone.

The 2024 Honda Prologue begins at $47,400, however with the $7,500 EV tax credit score, costs fall to probably beneath $40,000. Honda’s Prologue is on the market to lease for as little as $259 for 36 months.

That’s even cheaper than a Honda Civic, beginning at $279 monthly, regardless of costing almost twice as a lot. The 2025 Honda Civic 2WD LX begins at $24,250.

Hyundai can be coming off a new US gross sales file in November after IONIQ 5 gross sales greater than doubled. With one other almost 5,000 fashions offered final month, Hyundai has offered over 39,800 IONIQ 5’s within the US via November.

The gross sales surge comes after Hyundai launched the up to date 2025 IONIQ 5, which has extra vary and a smooth new design. It even consists of an NACS port to entry Tesla Superchargers.

With the up to date fashions arriving at dealerships, Hyundai is providing clearance costs on 2024 fashions, with leases beginning as little as $199 monthly.

Ford is providing a number of offers on its EV fashions. By way of an end-of-year promo, Ford is providing as much as $10,500 off the 2024 Mustang Mach-E via leasing. To sweeten the deal, Ford can be giving EV consumers a free Stage 2 residence charger and overlaying the price of commonplace set up via its new “Energy Promise.”

Tesla not too long ago launched new incentives to shut out the yr, together with 3 months of free Full Self-Driving (Supervised) and Supercharging should you take supply of a brand new stock car by December 31.

With Trump’s transition workforce reportedly planning to finish the EV tax credit score, these financial savings may largely disappear subsequent yr.

Are you prepared to your subsequent EV? Now stands out as the time to start out buying with among the greatest reductions thus far. You need to use our hyperlinks beneath to seek out the very best affords on well-liked electrical fashions in your space.