Honda Prologue, Hyundai IONIQ 5 now amongst most leased EVs

The Honda Prologue and Hyundai IONIQ 5 are actually a number of 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 greater incentives and new lower-priced fashions, leasing an electrical automobile is extra inexpensive 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 recent automobile financing in Q3, surging 30% from final 12 months.

“The expansion in EV financing might be attributed to 2 components: the EV tax credit score and extra inexpensive 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 12 months.

Leasing accounted for 45% of all new EV transactions within the third quarter, up from 25% final 12 months 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 common 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 inexpensive value. 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 per 30 days, regardless of costing almost twice as a lot. The 2025 Honda Civic 2WD LX begins at $24,250.

Hyundai can also 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 by November.

The gross sales surge comes after Hyundai launched the up to date 2025 IONIQ 5, which has extra vary and a modern 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 per 30 days.

Ford is providing a number of offers on its EV fashions. By an end-of-year promo, Ford is providing as much as $10,500 off the 2024 Mustang Mach-E by leasing. To sweeten the deal, Ford can also be giving EV patrons a free Degree 2 dwelling charger and masking the price of customary set up by its new “Energy Promise.”

Tesla just lately launched new incentives to shut out the 12 months, together with 3 months of free Full Self-Driving (Supervised) and Supercharging when you take supply of a brand new stock automobile by December 31.

With Trump’s transition staff reportedly planning to finish the EV tax credit score, these financial savings may largely disappear subsequent 12 months.

Are you prepared in your subsequent EV? Now could be the time to begin buying with a number of the largest reductions to this point. You need to use our hyperlinks under to seek out the most effective presents on well-liked electrical fashions in your space.