The Honda Prologue and Hyundai IONIQ 5 are now some of the most leased EVs in the US. After introducing hefty discounts, the electric SUVs trailed only the Tesla Model 3 and Model Y in the third quarter.
Thanks to higher incentives and new lower-priced models, leasing an electric vehicle is more affordable than ever. Including the $7,500 federal tax credit, some automakers are offering discounts of $10,000 to upwards of $20,000 on EV models.
The discounts have made EVs more retractable than many of their gas-powered equivalents. According to Experian, EVs accounted for over 10% of new vehicle financing in Q3, surging 30% from last year.
“The growth in EV financing can be attributed to two factors: the EV tax credit and more affordable models hitting the market,” Melinda Zabritski, Experian’s head of automotive financial insights, explained. Experian’s new Q3 2024 State of the Automotive Finance Market Report revealed EV leasing nearly doubled from last year.
Leasing accounted for 45% of all new EV transactions in the third quarter, up from 25% last year and 9.5% in Q3 2022.
The biggest factor in choosing a lease is the significantly lower monthly payments. The monthly payment for leasing a new EV was $198 lower than the average monthly payment for a new loan last quarter.
Honda, Hyundai electric SUVs join most leased EVs in Q3
According to the report, the top five most leased EVs included the Tesla Model 3 (13.60%), Tesla Model Y (9.30%), Hyundai IONIQ 5 (6.51%), Honda Prologue (5.11%), and Ford Mustang Mach-E (4.86%).
| Share of EV leases in Q3 2024 | |
| Tesla Model 3 | 13.60% |
| Tesla Model Y | 9.30% |
| Hyundai IONIQ 5 | 6.51% |
| Honda Prologue | 5.11% |
| Ford Mustang Mach-E | 4.86% |
Honda and Hyundai are climbing the charts with stylish, long-range EV models at an affordable price. After delivering the first models in March, Honda has already sold over 25,000 Prologues in the US, including a record over 6,800 in November alone.
The 2024 Honda Prologue starts at $47,400, but with the $7,500 EV tax credit, prices fall to potentially under $40,000. Honda’s Prologue is available to lease for as little as $259 for 36 months.
That’s even cheaper than a Honda Civic, starting at $279 per month, despite costing nearly twice as much. The 2025 Honda Civic 2WD LX starts at $24,250.
|
2024 Honda Prologue trim |
Starting Price (w/o $1,395 destination fee) |
Starting price after tax credit (w/o $1,395 destination fee) |
Starting price after tax credit (with $1,395 destination fee) |
EPA Range (miles) |
| EX (FWD) | $47,400 | $39,900 | $41,295 | 296 |
| EX (AWD) | $50,400 | $42,900 | $44,295 | 281 |
| Touring (FWD) | $51.700 | $44,200 | $45,595 | 296 |
| Touring (AWD) | $54,700 | $47,200 | $48,595 | 281 |
| Elite (AWD) | $57,900 | $50,400 | $51,795 | 273 |
Hyundai is also coming off a new US sales record in November after IONIQ 5 sales more than doubled. With another nearly 5,000 models sold last month, Hyundai has sold over 39,800 IONIQ 5’s in the US through November.
The sales surge comes after Hyundai introduced the updated 2025 IONIQ 5, which has more range and a sleek new design. It even includes an NACS port to access Tesla Superchargers.
With the updated models arriving at dealerships, Hyundai is offering clearance prices on 2024 models, with leases starting as low as $199 per month.
Ford is offering several deals on its EV models. Through an end-of-year promo, Ford is offering up to $10,500 off the 2024 Mustang Mach-E through leasing. To sweeten the deal, Ford is also giving EV buyers a free Level 2 home charger and covering the cost of standard installation through its new “Power Promise.”
Tesla recently introduced new incentives to close out the year, including 3 months of free Full Self-Driving (Supervised) and Supercharging if you take delivery of a new inventory vehicle by December 31.
With Trump’s transition team reportedly planning to end the EV tax credit, these savings could largely disappear next year.
Are you ready for your next EV? Now may be the time to start shopping with some of the biggest discounts to date. You can use our links below to find the best offers on popular electric models in your area.