Since the Spring, a ton of amazing EV deals posted here. Kia, Cadillac, Hyundai, MB, Jeep, Polestar, etc…
However, they almost all seem to be 24 month programs.
Isn’t that a really short stint to be with a car just to do the dance all over again? Is there a reason why so many manufacturers/banks are slapping 24 mo on their EV programs?
Anyone who can make me feel better about signing a lease for just 2 years would be appreciated!
24 months is a relatively short term, but when you get a $7500 lease credit, the terms are much better when you take $7500/24 than $7500/36. Over 24 months is a ~$312 monthly incentive vs a 36 month ~208 monthly incentive. Add that to other incentives and the 24 month lease just makes more sense. The reliability and residual values just aren’t there quite yet for 36 month leases to make sense as the cars are usually so underwater in trade in/auction value. For instance, I have a ioniq 6 with $12500 of incentives, but I am still 8k upside on my lease 14 months into a 24 month lease on the buyout. Hope that helps a little bit!
Why pay more per month when for a 24 month you can easily just extend a few months OR just lease a new car?
The 36 months on certain models cost more (Like Ioniq 5) and if you extend a 24 a few months until a deal comes up you make out with some extra cash.
One of the main reasons to lease is to be driving a newer car. All else being equal a shorter term is always better.
I am about 18k upside down 12 months in on a 24m lease on I5 SEL AWD…
I guess my 8k isn’t too bad then lol.
It will be interesting when Hyundai and VW, etc, get all these ioniqs and id4 back when people return them because of how upside down they are instead of purchasing them. The “msrp” of these vehicles, IMO, is inflated by the manufacturer knowing that leases right off the bat usually qualify for the $7500 lease incentive plus all the other money some states throw at evs.
I’m 18k down 12 months in on a 36…so I’m in a worse spot than you…haha
Has there ever been a better time to lease an EV?
Don’t look a gift horse in the mouth. Especially when 24 v 36 could save you a set of tires.
OP has NJ tagged here. If you want to take advantage of the Charge up NJ $2K-$4K rebate, one requirement is to keep the car for minimum 36 months so a 24 month lease won’t fly.
Everyone qualifies for $2K. MAGI under $75K single or $150K married qualifies for $4K
Ask Tesla owners/lessees pre-price drop how much they are upside down 
(I’m in the same boat, so call it self-deprecating humor)
Nissan used to do 18 months:) But for those prices it wasn’t a big deal to do it over again in less than two years including 3 months extension.
And once you get hooked on fun and adrenaline of trying to find that next $100 lease - you would want a shorter lease to do it over and over again:)
I won’t go longer than 24 months ever on a lease. I have no desire to pay for any wear and tear items.
especially on the tires, I expect mine will be bald by 20 months
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.