We’ve covered some exceptionally cheap EV lease deals in the past, but since President Donald Trump ended the federal tax credit, those deals are harder and harder to come by. EVs are facing decreased demand due in part to the death of those tax credits, but some automakers are trying to combat that by running their own incentives for buyers. Automaker lease incentives are less common, and thanks to reporting done by Cars Direct, we now know that some of the cheapest EVs to buy simultaneously have some of the worst lease deals right now.
Each of these models are burdened by rapid depreciation, with one model earning a ninth-place spot on the list of the fastest depreciating new cars last year, and the previous generation of another model ranking seventh on that same list. Generally, automakers are more likely to have good lease deals on models with slow depreciation because they know they can still make a healthy profit when selling the car after the lease term ends. When cars suffer from rapid depreciation, automakers know they won’t be able to sell the car for much after the lease term, so they charge more money for the lease to cover that deficit.
The bad deals
The four worst EVs to lease right now are the all new 2026 Nissan Leaf, Chevrolet’s revived 2027 Bolt, the paused-for-2026 Hyundai Kona Electric, and the final year of the Tesla Model X. To be clear, we aren’t saying these are bad cars, they just don’t have fiscally logical lease deals going at the moment. Most of these cars are better deals when buying versus their pricey leases.
We quite enjoyed the new 2026 Nissan Leaf when we sampled it during a first drive event last year, especially when compared to the second-generation Leaf, but not at these lease prices. Nissan advertises leases for the 2026 Leaf SV+ in California at $459 per month for 48 months with $3,889 due at signing, which when you spread that down payment evenly across the 48-month term, equals $580 per month for a car with an MSRP of $35,725. The new Leaf’s lease price is likely elevated because of the second-generation Leaf’s poor resale values; it was the seventh-fastest depreciating car on sale last year, but the new Leaf is truly light years better than the old car, so that may change in the near future.
The new 2027 Chevrolet Bolt has an MSRP of just under $30,000, and yet lease prices are advertised at $399 for 36 months with $5,019 due at signing, which equates to a lofty $538 per month. Leasing Chevrolet’s longer-range Equinox EV is nearly half the monthly cost, and you get a much larger car.
The ugly deals
The 2025 Hyundai Kona Electric is an even worse deal. A Kona SE Electric costs about $35,000 to buy, and yet Hyundai is charging $781 per month for 24 months with $4,591 due at signing. That means anyone who goes for this lease deal will end up paying $972 for each month with the car, when spreading the down payment evenly across the term. Similar to the Bolt, Hyundai has lease offers for its larger Ioniq 5 SE for a fraction of the cost of the Kona Electric at just $189 for 24 months with $3,999 due at signing, making this a seriously terrible deal.
The last and most expensive lease on this list is for the 2026 Tesla Model X, which has an MSRP around $101,000, but its lease deal is even worse. Tesla is offering this ancient model for $1,699 per month for 36 months with $9,895 due at signing. That equates to nearly $2,000 per month, which means by the end of the lease term, you would have paid about $72,000, and you’d still have to give the car back.
There are still good deals out there
If you’re disheartened by these garbage deals, thankfully there are much more affordable lease alternatives to most of them. Nissan doesn’t have any other EVs on sale at the moment since it axed the handsome if uninspiring Ariya, but there are EVs from other companies that offer much cheaper lease offers than the Leaf.
The Chevrolet Equinox EV is a fantastic affordable and spacious electric SUV that would be an excellent alternative to either the Nissan Leaf, the Hyundai Kona Electric, or Chevrolet’s own Bolt. The Hyundai Ioniq 5 is another affordable and excellent electrified SUV that has great lease deals at the moment. Other similar options include the facelifted and much improved Subaru Solterra and Toyota BZ, Volkswagen’s ID.4, and there’s the Ioniq 5’s swoopier relative the Kia EV6. Many of these EVs are also available on the used market for a fraction of their original cost, if that’s more your speed.
The Tesla Model X was the ninth fastest depreciating car on sale last year, so if you really want one, buy a used one and save yourself thousands, or lease the much better Lucid Gravity Touring for about half the monthly price. Whatever you do, just make sure you do your homework when looking for a new car to lease, or you could end up wasting a lot of money.
