We found the best EV lease deals in May, plus plug-in hybrid rebates and hybrid car deals worth knowing about. Despite having high prices on paper, manufacturer incentives can often make EV lease prices substantially more affordable than traditional gas vehicles.
Unfortunately, stricter sourcing requirements have cut into the savings potential of several models, but there are still plenty of deals to be had. Here's our roundup of the best EV lease deals and purchase offers in May. We update this page monthly, so check back for the latest deals.
Stay tuned for our upcoming Memorial Day car deal coverage.
Updated on May 19th
Best EV Lease Deals & Rebates
Hyundai Kona EV Lease Deal
- Best Deal: Lease From $269 Per Month
- MSRP: From $34,885
- Fuel Economy: 120 MPGe
- EV Range: Up to 258 miles
What's Hot: The 2023 Hyundai Kona Electric has the best lease on an EV with a payment of just $269 for 36 months with $3,999 due at signing. With an effective cost of $380 per month, it's significantly cheaper to lease than a new Chevy Bolt EUV ($465).
Worth Knowing: In addition to Hyundai's lease deal, the Kona EV qualifies for a $2,000 Clean Vehicle Rebate in California after taking delivery of your vehicle. Example based on Southern California pricing through May 31st. Get Customized Kona Electric Pricing »
Tesla Model 3 EV Lease Deal
- Best Deal: Lease From $424 Per Month
- MSRP: From $40,240
- Fuel Economy: 132 MPGe
- EV Range: 272 miles
What's Hot: The 2023 Tesla Model 3 is a lot cheaper to lease following a round of price cuts. First, Tesla lowered the vehicle's MSRP by $3,000, and then by another $4,000 this month.
The Model 3 is now listed at $424 for 36 months with $5,619 due at signing (10,000 miles per year). That's a little more expensive than last month, but it's still a better deal than we were seeing earlier in the year.
Worth Knowing: The Tesla Model 3 Performance remains eligible for a $7,500 tax credit when purchased, but the base Rear-Wheel Drive and recently reintroduced Long Range model are only eligible for half of that according to the new US Treasury guidelines. Keep in mind that the tax credit is based on when a consumer takes delivery and it's unclear if Tesla will once again raise prices. Get Customized Model 3 Pricing »
Hyundai IONIQ 6 Lease Deal
- Best Deal: Lease From $499 Per Month
- MSRP: From $46,615
- Fuel Economy: 140 MPGe
- EV Range: Up to 380 miles
What's Hot: The 2023 Hyundai IONIQ 6's lease deal got even better this month, with a monthly payment of $499 for 36 months with $3,999 due at signing. With an effective cost of $610 per month, it's not the cheapest EV out there, but it gets you a lot of range for your dollar, with an EPA-estimated 380 miles.
Worth Knowing: In addition to Hyundai's lease deal, the Kona EV qualifies for a $2,000 Clean Vehicle Rebate in California after taking delivery of your vehicle. Example based on Southern California pricing through May 31st. Get Customized IONIQ 6 Pricing »
Volvo XC40 EV Lease Deal
- Best Deal: $7,500 Lease Credit
- MSRP: From $54,645
- Fuel Economy: 85 MPGe
- EV Range: Up to 208 miles
What's Hot: Although the 2023 Volvo XC40 isn't eligible for a tax credit when buying one because it isn't built in North America, a loophole is enabling Volvo to pass along a $7,500 commercial tax credit as lease cash. As a result, the price to lease the XC40 has fallen dramatically within the past month.
Worth Knowing: Every Volvo plug-in now offers the same $7,500 incentive. In some cases, we've seen lease prices fall by over $100 per month, making it a great time to lease. Deals can vary by region and the example is for Southern California. Get Customized XC40 Recharge Pricing »
Polestar 2 EV Lease Deal
- Best Deal: $7,500 Lease Credit
- MSRP: From $49,800
- Fuel Economy: 107 MPGe
- EV Range: Up to 270 miles
What's Hot: The 2023 Polestar 2 got a massive price cut this month thanks to a $7,500 lease credit. As a result, the advertised lease on the Polestar 2 Single Motor fell from $529 per month to just $469 for 36 months with $5,529 due at signing. That's a price cut of $155 per month, a huge change.
Worth Knowing: The Polestar 2 doesn't offer the same advantage when purchasing since the EV is built outside North America and isn't eligible for a tax credit. Polestar is taking advantage of a commercial loophole to offer this deal through May 31st. Get Customized Polestar 2 Pricing »
Audi Q4 EV Lease Deal
- Best Deal: $7,500 Lease Credit
- MSRP: $50,995
- Fuel Economy: 93 MPGe
- EV Range: 265 miles
What's Hot: Audi is passing on a $7,500 lease credit across its entire electrified lineup, including the practical Q4 e-tron. Not every car brand is doing so even when they're able to take advantage of a commercial tax credit on leases.
Worth Knowing: Availability may be extremely limited so check with your local dealers. The Q4 e-tron also qualifies for a $2,000 Clean Vehicle Rebate in California. Get Customized Q4 e-tron Pricing »
VinFast VF8 EV Lease Deal
- Best Deal: $3,000 Lease Credit
- MSRP: From $50,200
- Fuel Economy: TBD
- EV Range: 207 miles
What's Hot: Vietnamese startup VinFast recently slashed prices for the VF8 City Edition by $6,500. Combined with a $3,000 lease incentive, the price cut has enabled the brand to offer a cheaper lease deal of $414 for 36 months with $5,729 due at signing (previously $569 per month).
Worth Knowing: A software update has boosted the SUV's range from 179 miles to 207 miles. That's still not great, but it's a noteworthy improvement. The VF8 City Edition lease deal is available in California through May 31st. Get Customized VF8 Pricing »
Toyota Mirai FCEV Financing Deal
- Best Deal: $25,000 Financing Credit
- MSRP: $50,455
- Fuel Economy: 74 MPGe
- EV Range: 402 miles
What's Hot: The 2023 Toyota Mirai is a fuel-cell electric vehicle (FCEV) with one of the largest discounts on any car, and its price stayed the same for the new model year. Here in Southern California, Mirai Limited offers a whopping $25,000 discount. What's more, you can combine the offer with 0% APR for 72 months through Toyota Financial.
Worth Knowing: The hydrogen-powered Mirai continues to only be sold in California, and incentives vary depending on the configuration. For example, the entry-level Mirai XLE trim generally offers a smaller discount worth $17,000. Get Customized Mirai Pricing »
Best Plug-In Hybrid (PHEV) Lease Deals & Rebates
Jeep Grand Cherokee Plug-In Hybrid Lease Deal
- Best Deal: $12,500 Lease Credit
- MSRP: From $67,055
- Fuel Economy: 56 MPGe
- EV Range: Up to 26 miles
What's Hot: Yes, you read that correctly. The 2023 Jeep Grand Cherokee 4xe doesn't come cheap, but it's eligible for a healthy $12,500 in lease assistance when combining the tax credit with other bonus cash offers. Some of the 4xe's massive discount is in the form of regional bonuses, so be sure to contact your dealer for a quote.
Worth Knowing: Even though the Grand Cherokee is a plug-in hybrid, it has a range of just 26 miles. Still, we think the SUV could be worth a look considering it's based on the redesigned Grand Cherokee WL and boasts an upscale look and feel. Get Customized Grand Cherokee Pricing »
Jeep Wrangler 4xe Lease Deal
- Best Deal: Lease from $439 per month
- MSRP: From $60,025
- Fuel Economy: 49 MPGe
- EV Range: Up to 22 miles
What's Hot: Jeep typically doesn't give the Wrangler as aggressive of incentives as some of their other models, but the 2023 Jeep Wrangler 4xe is being offered with a very attractive lease deal. The offer is for $439 per month over 36 months, with $4,495 due at signing, plus an additional $3,000 in bonus cash on top of the $7,500 lease bonus already factored into the lease. The effective monthly cost adds up to just $563; that's highway robbery for a $60,000 vehicle.
Worth Knowing: The Jeep Wrangler has never been an aerodynamic vehicle in any iteration, and that shows in its so-so MPGe rating. That being said, this is an amazing deal on a very capable SUV. It's also worth noting that this deal is being advertised in California, so your quote may vary. Get Customized Wrangler 4xe Pricing »
Chrysler Pacifica Plug-In Hybrid Lease Deal
- Best Deal: $12,450 Lease Credit
- MSRP: From $51,140
- Fuel Economy: 82 MPGe
- EV Range: Up to 32 miles
What's Hot: Like its Jeep cousins, the Chrysler Pacifica Hybrid is eligible for some crazy savings. Factor that in with it being the only plug-in hybrid minivan on the market right now, and the Pacifica Hybrid's savings can't be beaten right now.
Worth Knowing: The Pacifica Hybrid can only travel 32 miles in all-electric mode which may not work for everyone's needs, but that's still 32 more than any other minivan. Get Customized Pacifica Hybrid Pricing »
Mazda-CX-90 Plug-In Hybrid Lease Deal
- Best Deal: Lease from $496 per month
- MSRP: From $48,820
- Fuel Economy: 56 MPGe
- EV Range: Up to 26 miles
What's Hot: Mazda's first PHEV is actually cheaper to lease than the standard (and more expensive) gasoline-only CX-90. The CX-90 PHEV is being offered for $496 per month for 36 months with $3,999 due at signing. The resulting $607 effective monthly cost is a very solid deal relative to other SUVs on the market and looks especially good compared to the regular CX-90.
Worth Knowing: The CX-90 can only travel 26 miles in all-electric mode which puts it below the class leaders, but this is still a competitive deal on a brand-new model. Get Customized CX-90 Pricing »
Toyota Prius Prime Lease Deal
- Best Deal: Lease from $435 per month
- MSRP: From $33,445
- Fuel Economy: 121 MPGe
- EV Range: Up to 44 miles
What's Hot: Like the Mazda, the 2023 Toyota Prius Prime PHEV is cheaper to lease than the less expensive conventional hybrid Prius. Factoring in the due at signing, the Prius Prime's $447 effective monthly cost is $28 cheaper than the equivalent standard Prius lease, a $4,900 difference in their MSRPs.
Worth Knowing: The Prius Prime doubled its all-electric range following its big redesign, and although its fuel economy numbers took a small hit, it's still among the class leaders. Get Customized Prius Prime Pricing »
Best Hybrid Lease Deals & Rebates
Ford F-150 Hybrid Financing Deal
- Best Deal: Finance from 0% APR
- MSRP: From $47,675
- Fuel Economy: 24 MPG
What's Hot: Ford is offering 0% APR for up to 48 months when financing the 2023 F-150 PowerBoost Hybrid. That represents a price cut compared to Ford's previous deal of 0% financing for 36 months. What's more, Lariat Hybrid trims offer $1,250 in bonus cash that you can't get on other F-150 styles.
Worth Knowing: The 3.5L PowerBoost engine is a $4,495 option on certain F-150 trims and deals vary by region. The examples here are based on offers in California, but we recommend checking with local dealers to inquire about inventory near you. Get Customized F-150 Hybrid Pricing »
All EV Lease Deals
| Effective Cost | Model | Monthly Payment | Term | Due at Signing | Region | Customize Offer |
| $380 | 2023 Hyundai Kona SE Electric | $269 | 36 | $3,999 | Los Angeles | Customize Offer |
| $445 | 2023 Chevrolet Bolt EV 1LT | $299 | 36 | $5,239 | National | Customize Offer |
| $465 | 2023 Chevrolet Bolt EUV 2LT | $319 | 36 | $5,269 | National | Customize Offer |
| $512 | 2023 Nissan Ariya ENGAGE 63 kWh FWD | $429 | 48 | $3,969 | CA-Los Angeles DMA | Customize Offer |
| $532 | 2023 Mazda MX-30 FWD | $421 | 36 | $3,999 | Los Angeles | Customize Offer |
| $580 | 2023 Tesla Model 3 Standard Range with RWD | $424 | 36 | $5,,619 | National | Customize Offer |
| $610 | 2023 Hyundai IONIQ 5 SE Long Range 4x2 | $499 | 36 | $3,999 | Los Angeles | Customize Offer |
| $610 | 2023 Hyundai IONIQ 6 SE Long Range RWD | $499 | 36 | $3,999 | Los Angeles | Customize Offer |
| $638 | 2023 Toyota bZ4X XLE EV | $499 | 36 | $4,999 | Los Angeles Region | Customize Offer |
| $650 | 2023 Subaru Solterra Premium EV | $569 | 36 | $2,919 | Subaru-West-Los Angeles | Customize Offer |
| $683 | 2023 Tesla Model Y Long Range Dual-Motor with AWD | $529 | 36 | $5,719 | National | Customize Offer |
| $732 | 2023 Ford Mustang Mach-E Select RWD | $589 | 36 | $5,139 | California | Customize Offer |
| $788 | 2023 Toyota Mirai XLE Hydrogen FCEV | $649 | 36 | $4,999 | Los Angeles Region | Customize Offer |
| $791 | 2023 Volvo XC40 Recharge Twin Core AWD EV | $675 | 36 | $4,175 | Western | Customize Offer |
| $816 | 2023 Genesis GV60 Advanced EV | $649 | 36 | $5,999 | EV States | Customize Offer |
| $1,036 | 2023 Cadillac LYRIQ Luxury RWD | $899 | 36 | $4,939 | National | Customize Offer |
| $1,066 | 2023 Genesis G80 AWD EV | $899 | 36 | $5,999 | EV States | Customize Offer |
| $1,447 | 2023 GMC HUMMER EV Edition 1 eAWD SUV | $1,099 | 36 | $12,539 | National | Customize Offer |
| $1,450 | 2023 Tesla Model S Dual-Motor with AWD | $1,189 | 36 | $9,384 | National | Customize Offer |
| $1,504 | 2022 GMC HUMMER EV Edition 1 eAWD Truck | $1,099 | 36 | $14,569 | National | Customize Offer |
| $1,604 | 2023 Tesla Model X Dual-Motor with AWD | $1,339 | 36 | $9,534 | National | Customize Offer |
All Plug-In Hybrid (PHEV) Lease Deals
| Effective Cost | Model | Monthly Payment | Term | Due at Signing | Region | Customize Offer |
| $447 | 2023 Toyota Prius Prime SE | $435 | 36 | $435 | Los Angeles | Customize Offer |
| $525 | 2023 Kia Niro EX Plug-In Hybrid | $419 | 36 | $3,799 | Group 1 | Customize Offer |
| $564 | 2023 Jeep Wrangler 4-Door 4xe Willys | $499 | 36 | $4,495 | California BC | Customize Offer |
| $660 | 2023 Chrysler Pacifica Hybrid Touring L | $549 | 36 | $3,995 | California BC | Customize Offer |
| $720 | 2023 Kia Sorento SX-Prestige Plug-In Hybrid | $609 | 36 | $3,999 | Group 1 | Customize Offer |
| $1,077 | 2023 Volvo XC90 Recharge Core | $929 | 36 | $5,329 | Western | Customize Offer |
All Hybrid Lease Deals
| Effective Cost | Model | Monthly Payment | Term | Due at Signing | Region | Customize Offer |
| $406 | 2023 Kia Niro LX Hybrid | $309 | 36 | $3,499 | Group 1 | Customize Offer |
| $447 | 2023 Hyundai Elantra Blue Hybrid | $355 | 36 | $3,299 | Los Angeles | Customize Offer |
| $454 | 2023 Honda CR-V Hybrid Sport Hybrid | $329 | 36 | $4,499 | Lease Region A | Customize Offer |
| $456 | 2023 Kia Sportage Hybrid AWD | $359 | 36 | $3,499 | Group 1 | Customize Offer |
| $485 | 2023 Honda Accord Hybrid 2.0 Sport | $379 | 36 | $3,799 | Lease Region A | Customize Offer |
| $530 | 2023 Lexus UX UX 250h AWD | $419 | 36 | $3,999 | Lex-Eastern | Customize Offer |
| $556 | 2023 Kia Sorento EX Hybrid | $459 | 36 | $3,499 | Group 1 | Customize Offer |
| $562 | 2023 Toyota RAV4 Hybrid LE | $479 | 36 | $2,999 | Los Angeles Region | Customize Offer |
| $650 | 2023 Lexus NX NX 350h AWD Hybrid | $539 | 39 | $3,999 | Lex-Eastern | Customize Offer |
| $700 | 2023 Lexus ES ES 300h FWD | $589 | 36 | $3,999 | Lex-Eastern | Customize Offer |
Government EV Tax Credit
EVs and plug-in hybrids may be eligible for a $7,500 federal tax credit, though recent changes as a result of the Inflation Reduction Act have had a dramatic effect on prices. That's because of a new final assembly requirement that limits the tax credit to vehicles assembled in the United States after August 16, 2022.
As a qualified EV buyer, you may be able to claim the full tax credit. However, on a lease, the lender holds the title and therefore gets the tax credit. Some brands pass along the tax credit as lease cash. Unfortunately, some car brands actually keep the tax credit rather than lower the price of their vehicles.
We recommend consulting with a tax professional to determine your eligibility. In some cases, EV leases may not offer the same advantage as buying one in 2023.
Free State Plug-In Rebate Incentives
A number of states offer plug-in rebates for qualifying vehicles. For example, the California Clean Vehicle Rebate Project, or CVRP rebate, also offers a $2,000 incentive after purchasing or leasing an eligible vehicle. Most EVs and plug-in hybrids are eligible, though there is now an MSRP cap that excludes Teslas and some higher-end vehicles.
The California Clean Fuel Reward offers up to $750 in upfront savings on EVs and a smaller rebate on PHEVs based on battery size. For example, a Toyota bZ4X qualifies for a $750 Clean Fuel Reward, whereas the Prius Prime gets just $450. Teslas remain eligible. The Clean Fuel Reward was temporarily reduced to $0 due to funding limitations in September 2022.
Free HOV Lane Access For EVs
Depending on where you live, there may be a big benefit for commuters looking to buy an EV. In California, Clean Air Vehicle Decals issued by the Department of Motor Vehicles can get eligible drivers free use of High Occupancy Vehicle (HOV) lanes. Carpool lane access could help shave time off your commute.
The CAV decal program does have some tradeoffs, however. For example, rules implemented back in 2018 no longer allow buyers to also take advantage of the Clean Vehicle Rebate (CVRP) unless they meet special income requirements. The California DMV has an informative FAQ page outlining the requirements.
Free Parking For EVs
In some parts of the country, EV owners may have special privileges compared to regular internal combustion vehicles.
For example, the city of Santa Monica, California says "properly displayed Clean Air Vehicle decals & ZEV decals allow you to park at any on-street, metered parking space in Santa Monica without charge for the maximum amount of time allowed by that meter."
The decals are issued by the California Department of Motor Vehicles.
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