Hyperdrive
EV Leases Go as Low as $20 a Month to Help Dealers Clear Their Lots
Dealer incentives and a quirk in US law make leasing less costly than buying for many battery-powered vehicles.
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Chris Hilbert used to think of leases as “scummy” and a waste of money. But now that he’s in the market for a cheap electric car, he says, “the prices are just hard to pass up.”
The 44-year-old IT professional from Indianapolis already owns a Tesla Model S sedan and a Rivian R1S SUV. He recently spotted an offer to lease a Hyundai Ioniq 5 SUV for just $259 a month. But he thinks he can do even better. “I need a smaller car for my son to drive,” Hilbert says. “I would be very interested in paying less than $200 a month.”