But there are a few catches.
Those planning or are thinking about leasing a new electric vehicle are definitely reading the right news article. Because it's the end of the model year, automakers are pushing their dealerships to sell and or lease the remaining 2019 inventory. The 2020 models are already arriving on dealership lots and, simply put, there's not enough space for everything. This happens every year, obviously, but lease prices like this one are pretty rare.
According to an analysis done by CarsDirect, which took into account more than 380 of the latest lease deals in America right now, the cheapest lease on a car comes to $109 a month. Which car? That would be the 2019 Hyundai Ionic EV. We were surprised, too.
A recent bulletin sent to Hyundai dealers indicates a new price reduction that sees the Ionic EV's lease payment fall from $219 a month to $109 a month. This is a 36-month lease with a 10,000-mile yearly limit. If you live in California, however, the deal is even better because it can be had with $0 down when used with the state's $2,500 Clean Vehicle Rebate. Elsewhere, Hyundai requests $2,500 due at signing. That's still an excellent deal.
There are, however, some catches, like always. For starters, the Hyundai Ionic EV is sold only in 10 states: California, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, and Vermont. Partially because of this, dealers in those states typically don't keep many in stock. In fact, one listing site shows there are only 400 in stock nationally at the moment.
California residents can only apply for the Clean Vehicle Rebate after taking delivery, meaning they'll still need to come up with $2,500 at first. It could take three to four months for a rebate check to arrive. It's also worth mentioning pricing might vary slightly from state to state. Take New York, for example. The EV is listed at $79 a month with $999 due at signing, thus an effective cost of $107 a month. This is nearly identical to the California offer with the included rebate. Also, buyers must also have excellent credit. Last year, Hyundai also phased out a majority of its EV subscription program, which included free charging, unlimited mileage, and routine maintenance.
But still, the 2019 Hyundai Ionic EV is still an incredibly good lease deal right – if you manage to find one in one of those 10 states.