Careful shoppers who are patient can often get very attractive lease deals on new cars, as auto makers seek to clear out old inventory or get ready for the release of new models. Inside EVs keep track of such things and shares that information on a regular basis. Leasing an EV is often the lowest cost option. That’s because the $7500 federal tax credit gets deducted from the capitalized cost of the lease right up front. If an individual buys an EV now, he or she won’t get the full benefit of the federal credit until tax time rolls around in 2017
By far the best lease deal this month is on the the 2016 Chevy Spark EV. Not only is it just $129 a month, it requires no money down at signing. Total payments over the 39 month term of the lease total a mere $5,421. Much of that cost will be offset by the money saved from not buying gasoline and performing routine maintenance. As with all leases, pay careful attention to the allowable annual mileage. Exceeding mileage limitations can prove costly when the lease is over and its time to turn the car back to the leasing company.
The Fiat 500e has the next best lease package — $i69 a month for 36 months with a down payment of $1,999 for total payments of $8,083. A 2015 Ford C-Max Energi goes out the door for $227 a month with $3,179 down while a 2016 VW e-Golf can be leased for $149 a month with $2,349 down. Finally, the second generation Chevy Volt is available for $299 a month with no money down. Total cost of that lease is $11,661, which is more than double the cost for a Spark EV. The terms of the Volt lease only apply to customers who do not presently own a General Motors product.
Inside EVs has also uncovered an unadvertised promotion offered by Nissan. Buy a 2016 LEAF, and the company will finance your purchase at 0% interest for 72 months. Qualified buyers will also get an extra $3,000 off the price of the car. Apparently, this offer applies mostly to the base model LEAF S, which does not have the new extended range battery available on SV and SL models. You will need to speak with an authorized Nissan dealer to get all the details.
The bottom line is that you can drive electric for very little money, if you shop around. The Chevy Spark EV is no Tesla Model S, but it has its share of admirers. Here’s the best part. It is rated at 82 miles of range — about the same as the entry level LEAF S. At $129 a month with no money down, that is more than a great deal. It’s an outright steal!