Published on November 23rd, 2019 | by Cynthia Shahan0
Say What? $79–$178 Monthly Lease For An Electric Car?
November 23rd, 2019 by Cynthia Shahan
Let’s try to decipher this one. It’s not been that long since I leased an EV. This kind of deal was not around; or not anywhere that I heard of a few years back. Perhaps location makes a significant difference, or are EVs really coming down to a level accessible to those on a small budget?
Even aside from this extremely low lease price, I’m confident that EVs are a good investment for the financially challenged. Considering the good used EVs out there for resale, the savings in fuel costs and maintenance go a long way to make transportation more affordable. There are a lot of savings if you transition from gasoline vehicles. One simply must grasp the difference between the upfront price tag and Total Cost of Ownership. No fuel injectors, transmissions, piston rings, oil filters, no clutter under the hood, valves, hoses, fans, and expensive timing belts help to minimize long-term costs.
Getting to the news in the headline, Green Car Reports quotes numbers such as $79 a month for the 2019 Hyundai Ioniq Electric (something I can barely believe). That’s for a 36 month lease with $999 down and a 10,000-mile annual limit. I could not even find a Hyundai Ioniq Electric in Tampa to test drive a few years back, and its probably still unavailable in this area.
Yes, the down payment should be working into the monthly price if you want more accuracy. That would change $79/month to about $107/month. Not a terrible increase. If I was at the dealership, I’d be waiting for the proverbial axe to drop and another couple hundred dollars tacked on somehow. As it is, that is less than some phone services.
At that rate, what you save on gas is possibly more than the cost of the lease. And the range of this car is fine, plenty, for most people. I drive electric. That range would work quite well for me. Green Car Reports states, “The 2019 Ioniq Electric is rated at 124 miles of range on its 28 kWh battery pack, and it could save $4,750 over five years compared to the gasoline for the average new vehicle getting 27 mpg, according to the EPA.”
The report continues to confound me. It’s also a bit more outside of California, but still not bad at all. The Ioniq Electric’s available to those in the Southeast, Midwest, South Central, Southwest, and Northwest regions for $109 a month. That includes $2,500 due at signing, though, bumping the true monthly lease to $178 across three years. “In some places—California, for instance—state and local incentives could wipe away some or all of the initial outlay.”
Hyundai is currently clearing out the 2019 models, part of the reason for the deal. The company is making room for 2020 Ioniq Electric lineup that is emerging soon.
It is true that some people are waiting for larger batteries, more comfortable range. The 2020 Hyundai Ioniq Electric is offering that. The EV has a 170-mile range.
Green Car Reports points out what I noted above, that there are only a very few 2019 Ioniq Electric hatchbacks around. “In a quick check of dealer sites in the area around New York City, for instance, we found two. So if this deal interests you, we’d recommend acting well before this deal’s official December 2 expiration.”
Perhaps that is the hitch. It reiterates how much automakers are seemingly trying to not sell their EVs. Good luck to all of you who try to get a deal like this. Let us know if you do.
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