Fiat cut the cost of its 2024 500e lease deal by 35% compared to last month, while Subaru trimmed $50/month from its long-standing zero-down lease deal on the 2024 Solterra Premium. Both EVs now boast average monthly lease costs that undercut nearly every new vehicle lease on the US market, electric or otherwise.
Fiat is currently advertising a 36-month lease on the 500e that’s $199/month, $2999 due at signing, which calculates to an average monthly cost of just $277/month plus tax and license. Those are by far the best 500e lease terms we’ve seen since the pandemic. Back then, circa 2019, about $250/month was enough to lease the original 500e, a spartan 84-mile runabout incapable of fast charging. Today’s all-new 500e (MSRP $34,095) is much improved, with a 141-mile range, DC fast charging, a 10-inch center display that hosts a modern infotainment system, and a slightly roomier cabin. Aesthetically, the two-door front-drive four-seater pays proper homage to its ancestors with a beautifully retro-styled body and dashboard that seamlessly blends the old with what’s new. Shortcomings, besides its short range? Well, cargo space aft of the rear seats measures eight cubic feet. Small perhaps, but on par with its competition, namely the two-door MINI Cooper Hardtop SE.
Need something bigger? If you’ve got two more bucks to spare every month and are willing to forego freshly designed, artfully sculpted Italian coachwork, take a look at a Solterra. Subaru dropped the monthly on a 2024 Solterra Premium lease down to $279/month for 36 months. That’s with zero down, so its average monthly lease cost is – yeah, you guessed it – $279 per month. Compared to the 500e, those two bucks will net two more doors, room for one more passenger, and three times the cargo volume (23.8 cu ft) behind the rear seats. Capable of sprinting from zero to 60mph in 6.5 seconds and traveling 228 miles on a full charge, the $46,220 SUV also provides better straight-line performance and a longer range. Oh, and the Solterra lease comes with a 10K mi/year allowance, which is 2500 miles more than the 500e lease.
Playing for keeps? According to the fine print in Subaru’s ad, the Solterra Premium lease comes with an option to buy at the end of its three-year term for $20,390. So with the $279 initial payment at signing plus 35 monthly payments of $279 (subtotal $10,044) added to a buyout of $20,390, the Solterra can be owned for a total of $30,434 before tax and license. That’s $15,786 below MSRP! For many EVs, treating a lease as if it’s a loan with a balloon payment can save thousands versus paying cash or financing, thanks to huge lease incentives that pass the entire commercial clean vehicle Federal tax credit to the consumer.
Doing the same math on the Fiat 500e lease yields similar results. Adding its $1999 initial payment due at signing to 35 subsequent monthly payments of $199 equals a subtotal of $8964 after three years. According to the lease calculator on leasehackr.com, a 36-month lease on the 2024 500e with a 7500 mi/year allowance has a 52% residual. Multiplying that residual with a $34,095 MSRP calculates to a buyout of $17,729 at lease end. So all-in, the 500e can be owned for just $26,693 before tax and license, which is $7402 less than ponying up the cash up front.
The Fiat 500e and Subaru Solterra are now the second and third cheapest factory EV leases in the nation, bested only by the Vinfast VF8, which has been at the top of our list of Manufacturer lease offers since last month.
At $199/month for 36 months and $894 due at signing, the 264-mile VF8 in Eco trim has an average monthly lease cost of just $218/month. Will Fiat and Subaru eventually offer leases that approach an average monthly cost of $200/month? Perhaps, but for now, some Subaru dealers are stepping up with their own discounts $6000 or more that could result in eye-popping Solterra lease terms. There are a few Fiat dealers discounting the all-new 500e by up to $4100, but it’s unclear if these discounts are already applied to the factory lease deal since the fine print in Fiat’s ad does mention that the terms require “dealer participation”.
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