Best Car Lease Deals: December 2023
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Best New Car Deals: December 2023
Cheapest Car Lease Deals: December 2023
As the year draws to a close, we rounded up the best electric car leases in December, plus plug-in hybrid rebates and hybrid car deals worth knowing about. Despite having high prices on paper, manufacturer incentives can often make EV lease prices substantially more affordable than traditional gas vehicles.
Unfortunately, stricter sourcing requirements have cut into the savings potential of several models, but there are still plenty of deals to be had. Here's our roundup of the best EV lease deals and purchase offers in December. We update this page monthly, so check back for the latest deals.
What's Hot: The 2023 Tesla Model 3 is a lot cheaper to lease following a round of price cuts. First, Tesla lowered the vehicle's MSRP by $3,000, and then cut prices below the $40,000 mark for November. On top of that, they slashed both the monthly payment and the amount due at signing by $100 further improving the Model 3's already strong value proposition.
The Model 3 Rear-Wheel Drive is now listed at just $329 for 36 months with $5,524 due at signing (10,000 miles per year). Tesla brought back the inventory bonus this month, which can exceed $5,000 in some cases. Demo vehicles have the highest bonuses, but you can still find non-demo models with rebates in the $4,000 range. We'd recommend perusing Tesla's selection to see if you find a spec you like.
Worth Knowing: The Tesla Model 3 Performance remains eligible for a $7,500 tax credit when purchased, and all trims are eligible for the full amount under the newest US Treasury guidelines. However, this won't be the case at the start of next year, as the credit will be halved for the Rear-Wheel Drive and Long Range trims under the updated guidelines. Get Customized Model 3 Pricing »
What's Hot: The 2023 Hyundai IONIQ 6's lease deal got even better in December, with a monthly payment of just $229 for 36 months with $5,006 due at signing for the RWD SE Standard Range model. That's $70 a month less expensive than the already competitive deal we were seeing, and notably, undercuts the Tesla Model 3. The IONIQ 6's resulting effective cost of $368 per month is a great deal at this MSRP, especially when considering that it's an almost brand-new model.
Worth Knowing: In addition to Hyundai's lease deal, the IONIQ 6 can be financed for just 0.99% APR for 48 months, which can be combined with a $2,500 conquest bonus. Examples are based on Southern California pricing through January 2nd. Get Customized IONIQ 6 Pricing »
What's Hot: Not to be outdone, the 2023 Hyundai IONIQ 5 is being offered with a deal that's almost as competitive as its sedan sibling. As was the case with the IONIQ 6, you get a lot of car for the $437 effective monthly cost thanks to Hyundai's aggressive price cuts and discounts. They slashed the 2023 IONIQ 5's monthly payment by another $100 this month, down to $298 with $5,008 due at signing for the RWD SE Standard Range model, and the 2024 model also received a $50 discount at a still-competitive $349 per month with $4,999 due at signing.
Worth Knowing: Like the IONIQ 6, the IONIQ 5 can be financed at 0.99% APR for 48 months. Examples are based on Southern California pricing through January 2nd. Get Customized IONIQ 5 Pricing »
What's Hot: Even though it's more expensive, the Kia EV6 is almost as good to lease as the comparable Hyundai IONIQ models. Kia slashed the lease payment by $20 this month, bringing the monthly payment down to $379 with $4,999 due at signing for the RWD Wind trim. The effective monthly works out to just $518. That's nothing to scoff at for a vehicle with a $50,025 MSRP.
Worth Knowing: In addition to Kia's lease deal, the 2023 EV6 can be financed for 0.9% APR for 48 months. Examples based on Southern California pricing through January 2nd. Get Customized EV6 Pricing »
What's Hot: Nissan shook things up this month by passing along $7,500 in lease cash on the Ariya. The result is a lease payment of just $199 a month over 18 months with $4,379 due at signing. 18-month leases aren't for everyone, but the resulting effective monthly cost of $442 is the best deal we've ever seen on the Ariya.
Worth Knowing: This deal is for the base 63-kWh Engage trim, which offers a relatively pedestrian 216 miles of driving range. Examples based on New York pricing through January 2nd. Get Customized Ariya Pricing »
What's Hot: Although the 2023 Volvo XC40 isn't eligible for a tax credit when buying one because it isn't built in North America, a loophole is enabling Volvo to pass along a $7,500 commercial tax credit as lease cash. As a result, the price to lease the XC40 has fallen dramatically within the past month, down to $449 per month over 36 months with $5,349 due at signing for the B5 eAWD Core Dark model.
Worth Knowing: Every Volvo plug-in now offers the same $7,500 incentive. In some cases, we've seen lease prices fall by over $100 per month in recent months, making it a great time to lease. Deals can vary by region and the example is for Southern California. Get Customized XC40 Recharge Pricing »
What's Hot: The 2023 model is sold out, but the 2024 Polestar 2 still takes advantage of a hefty $8,500 lease credit. The Long Range Single motor model can be leased for just $399 per month for 36 months with $5,399 due at signing.
Worth Knowing: The Polestar 2 doesn't offer the same advantage when purchasing since the EV is built outside North America and isn't eligible for a tax credit. Polestar is taking advantage of a commercial loophole to offer this deal through January 2nd. Get Customized Polestar 2 Pricing »
What's Hot: Audi is passing on a $7,500 lease credit across its entire electrified lineup, including the practical Q4 e-tron. Not every car brand is doing so even when they're able to take advantage of a commercial tax credit on leases.
Worth Knowing: The Q4 e-tron tends not to be stocked in large numbers, so availability may be extremely limited. Be sure to check with your local dealers to make sure they have one in the spec you're looking for. Get Customized Q4 e-tron Pricing »
What's Hot: Lexus ramped up their aggressive RZ even further, upping its lease credit to a healthy $15,000. That brings the lease payment down to $499 per month $5,999 due at signing over 36 months in the Western region for the Premium model. The effective monthly cost works out to a competitive $666.
Worth Knowing: As this is a regional offer, be sure to contact your dealer for an exact quote. It's also worth noting that competitors offer more range for less, but that might be why Lexus is being so aggressive with this offer. Get Customized RZ Pricing »
What's Hot: The 2023 Toyota Mirai is a fuel-cell electric vehicle (FCEV) with one of the largest discounts on any car, and its price stayed the same for the new model year. Here in Southern California, Mirai Limited offers a whopping $30,000 discount. What's more, you can combine the offer with 0% APR for 72 months through Toyota Financial.
Worth Knowing: The hydrogen-powered Mirai continues to only be sold in California, and incentives vary depending on the configuration. For example, the entry-level Mirai XLE trim generally offers a smaller discount worth a far from insignificant $22,000. Get Customized Mirai Pricing »
What's Hot: Thanks to an inflated residual value, Subaru is offering their Solterra EV for $399 per month with just $399 due at signing. You'll be hard-pressed to find a better deal on a $46,000 EV with an effective monthly cost of just $410.
Worth Knowing: Toyota hasn't slashed the due at signing on their mechanically similar bZ4X, so the choice between the two sister EVs has never been clearer. Get Customized Solterra Pricing »
What's Hot: Yes, you read that correctly. The 2023 Jeep Grand Cherokee 4xe doesn't come cheap, but the Overland model is eligible for a healthy $13,500 in lease assistance when combining the tax credit with other bonus cash offers. Some of the 4xe's massive discount is in the form of regional bonuses, so be sure to contact your dealer for a quote.
Worth Knowing: Even though the Grand Cherokee is a plug-in hybrid, it has a range of just 26 miles. Still, we think the SUV could be worth a look considering it's based on the redesigned Grand Cherokee WL and boasts an upscale look and feel. Get Customized Grand Cherokee Pricing »
What's Hot: While the bonkers lease deal on the 2023 Wrangler 4xe is gone, returning FCA Lessees can still get a great deal on the 2024. Jeep is offering the 4xe Willys witha massive $13,000 lease bonus that's already factored into the lease. That brings the monthly payment down to just $359 and when factoring in the $3,979 due at signing, results in an ultra-low $470 effective monthly cost. You don't often see such aggressive rebates on a vehicle as popular as the Wrangler, let alone the capable plug-in hybrid variant.
Worth Knowing: The Jeep Wrangler has never been an aerodynamic vehicle in any iteration, and that shows in its so-so MPGe rating. That being said, this is an amazing deal on a very capable SUV. It's also worth noting that this deal is being advertised in California, so your quote may vary. Get Customized Wrangler 4xe Pricing »
What's Hot: Like its Jeep cousins, the Chrysler Pacifica Hybrid is eligible for some crazy savings, with a $17,250 rebate on the Limited trim. Factor that in with it being the only plug-in hybrid minivan on the market right now, and the Pacifica Hybrid's savings can't be beaten right now.
Worth Knowing: The Pacifica Hybrid can only travel 32 miles in all-electric mode which may not work for everyone's needs, but that's still 32 more than any other minivan. The rebate varies between regions, so be sure to check with your dealer. Get Customized Pacifica Hybrid Pricing »
What's Hot: Mazda's first PHEV continues to get more expensive but is still better to lease than the standard gasoline-only CX-90. The CX-90 PHEV is being offered for $429 per month for 30 months with $4,058 due at signing for the Preferred model. The resulting $564 effective monthly cost is still a good deal.
Worth Knowing: The CX-90 can only travel 26 miles in all-electric mode which puts it below the class leaders, but this is still a competitive deal on a brand-new model. Get Customized CX-90 Pricing »
What's Hot: Both the 2023 and 2024 Toyota Prius Prime PHEVs are being offered with a substantial $4,500 in lease cash, which is uncommon among Toyota plug-ins. The solid lease deals we were seeing on the Prius Prime are no longer being offered, but a $4,500 rebate is nothing to scoff at.
Worth Knowing: The Prius Prime doubled its all-electric range following its big redesign, and although its fuel economy numbers took a small hit, it's still among the class leaders. It's also worth noting that this deal is being advertised in Southern California, so be sure to get a quote from your dealer. Get Customized Prius Prime Pricing »
What's Hot: Toyota is uncharacteristically expanding its plug-in hybrid incentives. The RAV4 Prime is now being offered with a hefty $6,500 in lease cash. This is by far the biggest incentive we've seen on the Prime to date, and it's currently the only one, as Toyota is still not offering any purchase or finance deals.
Worth Knowing: The RAV4 Prime tends to see high markups, reaching $10,000 at some dealerships. Unfortunately, the $6,500 discount can be effectively canceled out by a markup. Be sure to inquire with your dealer. Get Customized RAV4 Prime Pricing »
What's Hot: The Lexus NX is the Toyota RAV4's more upscale sibling. The plug-in NX 450h+ shares a powertrain with the RAV4 Prime and features an even more impressive discount. The NX is being offered with a $7,500 lease credit, meaning Lexus is passing on the full EV tax credit to consumers. Even though the PHEV is the most expensive NX model, this incentive can make it more affordable to lease than the hybrid and gas-only models.
Worth Knowing: Although not as common as on the RAV4 Prime, the NX PHEV is still susceptible to dealer markups. Be sure to get a quote from your dealer. Get Customized NX Pricing »
What's Hot: Not to be outdone by the Prius Prime, the conventional Prius hybrid is being offered with a $1,000 lease loyalty discount. Neither Prius model sees frequent discounting, but returning Camry, Corolla, Highlander, RAV4, and Tacoma lessees are eligible for a $1,000 off a freshly-redesigned Prius hybrid.
Worth Knowing: Toyota's also offering a loyalty purchase bonus with the same eligibility requirements, but it's only worth $500. Get Customized Prius Pricing »
What's Hot: We don't typically see deals on full-size hybrid trucks, but Toyota is offering the 2024 Tundra Hybrid with $1,000 APR cash. Unfortunately, there are no promotional APR deals to combine the APR cash with, and Toyota's standard rates aren't exactly captivating at the moment. That being said, Tundra Hybrid deals of any kind don't come around very often, so now might be a good time to buy.
Worth Knowing: If you're considering a Tundra Hybrid, keep in mind that its rating of 20 mpg combined doesn't jump off the page, as Toyota instead prioritized increasing torque as opposed to fuel economy. It does churn out an impressive 583 lb-ft, but don't expect Prius efficiency. Get Customized Tundra Hybrid Pricing »
EVs and plug-in hybrids may be eligible for a $7,500 federal tax credit, though recent changes as a result of the Inflation Reduction Act have had a dramatic effect on prices. That's because of a new final assembly requirement that limits the tax credit to vehicles assembled in the United States after August 16, 2022.
As a qualified EV buyer, you may be able to claim the full tax credit. However, on a lease, the lender holds the title and therefore gets the tax credit. Some brands pass along the tax credit as lease cash. Unfortunately, some car brands actually keep the tax credit rather than lower the price of their vehicles.
We recommend consulting with a tax professional to determine your eligibility. In some cases, EV leases may not offer the same advantage as buying one in 2023.
How It Works: EV Tax Credit
A number of states offer plug-in rebates for qualifying vehicles. For example, the California Clean Vehicle Rebate Project, or CVRP rebate, also offers a $2,000 incentive after purchasing or leasing an eligible vehicle. Unfortunately, this program and many like it are currently on hold due to lack of funding. Most EVs and plug-in hybrids are eligible, though there is now an MSRP cap that excludes Teslas and some higher-end vehicles.
The California Clean Fuel Reward offers up to $750 in upfront savings on EVs and a smaller rebate on PHEVs based on battery size. For example, a Toyota bZ4X qualifies for a $750 Clean Fuel Reward, whereas the Prius Prime gets just $450. Teslas remain eligible. The Clean Fuel Reward was temporarily reduced to $0 due to funding limitations in September 2022.
Depending on where you live, there may be a big benefit for commuters looking to buy an EV. In California, Clean Air Vehicle Decals issued by the Department of Motor Vehicles can get eligible drivers free use of High Occupancy Vehicle (HOV) lanes. Carpool lane access could help shave time off your commute.
The CAV decal program does have some tradeoffs, however. For example, rules implemented back in 2018 no longer allow buyers to also take advantage of the Clean Vehicle Rebate (CVRP) unless they meet special income requirements. The California DMV has an informative FAQ page outlining the requirements.
In some parts of the country, EV owners may have special privileges compared to regular internal combustion vehicles.
For example, the city of Santa Monica, California says "properly displayed Clean Air Vehicle decals & ZEV decals allow you to park at any on-street, metered parking space in Santa Monica without charge for the maximum amount of time allowed by that meter."
The decals are issued by the California Department of Motor Vehicles.
Reliable Pickup Trucks Sean is an automotive enthusiast with a background in sports journalism. He is a graduate of California Lutheran University with a Bachelor of Science in Business.