Here are the cheapest EVs we could find for lease at under $300/month right now [Updated]

Who said you had to break the bank to drive an EV? Right now, there are a few EV deals for under $300 a month that are hard to pass up. However, the savings may not last long. Here are the cheapest EVs you can get your hands on this May.

Cheapest EVs you can lease this May

After a record year with over 1.3 million EVs sold in the US in 2024, the trend is expected to continue in 2025, with around 15 new models arriving.

Nearly 300,0000 electric vehicles were sold in the first three months of the year. New Acura, Chevy, Honda, and Porsche EVs helped drive sales higher.

General Motors sold over 30,000 EVs in Q1, passing Ford and Hyundai Motor to become the second-best seller of EVs behind Tesla. Chevy is now the fastest-growing EV brand with the new Equinox, Blazer, and Silverado EVs sparking growth.

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Honda and Acura are getting into the game, selling over 14,000 EVs in the US in the first quarter, which is up from zero just a year ago.

According to Experian, the Tesla Model 3, Honda Prologue, Hyundai IONIQ 5, and Chevrolet Equinox are among the most frequently leased electric vehicles (EVs). Outside of the Model 3, all of these can be leased for under $300 a month right now.

Hyundai and Kia remain among the cheapest EVs in May

Kia and Hyundai continue to offer some of the most affordable, efficient electric vehicles on the market. The Niro EV is one of the cheapest EVs you can lease in May at just $129 per month.

The new 2025 IONIQ 5, now with more range and a Tesla NACS charging port, and the IONIQ 6 are arriving with significant discounts.

Last month, Hyundai launched a promo giving those who buy or lease a new 2024 or 2025 model year IONIQ 5 or IONIQ 6 a free ChargePoint Level 2 home charger. If you already have one, you can also opt for a $400 public charging credit.

Honda Prologue and Acura ZDX

Honda’s electric SUV continues to make a splash in the US market. In the second half of 2024, the Prologue was the second-best-selling electric SUV behind the Tesla Model Y. It has now been a top-five bestseller in the US for the first two months of 2025.

With an ultra-low lease rate of just $239 per month, the Prologue is even more affordable than a Civic this month. No wonder sales are surging.

Honda launched the 2025 model earlier this month, which now offers more range (up to 308 miles) and power, but retains the same low starting price.

This month, Acura’s luxury electric SUV is cheaper to lease than the Honda CR-V. The ZDX can be leased for as low as $299 for 24 months. With only $2,999 due at signing, the effective cost is just $424 per month. In some states, ZDX discounts reach as high as $28,000, also making it more affordable than a Civic to lease this month.

Chevy Blazer and Equinox EVs

Chevy’s new electric SUVs are quickly rolling out. The electric Equinox was among the top five best-selling EVs in the final three months of 2024. Both can be leased for under $300 a month this May. The Blazer EV is still slightly more expensive, at $3,879. Keep in mind that the Blazer EV deal also includes a $1,000 trade-in bonus.

The electric Equinox SUV, or “America’s most affordable +315 miles range EV,” as Chevy calls it, is even cheaper than the gas model this month with up to $8,500 in savings.

Chevy’s new 2025 Equinox is even more affordable at just $289 for 24 months. With $2,399 due at signing, you’ll pay only $389 per month.

Ford F-150 Lightning and Mustang Mach-E

Although F-150 Lightning sales are down this year, the Mustang Mach-E remained a top-selling electric SUV through the first two months of 2025

Ford is sweetening the deal with a free Level 2 home charger for any EV purchase or lease through its “Power Promise,” along with a host of other benefits.

Toyota bZ4X and Subaru Solterra

Japanese automakers are starting to find their rhythm. Toyota bZ4X and Subaru Solterra sales are finally picking up. With an effective cost of only $287 per month, the Solterra may be the better option this month, especially with its standard AWD.

Other EVs for lease for under $300 a month in May

In some states, Nissan is offering Ariya lease prices as low as $129 for 36 months. That’s with $4,409 due at signing for an effective cost of $251. For an electric SUV with an MSRP of nearly $42,000, that’s a steal.

Some of these rates may vary by region. The $239 per month Honda Prologue lease deal is offered in California and other ZEV states. Acura’s $299 ZDX promo is only available in California, New York, Oregon, and other select states.

In other parts of the country, the Prologue is still listed at just $269 per month for 36 months. With $3,199 due at signing, the effective monthly cost is still just $358. However, a $1,000 conquest or loyalty offer can lower monthly payments to around $330.

With the Trump administration looking to end federal EV incentives, including the $7,500 tax credit, many of these savings could disappear soon. Automakers can offer such low lease prices right now largely because the tax credit is factored in.