Hot August EV Deals: Volvo C40, Solterra, Ioniq 5, EV6, more
The latest new vehicle transaction report from KBB indicates that electric vehicle supply is still high, hovering at around 100 days, despite the average transaction price of an EV declining all summer long to a year-to-date low of $53,469. Legacy automakers continue to react by tweaking their incentives, and now we’re finding some of the best EV lease deals we’ve seen in a while.
Below are some of the best deals we found while updating our Electric Vehicle Price Guide and Electric Vehicle Lease Guide.
Volvo C40 Recharge
Missed out on last month’s Costco member-only incentive on Volvo EVs? Don’t fret, because Volvo sweetened their lease offers yet again.
A C40 Recharge can now be had for $483/month with $3,983 due at signing before tax and license. That’s an average monthly cost of $580/month, which is about $30/month better than it was last month with the expired $2,500 Costco incentive included. Not a bad deal for a five-passenger, all-wheel-drive SUV that blasts from zero to 60mph in 4.2 seconds.
Drawbacks? Well, with an 80 MPGe combined rating, a range of 226 miles, and 15-cubic-foot cargo capacity behind the rear seats, it’s less efficient, doesn’t go as far on a charge, and doesn’t haul as much as similarly priced electric SUVs. But recent Volvo lease terms and dealer offers appear to be helping shoppers look past all that, as availability seems to have dropped to half of what it was last May.
Speaking of dealer offers, we found a few Volvo retailers advertising lease terms that beat the factory offer on a C40 Recharge. Volvo Cars Gilbert in Arizona is advertising a 3-year, 7,500 mi/year lease at $399/month with $4,499 to start, for an effective cost of $513/month before tax and license. Volvo Cars North Haven in Connecticut and Galpin Volvo Cars in the Los Angeles area also have their own C40 Recharge lease deals with an average cost that’s close to $550/month. And there are a number of dealers offering significant C40 Recharge discounts from MSRP before incentives, which should translate into even lower lease payments.
If you need a little more room to carry stuff behind the rear seats or prefer a squareback look over the C40’s fastback styling, Volvo’s lease terms on the XC40 Recharge (MSRP $54,645) are also quite compelling, with an average monthly cost of $580/month. Check for Volvo C40 Recharge and XC40 Recharge deals in your area.
Subaru Solterra
Another relative bargain in the all-wheel-drive electric SUV/crossover category that’s worth a look is the Subaru Solterra (MSRP $46,220). Subaru’s lease offer of $399/month for 36 months with $3899 to start computes to an effective cost of $496/month plus tax and license, which is a significant savings over factory lease deals on the Model Y and C40 Recharge.
Yeah, you’ll have to do without the thrills and frills of the faster, upmarket Tesla and Volvo offerings, but the Solterra does scoot to 60mph from standstill in a very respectable 6.5 seconds and is as nicely equipped as other EVs at its price point. It also has 29 cubic feet of cargo space behind the rear seats – about the same as the Tesla, which is almost twice that of the Volvo.
Oh, and at $496/month, the Solterra lease is about $19/month cheaper than the factory lease deal on its front-wheel-drive version of its platform twin, the Toyota bZ4x. So Toyota fans that are willing to switch their allegiance to Subaru can get two more driven wheels for free.
As far as dealer deals, McGovern Subaru in New Hampshire is advertising over $6,000 off on a Solterra, while Brattleboro Subaru in Vermont and Hanlees Subaru in California have Solterra discounts at around $2,000. Find Subaru Solterra deals near you.
Hyundai Ioniq 5
Passing the full $7,500 Federal tax incentive to lessees of the Ioniq 5 has resulted in some compelling lease terms on what is arguably one of the best-looking EVs on the market that rivals the Model Y in performance and utility. In all-wheel-drive form, this five-passenger SUV with 27 cubic feet of cargo space behind the rear seats will hurl you from zero to 60mph in 4.4 seconds – all numbers that fall well within the Model Y’s domain.
Curiously, Hyundai’s website only lists lease deals for rear-wheel-drive configurations, but we can deduce that the average monthly cost of an Ioniq 5 SE AWD (MSRP $50,335) lease should be close to that of the Ioniq 5 SEL RWD (MSRP $48,785). Hyundai’s 3-year lease offer for the SEL RWD is $414/month with $5,001 due at signing, which averages to $541/month before tax and license. Since the SE-trimmed AWD configuration is $1,550 more expensive and has a lower residual value than the SEL RWD, I’m figuring that its average monthly cost is slightly more than that, but not by much.
Dealer offers somewhat validate this estimate. Mirak Hyundai in Massachusetts, for example, has a great lease offer with an effective cost of $500/month before tax and license on a discounted Ioniq 5 SE AWD. And Valencia Hyundai in the Los Angeles area has a lease on a discounted SEL AWD that averages to $542/month.
Other dealers with Ioniq 5 discounts that should result in attractive lease terms include Norm Reeves Hyundai in southern California and Ourisman Hyundai Laurel in Maryland.
Current Hyundai owners can qualify for an additional $2,500 off on a new Ioniq 5, which should lower lease payments by about $30 to $40 per month.
By the way, for folks that would rather buy than lease, Hyundai now has a $5,000 incentive on a purchase. Look for Hyundai Ioniq 5 deals in your locale.
Audi Q4 e-tron
At $58,895, the all-wheel-drive Q4 e-tron 50 in Premium trim seems a bit overpriced since it costs almost $10K more than the cheapest Model Y. However, it can now be leased at $499/month for 36 months, $5,389 due at signing before tax and license. That works out to an effective cost of $635/month, which is over $60/month less than a Model Y lease. Costco members can take another $20/month or so off of a Q4 e-tron lease by applying a limited-time $1,500 incentive that Costco is running on Audi electrics through October 2.
Audi dealers are starting to advertise discounts rather than markups on this 5-passenger SUV capable of zero to sixty times in the mid-fives, carries just under 25 cubic feet of cargo space behind the rear seats, and runs for 236 miles on a full charge. Audi Nashville is taking almost $4,000 off on a Q4 e-tron 50, while Audi Appleton in Wisconsin and Audi Bethesda in Maryland have discounts of $3,405 and $2,500 respectively. Discounts of that magnitude should reduce monthly lease payments by $30 to $50.
Still too expensive? Buyers that can get by with rear-wheel-drive can opt for the Q4 e-tron 40, which leases for about $50/month less than a similarly equipped all-wheel-drive Q4 e-tron 50 and goes 29 miles farther on a full charge. Check Audi Q4 e-tron pricing in your area.
Kia EV6
Kia noticeably improved its lease offers on the EV6, now with terms that essentially match current factory offers on its platform sibling, the Hyundai Ioniq 5. An all-wheel-drive EV6 in Wind trim (MSRP $53,925) can be leased for $449/month over 36 months with $4,999 plus tax and license due at start, for an effective monthly cost of $575/month.
We found significant dealer discounts on an all-wheel-drive EV6 Wind at Crowley Kia in Connecticut ($4,005), Courage Kia in North Carolina ($3,101), and Car Pros Kia Glendale in Los Angeles ($4,373) that should drive that lease closer to $500/month.
Like Hyundai with its Ioniq 5, Kia is is offering a $5,000 incentive to consumers that prefer to buy an EV6 rather than lease. Look for EV6 deals at a Kia dealer near you.
As always, check our Electric Vehicle Price Guide and Electric Vehicle Lease Guide for the best deals on EVs in the US.
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes Tern’s NYC e-bike delivery fleet surpasses 1 million miles, the CPSC has a stark warning about Rad’s e-bike batteries, what parents should know if their kid wants a Sur Ron e-moto, JackRabbit MG Doble review, Strutt’s EV1 electric mobility chair, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
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Here are a few of the articles that we will discuss during the Wheel-E podcast today:
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The Port of Houston took a big step towards electrifying its operations this week, when the stevedores at Houston Terminal deployed the first new SANY electric reach stacker at the major seaside port – and it won’t be the last.
Multinational equipment brand SANY launched its latest 50-ton electric reach stacker earlier this summer. The new machine drew headlines by cleverly pairing gravity and a KERS-style regenerative braking system attacked to its boom to generate electricity as it lowers loads. The tech significantly improved the machine’s operating efficiency and reduced the sort of costs typically associated with charging and downtime.
With the purchase of the new SANY electric reach stacker from local equipment dealer, Equipment Depot, Houston Terminal has begun to do its part to help keep the air and water around America’s busy seaports pollution-free.
“In this market, there’s a shift towards sustainable equipment,” explains Greg Schertz, Sr. National Account Executive at Equipment Depot — a national equipment supplier that sells and services to roughly 85% of US sea ports. “Electric equipment is a growing trend, and it has become more than a conversation point. Actual machines are going into service and are proving their capability.”
Equipment Depot is quick to point out that the national move towards electrification isn’t about regulations. “The bigger picture is that the world has become more of a global market,” says Chad Larson, VP of Heavy Trucks and Port Equipment at Equipment Depot. “(And) in the port industry, there are many relationships and parent companies with ties into Europe and other parts of the world where zero carbon initiatives are more progressive than the US.”
Robert Marshall, General Manager of Houston Terminal, echoes Schertz’ sentiment, “Electric equipment has a much easier, much simpler maintenance program, because basically you’re just maintaining tires.”
SANY electric reach stacker
At its launch in August, SANY said its new 50t reach stacker would be available with a 512 kWh swappable battery pack. That pack isn’t just huge, it’s compatible with the brand’s other electric equipment assets, and can support both DC fast charging when swapping isn’t practical and the grid itself by “plugging in” to the company’s BESS modules when not needed.
Houston Terminal bought the SANY unit with help from a Texas Emissions Reduction Plan (TERP) Grant, part of TERP’s Seaport and Rail Yard Areas Emissions Reduction (SPRY) Program to replace older drayage trucks and equipment at seaports and rail yards. Houston Terminal intends to apply for another TERP grant to buy a second reach stacker in 2026.
SOURCE | IMAGES: Equipment Depot; via AJOT.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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The mining equipment experts at Sandvik have been developing next-generation electric equipment options for years – largely on their own. Now, with a €500 million capital injection from the EIB, the company is ready to get serious about its next-generation machinery.
The European Investment Bank (EIB) is the lending arm of the European Union (EU), and its core mission is to strengthen the global competitiveness, technological innovations, and sustainability initiatives of European companies like Sandvik by providing affordable financing for R&D projects conducted on the continent.
“We have a strong strategic focus on developing solutions that strengthen our technology leadership, and that enhances productivity, safety and sustainability for our customers,” explains Stefan Widing, President and CEO of Sandvik. “The EIB financing supports our R&D initiatives and provides flexibility to our overall funding strategy.”
The €500 million loan has a seven-year term, and will support Sandvik’s efforts to develop new advanced, productive, safe, and (above all) sustainable heavy equipment solutions across the company’s business lines.
Electrek’s Take
We’ve covered Sandvik’s electric equipment several times over the years, from their surface drill rigs to their underground loaders to their quarry- and concrete-focused electric cone plants, and the brand’s commitment to sustainability and operator safety has been commendable. Even the company’s push towards automation and AI, often seen as a corporate tactic to slash labor costs and boost stock prices before the executives bail out with a fat stack of cash fulfill their exit strategies, seems to be genuinely motivated by worker safety in one of the world’s most dangerous environments.
Of course, I said that about Volvo and they’re actively suing California to be able to sell more diesels as aI type this, so what do I know?
SOURCE | IMAGES: Sandvik.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
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