EV leases sub-$400/month: Ioniq 6, Solterra, Niro, Mini, more
Pricing pressure from Tesla, increased EV supply, IRA Tax credit, and the looming model year changeover have spurred legacy automakers to continue sweetening incentives on their electric vehicles. Now there are six factory lease offers on EVs with an average monthly cost of under $400 before tax and license, which is a price point that rivals factory lease terms of low-priced ICE vehicles that include the Toyota Corolla LE, Chevy Equinox LT, and Honda HR-V LX.
Keep in mind, the lease tax “loophole” which allows vehicles/households not eligible for the $7500 IRA tax credit, are available on all vehicles regardless of income. Some folks are using the “1-day lease” to take advantage of these where they buy out their lease almost immediately thus enabling the federal tax credit on all EVs without stipulations. Ask about this at your local dealer.
1. 2023 Nissan LEAF: $289/month, S: $355/month
At $289/month for 36 months with $2679 to start, Nissan’s LEAF S lease is currently the cheapest factory lease offer on an electric vehicle, but as one might expect, its low cost does come with concessions. Capable of traveling 149 miles on a full charge and accelerating from zero to 60mph in 7.4 seconds, this front-wheel-drive 5-passenger hatchback with 24 cubic feet of cargo space is a bit short on range and performance compared to most EVs. However, the good news for folks who can’t live with those shortcomings is that we did find a few dealers in California advertising lease terms on the 226-mile range LEAF SV Plus that undercut the factory LEAF S lease offer.
We also found a number of dealers in several states that are discounting the SV Plus deep enough to dip its effective lease cost to well under $400/month. With a 226-mile range and zero to 60mph time of 6.8 seconds, a dealer-discounted LEAF SV Plus can provide range and spunk that rivals other EVs mentioned here, and as a bonus, includes higher-trim appointments typically not included on base models such as 360-degree camera coverage, larger wheels and tires, navigation, and intelligent driver assist technology. Dealers with discounts of over $3000 on a LEAF SV Plus include Gettel Nissan in Florida, Glendale Nissan and Nissan of Van Nuys in the Los Angeles area, and Bob Bell Nissan in Maryland. Check for Nissan LEAF deals near you.
2. 2023 Hyundai Ioniq 6 SE Standard Range – $362/month
Hyundai’s recent mid-month improvements to Ioniq 6 SE lease offers are huge. For example, the average monthly cost to lease the rear-wheel-drive 149-horsepower Ioniq 6 SE Standard Range plunged by over $100, now at a very attractive $229/month for 36 months with $5005 due at inception. The Standard Range is good for 240 miles on a full charge, should reach 60mph from a standstill somewhere between eight and nine seconds, and can carry 11.2 cubic feet of cargo in its trunk. But there’s one problem – the Standard Range configuration of this 5-passenger sedan is hard to find; we estimate that it accounts for less than a half percent of all Ioniq 6 sedans in dealer stock. So out of twenty Ioniq 6 that are sitting at a dealership, most will probably be equipped with the higher priced SEL trim, and maybe one will be a Standard Range SE. We didn’t have any luck finding one in California or the New England area, but we did find one at Koons Woodbridge Hyundai in Virginia and another at Hyundai of Wesley Chapel in Florida.
For those that can squeeze another $68 out of their monthly budget, the Ioniq 6 SE Long Range sedan is a bit more available than the Standard Range and leases at $299/month for 36 months, $4999 at signing, which works out to an effective cost of $430/month. Yeah, it blows our $400/month threshold, but get this – that two or three bucks more per day is good for another 121 miles of range (361 miles total) and shaves the sedan’s zero to sixty time down to a quick 6.2 seconds. Look for a Hyundai Ioniq 6 SE in your area.
3. 2023 Hyundai Kona Electric SE – $373/month
Hyundai’s current 2023 Kona Electric SE lease offer of $269/month for 36 months with $3999 due at signing is a real bargain, considering that the front-drive, five-passenger 4-door crossover goes 258 miles on a full charge and sprints from zero to 60mph in 6.4 seconds. Its 19 cubic feet of cargo capacity behind the rear seats is on the smaller side for a crossover, but the rear seats do fold flat to provide a very usable 45 cubic foot volume.
We didn’t find any dealer lease offers that improve on the factory terms, but we did spot two retailers – McDonald Hyundai in Colorado and Werner Hyundai in Florida – that are offering discounts on a Kona Electric SE that should translate into lower lease payments. Unfortunately, dealer inventory seems to be dwindling as today’s Kona gives way to the next-generation 2024 Kona, which will be larger in all three dimensions and will offer a choice of battery capacity. Which sounds great, except that it looks like someone beat the rear end of it with an ugly stick. With any luck, the open wounds at each corner of its lower back will heal up in time for a mid-cycle refresh. Bottom line – if you prefer the style of the 2023 model over 2024, act fast before they’re all gone. Find a Hyundai Kona Electric at a dealership near you.
4. 2023 Kia Niro EV Wind – $387/month
Kia’s second-generation Niro EV has a starting MSRP that’s over $40K, but that shouldn’t dissuade shoppers that are open to leasing it. For about $20 to $30 more per month than the aging LEAF S or Kona Electric SE, you can lease a freshly designed EV with a competitive 253-mile range that scoots to 60mph in 6.7 seconds.
The base “Wind” version of this front-wheel drive crossover that seats five and carries 23 cubic feet of payload behind the rear seats comes standard with a host of amenities typically reserved for higher-cost trim levels, such as navigation, heated front seats, intelligent driver assistance, and wireless phone charging, which further adds to its value proposition. We found two dealers – Bob Johnson Kia in NY and Lee Johnson Kia in the state of Washington – with lease terms that improve on the factory lease offer. Check for Kia Niro EV deals in your locale.
5. 2023 Mini Electric Hardtop – $393/month
After a $70 cut from its monthly payment and a 10% reduction in its drive-off, the Mini Electric Hardtop’s new lease terms now stand at $299/month for 36 months and $3599 to start. As such, it remains the cheapest EV lease available from a premium brand.
With its kart-like handling and 0-60mph time of 6.1 seconds, the Mini is certainly the most athletic of the sub-$400/month electrics mentioned here. However, this front-drive, two-door four-seater is only able to travel 110 miles on a full charge and carries just 8.7 cubic feet behind its rear seats. For those that can live within the confines of its short range and limited interior space, the Mini is simply a delight to drive, and its timeless looks will continue to draw smiles long after its battery warranty expires. Find a Mini Electric Hardtop near you.
6. 2023 Subaru Solterra Limited – $399/month
Subaru has been whittling away at their Solterra lease offer throughout the summer, and by September they managed to reduce its effective cost to well under $500/month. For October, Subaru took an axe to last month’s $2899 drive-off, leaving just the first $399 monthly payment to start a 36-month lease term. As a result, the Solterra is currently the only all-wheel-drive electric vehicle that can be leased for under $400/month before adding tax and license. This five-passenger crossover that carries 29 cubic feet of cargo behind the rear seats can sprint from standstill to 60mph in a respectable 6.5 seconds, is good for 228 miles on a full charge, and true to its Subaru outdoorsy all-terrain heritage, sports 8.3 inches of ground clearance.
We found a number of Subaru dealers advertising a Solterra Premium at over $2000 off MSRP, including Hello Subaru of Valencia in the Los Angeles area, Herb Gordon Subaru in Maryland, Hanlees Subaru in Napa, and Sport Subaru South in Florida. A discount of that magnitude should reduce the average monthly cost of a lease closer to $350/month before tax and license. Look for Subaru Solterra deals in your area.
Honorable Mention: 2023 VW ID.4 Pro RWD – $449/month
Volkswagen’s ID.4 Pro is a five-passenger crossover that, in rear-wheel-drive configuration, travels up to 275 miles on a full charge, adequately accelerates from zero to 60mph in 7.6 seconds, and can fit 30.3 cubic feet of cargo behind its rear seats.
It’s worth mentioning here because it’s relatively easy to find VW dealers advertising discounts north of $2000, which should translate to an average monthly cost of less than $400/month on a 36-month lease. Plus, compared to the other EVs covered in this article, the ID.4 Pro appears to have the highest quantity in dealer stock, which is probably why it’s not hard to find attractive deals on it. Find the best deal on a VW ID.4 in your locale.
Honorable Mention: 2023 Toyota Prius Prime SE – $314/mo (NY/NJ/CT), $398/mo (CA)
The new-for-2023 third-generation Prius Prime is a still plug-in hybrid, so it’s only listed as an Honorable Mention. But why even mention it at all? Well, have you seen the latest Prius Prime? Much improved, in many ways. First of all, we no longer have to squint until our eyes are completely shut to enjoy looking at it. In fact, automotive enthusiast publications have described its exterior by using words such as “stylish”, “attractive”, “fantastic”, and even “sexy”. The word I’d use? Stunning. In a good way, of course, particularly from the three-quarter rear angle.
Second of all, instead of lumbering from zero to sixty by tomorrow morning like its predecessor, the third-generation Prius Prime gets there in just 6.6 seconds, albeit with a squirt of dinosaur juice. Third, its electric-only range is much improved, now at 44 miles, versus the outgoing model’s 25 miles. And finally – here’s the kicker – for customers in New York, New Jersey, and Connecticut, Toyota’s regional lease offer of just $249/month for 36 months with $3999 due at signing would be at the top of this list by a wide margin if it included plug-in hybrids. So if you have friends and relatives who suffer from a persistent case of range anxiety that prevents them from abandoning their ICE in favor of a BEV, the 2023 Prius Prime could serve as a cheap gateway drug that eventually leads to a lifelong addiction to driving pure electrics. Just make sure you show them a picture of it before telling them it’s a Prius. Click here to help a friend or relative find a 2023 Prius Prime.
As always, check our Electric Vehicle Best Price Guide and Electric Vehicle Best Lease Guide for the best deals on EVs in the US.
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Environment
Trump to declare national energy emergency, expanding his legal options to address high costs
As electric trail bikes like Sur Rons and Talarias gain popularity among off-road enthusiasts, a growing conflict is emerging on mountain bike trails. These powerful machines, capable of speeds and torque far beyond that of a traditional mountain bike, are raising concerns among trail users, land managers, and environmental advocates.
First though, some semantical housekeeping. The term “e-bike” is often used to cast a pretty wide net, encompassing everything from cute little folder e-bikes to much more powerful electric motorbikes. Similar to the way motorcycle riders often talk about their “bikes”, the term “e-bike” in colloquial discussion is just that: colloquial.
The term “electric bicycle”, on the other hand, is an actual regulatory designation that lets most electric mountain bikes and other commuter-style e-bikes fit under the legal definition of bicycles. To oversimplify it, the e-bike that looks like a typical mountain bike is an electric bicycle. The one that looks like a motorcycle or dirt bike is probably not an electric bicycle.
That’s an important distinction because it’s becoming a major issue on mountain bike trails all over North America and in many other parts of the world.
Unlike a typical 50 lb electric mountain bike that can output an amount of power roughly in line with a healthy adult, electric motorbikes like those from Sur Ron, Talaria, and other brands can weigh 2-3x as much while outputting 5-10x the amount of power as a typical electric mountain bike. They’re a blast to ride, but like many things in life, there’s a time and a place. Their proliferation of Sur Ron-style electric motorbikes has been wreaking havoc on mountain bike trails where such bikes are almost always illegal.
Mountain bike trails are carefully designed to handle the wear and tear of typical mountain bikes. Normal electric mountain bikes, which have electric motor power levels similar to human pedaling power, typically mesh fairly well with mountain bike trails.
However, the high torque and weight of bikes like Sur Rons and Talarias can wreak havoc on these trails. Such power motorbikes are often responsible for increased erosion, deeper ruts, and widening of trails in areas where these bikes are being used. It’s often not just a matter of normal trail wear, but rather damage that can take significant time and resources to repair.
Trail widening, often caused by riders veering off designated paths, also leads to environmental degradation, harming vegetation and wildlife habitats.
Mountain bike trails are often designated for non-motorized use, and electric trail bikes with such high-power motors and large tires are almost never allowed. Some mountain bike parks have begun accepting Class 1, 2, and/or 3 e-bikes, but Sur Rons and Talarias are almost always prohibited due to their much higher performance. Their power and speed far exceed what’s allowed for e-bikes under most regulations, putting them squarely in the category of motorized vehicles like dirt bikes and ATVs.
Weight also plays a major role. The risk of serious injuries is also higher due to the mass and momentum of these larger machines. With top speeds often exceeding 40 mph (64 km/h), electric motorbikes are significantly faster than traditional electric bicycles or pedal bikes. This speed disparity creates hazardous conditions for slower-moving trail users.
When combined with the fact that many riders of powerful electric motorbikes are new to the sport after buying or being gifted a Sur Ron-style bike, that high speed can be even more dangerous in the hands of a novice rider.
Just last week, two riders on Talarias were kicked out of Quiet Waters Park Mountain Bike Trails in South Florida, a volunteer-maintained mountain bike trail system that permits Class 1 electric bicycles (e-bikes that are pedal-assisted up to 20 mph or 32 km/h and 750W of power).
As a lead volunteer in the trail building and maintenance team at the park, Nick Calabro was there when the riders were confronted by a county worker and asked to leave. “Multiple riders reported interactions with them, from encountering them riding in the wrong direction to not wearing required helmets, and of course not even being allowed to ride those bikes on the trails,” Calabro explained to Electrek.
According to Calabro, the pair had purchased trail day passes for mountain bike riders, but then brought their much larger and more powerful Talaria motorbikes into the park.
The two were seen on video attempting to fight the trail volunteers after being asked to leave the park. The interaction took place just a few yards from a sign with the posted rules of the park (seen at 0:11 in the video below).
Such interactions represent a small but growing phenomenon on mountain bike trails, where traditional mountain bike culture and trail etiquette clash head-on with Sur Ron riders unfamiliar with the practices and terrain.
Fortunately, many other locations exist that are ideal for electric motorbikes that fall outside the realm of traditional electric mountain bikes.
Off-highway vehicle (OHV) trails that are designed for motorized vehicles like UTVs, ATVs, and dirt bikes, are ideal locations to ride powerful electric trail bikes. Such trails are built with higher power vehicles in mind, and aren’t as delicate as mountain bike trails.
Forestry/backcountry dirt roads, gravel roads, and fire roads can provide a mix of typical off-road riding and exploration, though don’t offer the same type of topography.
Motocross tracks are also excellent locations for Sur Ron and Talaria-style bikes, which can use the features for more thrilling jumps and berm riding.
Private land (with the landowner’s permission) is perhaps one of the best places for these powerful electric motorbikes due to their ability to overland and explore areas beyond the beaten path.
As the popularity of powerful electric trail bikes continues to rise, the question of how and where they should be ridden remains a contentious one. But with their ability to ride much rougher terrain as well as their increased impact on that terrain, one thing is for sure: delicate mountain bike trails aren’t the place for such powerful bikes.
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The Rio Tinto Group logo atop Central Park tower, which houses the company’s offices, in Perth, Australia, on Friday, Jan. 17, 2025.
Bloomberg | Bloomberg | Getty Images
The mining sector appears poised for a frantic year of dealmaking, following market speculation over a potential tie-up between industry giants Rio Tinto and Glencore.
It comes after Bloomberg News reported Thursday that British-Australian multinational Rio Tinto and Switzerland-based Glencore were in early-stage merger talks, although it was not clear whether the discussions were still live.
Separately, Reuters reported Friday that Glencore approached Rio Tinto late last year about the possibility of combining their businesses, citing a source familiar with the matter. The talks, which were said to be brief, were thought to be no longer active, the news agency reported.
Rio Tinto and Glencore both declined to comment when contacted by CNBC.
A prospective merger between Rio Tinto, the world’s second-largest miner, and Glencore, one of world’s largest coal companies, would rank as the mining industry’s largest-ever deal.
Combined, the two firms would have a market value of approximately $150 billion, leapfrogging longstanding industry leader BHP, which is worth about $127 billion.
Analysts were broadly skeptical about the merits of a Rio Tinto-Glencore merger, pointing to limited synergies, Rio Tinto’s complex dual structure and strategic divergences over coal and corporate culture as factors that pose a challenge for concluding a deal.
“I think everyone’s a bit surprised,” Maxime Kogge, equity analyst at Oddo BHF, told CNBC via telephone.
“Honestly, they have limited overlapping assets. It’s only copper where there is really some synergies and opportunity to add assets to make a bigger group,” Kogge said.
Global mining giants have been mulling the benefits of mega-mergers to shore up their position in the energy transition, particularly with demand for metals such as copper expected to skyrocket over the coming years.
A highly conductive metal, copper is projected to face shortages due to its use in powering electric vehicles, wind turbines, solar panels and energy storage systems, among other applications.
Oddo BHF’s Kogge said it is currently “really tricky” for large mining firms to bring new projects online, citing Rio Tinto’s long-delayed and controversial Resolution copper mine in the U.S. as one example.
“It’s a very promising copper project, it could be one of the largest in the world, but it is fraught with issues and somehow acquiring another company is a way to really accelerate the expansion into copper,” Kogge said.
“For me, a deal is not so attractive,” he added. “It goes against what all these groups have previously tried to do.”
Last year, BHP made a $49 billion bid for smaller rival Anglo American, a proposal which ultimately failed due to issues with the deal’s structure.
Some analysts, including those at JPMorgan, expect another unsolicited offer for Anglo American to materialize in 2025.
M&A parlor games
Analysts led by Dominic O’Kane at JPMorgan said the bank’s “high conviction view” that 2025 would be defined by mergers and acquisitions (M&A), particularly among U.K.-listed miners and global copper companies, was coming to fruition just two weeks into the year.
The Wall Street bank said its own analysis of the mining sector found that the current economic and risk management environment meant M&A was likely preferred to the building of organic projects.
Analysts at JPMorgan predicted the latest speculation would soon thrust Anglo American back into the spotlight, “specifically the merits and probability of another combination proposal from BHP.”
Prior to pursuing Anglo American, BHP completed an acquisition of OZ Minerals in 2023, bolstering its copper and nickel portfolio.
The company logo adorns the side of the BHP gobal headquarters in Melbourne on February 21, 2023. – The Australian multinational, a leading producer of metallurgical coal, iron ore, nickel, copper and potash, said net profit slumped 32 percent year-on-year to 6.46 billion US dollars in the six months to December 31. (Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images)
William West | Afp | Getty Images
Analysts led by Ben Davis at RBC Capital Markets said it remains unclear whether talks between Rio Tinto and Glencore could result in a simple merger or require the breakup of certain parts of each company instead.
Regardless, they said the M&A parlor games that arose following merger talks between BHP and Anglo American will undoubtedly “start up again in earnest.”
“Despite Glencore once approaching Rio Tinto’s key shareholder Chinalco in July 2014 for a potential merger, it still comes as a surprise,” analysts at RBC Capital Markets said in a research note published Thursday.
BHP’s move to acquire Anglo American may have catalyzed talks between Rio Tinto and Glencore, the analysts said, with the former potentially looking to gain more copper exposure and the latter seeking an exit strategy for its large shareholders.
“We would not expect a straight merger to happen as we believe Rio shareholders would see it as favouring Glencore, but [it’s] possible there is a deal structure out there that could keep both sets of shareholders and management happy,” they added.
Copper, coal and culture
Analysts led by Wen Li at CreditSights said speculation over a Rio Tinto-Glencore merger raises questions about strategic alignment and corporate culture.
“Strategically, Rio Tinto might be interested in Glencore’s copper assets, aligning with its focus on sustainable, future-facing metals. Additionally, Glencore’s marketing business could offer synergies and expand Rio Tinto’s reach,” analysts at CreditSights said in a research note published Friday.
“However, Rio Tinto’s lack of interest in coal assets, due to recent divestments, suggests any merger would need careful structuring to avoid unwanted asset overlaps,” they added.
A mining truck carries a full load of coal at Glencore Plc operated Tweefontein coal mine on October 16, 2024 in Tweefontein, Mpumalanga Province, South Africa.
Per-anders Pettersson | Getty Images News | Getty Images
From a cultural perspective, analysts at CreditSights said Rio Tinto was known for its conservative approach and focus on stability, whereas Glencore had garnered a reputation for “constantly pushing the envelope in its operations.”
“This cultural divide might pose challenges in integration and decision-making if a merger were to proceed,” analysts at CreditSights said.
“If this materializes, it could have broader implications for mega deals in the metals [and] mining space, potentially putting BHP/Anglo American back in play,” they added.
— CNBC’s Ganesh Rao contributed to this report.
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