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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No matter how badly a fleet wants to electrify their operations and take advantage of reduced fuel costs and TCO, the fact remains that there are substantial up-front obstacles to commercial EV adoption … or are there? We’ve got fleet financing expert Guy O’Brien here to help walk us through it on today’s fiscally responsible episode of Quick Charge!
This conversation was motivated by the recent uncertainty surrounding EVs and EV infrastructure at the Federal level, and how that turmoil is leading some to believe they should wait to electrify. The truth? There’s never been a better time to make the switch!
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Vermont’s EV adoption has surged by an impressive 41% over the past year, with nearly 18,000 EVs now registered statewide.
According to data from Drive Electric Vermont and the Vermont Agency of Natural Resources, 17,939 EVs were registered as of January 2025, increasing by 5,185 vehicles. Notably, over 12% of all new cars registered last year in Vermont had a plug. Additionally, used EVs are gaining popularity, accounting for about 15% of new EV registrations.
To put it in perspective, Vermont took six years to register its first 5,000 EVs – and the last 5,000 were added in just the previous year.
Rapid growth, expanding infrastructure
In just two years, Vermont has doubled its fleet of EVs, underscoring residents’ enthusiasm for electric driving. To support this surge, the state now boasts 459 public EV chargers, including 92 DC fast chargers.
The EV mix in Vermont is leaning increasingly toward BEVs, which represent 60% of the state’s EV fleet. The remaining 40% consists of PHEVs, offering flexible fuel options for drivers.
Top EV models in Vermont
Vermont’s favorite EVs in late 2024 included the Hyundai Ioniq 5, Nissan Ariya, Toyota RAV4 Prime PHEV, Tesla Model Y, and the Ford F-150 Lightning. These vehicles have appealed to Vermont drivers looking for reliability, performance, and practical features that work well in Vermont’s climate.
Leading the US in reducing emissions
This strong adoption of EVs earned Vermont the top ranking from the Natural Resources Defense Council for reducing greenhouse gas emissions in transportation in 2023. “It’s only getting easier for Vermonters to drive electric,” noted Michele Boomhower, Vermont’s Department of Transportation director. She emphasized the growing variety of EV models, including electric trucks and SUVs with essential features like all-wheel drive, crucial for Vermont’s climate and terrain.
Local dealerships boost EV accessibility
Nucar Automall, an auto dealer in St. Albans, is a great example of local support driving this trend. With help from Efficiency Vermont’s EV dealer incentives – receiving $25,000 through the EV Readiness Incentive program – it recently installed 15 EV chargers for new buyers and existing drivers to use.
“Having these chargers on the lot makes it easier for customers to see just how simple charging an EV can be,” said Ryan Ortiz, general manager at Nucar Automall. Ortiz also pointed out the growing affordability of EVs, thanks to more models becoming available and an increase in pre-owned EVs coming off leases.
Read more: Vermont becomes the first US state to pass a law requiring Big Oil to pay for climate damage
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Elon Musk said Tesla’s self-driving will start contributing to the company’s profits… wait for it… “next year” with “millions of Tesla robotaxis in operation during the second half of the year.”
The claim has become a running joke, as he has made it for the last decade.
During Tesla’s conference call following the release of its Q1 2025 financial results, Musk updated shareholders about Tesla’s self-driving plans, which he again presented as critical to the company’s future.
He made a series of claims, mainly updating timelines about Tesla’s self-driving efforts.
Here are the main comments:
- The CEO reiterated that Tesla will launch its paid autonomous ride-sharing service in Austin in June.
- He did clarify that the fleet will consist of Model Y vehicles and not the new Cybercab.
- Musk also confirmed that Tesla is currently training a fleet specifically for Austin.
- As we previously reported, this internal ride-hailing fleet operating in a geo-fenced with teleoperation assist is a big change from Tesla’s approach.
- Musk said “10 to 20 vehicles” on day one.
- Musk said that Tesla’s self-driving will start contributing positively to the company financially in the middle of next year, and “There will be millions of Teslas operating autonomously in the second half of next year.”
- Musk has literally said something similar every year for the past decade and therefore, it’s hard to take him seriously.
- The CEO claimed that Tesla would get “a 90-something percentage market share” in the autonomous market.
- Musk again claimed that no one else is getting close to Tesla’s capacity, and he criticized Waymo for being too expensive.
- Musk is “confident” that the first Model Y will drive itself from the factory to a customer’s home later this year.
- The CEO said that he is confident that Tesla will deliver “unsupervised full self-driving” in consumer vehicles by the end of the year.
Despite Tesla missing earnings expectations by a wide margin, the company’s stock rose 4% in after-hours trading following Musk’s comments, indicating that shareholders still believe Musk’s self-driving predictions, despite his predictions having been incorrect for almost a decade.
Electrek’s Take
The first point I believe will happen. Tesla needs it to happen. It badly needs a win on the self-driving front.
However, as we previously explained, while Tesla will claim a win in June, it will be with a limited geo-fenced and teleoperation-assisted system that won’t scale to customer vehicles, which is what has been promised for years.
Tesla was even asked how it plans to launch this in Austin in June, when FSD in consumer vehicles currently requires frequent interventions from drivers, and Ashok, Tesla’s head of autonomous driving, admitted his team is currently focused on solving the intervention specifically related to driving in Austin.
With training on specific Austin routes and using teleoperations, Tesla can make that happen, but the road between that and unsupervised self-driving in consumer vehicles and “million of Tesla robotaxis” in the second of next year is a long one.
Basically, other than the first point, I believe Tesla will not achieve any of the other on anything close to the timelines announced by Musk today.
I’m willing to take bets on that.
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