I Leased A Kia EV6 For $137 A Month, And I Still Went EV After Incentives Disappeared

Key Points:

• In 2024, the author secured a highly affordable lease on a Kia EV6 thanks to $7,500 federal and $2,000 New York State EV incentives, combined with a market glut of electric vehicles, resulting in low monthly payments of around $137-$148.
• As the lease expired, new EV prices had risen significantly, with the average new electric vehicle sticker price reaching $55,879, pushing the author to consider used EVs like the Hyundai Ioniq 5, Chevy Bolt, and Kia EV6, which were more affordable but still carried a premium over comparable gas cars.
• Despite EVs having lower fueling costs—about half the cost per 100 miles compared to a gas Honda Civic—the higher upfront price of EVs means it takes tens of thousands of miles to recoup the cost difference, especially when factoring in financing costs and the expense of installing home chargers.
• Public fast charging remains significantly more expensive than home charging, often costing three times as much per kWh, which diminishes the financial benefits of owning an EV for those relying on public chargers.
• Used EV prices are rising due to increased demand and limited supply, with some models like the Tesla Model 3 appreciating in value; however, the author found a reasonably priced 2022-24 Hyundai Ioniq 5 SE at about $21,900 with warranty coverage, balancing cost and reliability despite some minor wear.