EVs accounts for nearly 1 in 5 of all new leases in Q4

Electric vehicles are continuing to get a surge of market share via leasing.

According to Experian’s State of the Automotive Finance Market Report: Q4 2024, more than 50% of new EV purchases were leases, and EVs accounted for nearly 20% of all new-vehicle leases during the quarter.

By comparison, Experian pointed out that EVs only made up 2.11% of new vehicle leases in Q4 2020.

While the difference between the average monthly loan and lease payments are significant ($142), the difference in the average monthly loan and lease payments for EVs is even higher: $175 in Q4.

Furthermore, non-luxury EVs generated the greatest payment difference at $205, meanwhile the difference between the loan and lease payment for luxury EVs was only $98, according to Experian’s report.

Among the most leased EVs, the Tesla Model 3 continued to pace the market at 12.20%, followed by the Tesla Model Y (9.08%), Honda Prologue (8.84%), Hyundai IONIQ 5 (6.88%) and Chevrolet Equinox EV (5.92%).

Tesla Model 3 (second), Tesla Model Y (fifth) and Honda Prologue (sixth) were also among the top 10 of all leased vehicles, according to Experian, which will discuss the EV market even more during the Auto Intel Summit on April 8-10 in Cary, N.C.

“Leasing has always been a cost-effective alternative for consumers hoping to drive away with a more palatable monthly payment — EVs are no different,” said Melinda Zabritski, Experian’s head of automotive financial insights.

“But it’s not just affordability. Leasing offers consumers the opportunity to buy an EV without worrying about the potential resale value down the line. With many EVs set to come off-lease in the next few years, it will be interesting to see how the used EV market unfolds,” Zabritski continued in a news release.