With the cost of new cars on the steady rise, it’s more important than ever to find a good deal. According to Experian, the average car lease payment is around $659 per month right now. Fortunately, monthly payments for under $200 still exist. Provided you don’t mind driving an electric car…or leasing.

A recent TikTok video posted by Dennis (@denniscw_), who often shares new car deals, details some of the latest EV leases in the market. Some monthly payments drop as low as $189 a month.

It’s not only about Tesla

Although it’s easy to think of Tesla when you think of an EV, that’s not what this TikTok is about. Instead, most of the lease deals that Dennis found were for the Hyundai’s Ioniq lineup. “We do like our Teslas, but at the same time, we do have to keep an eye out there for what are the different deals,” he states. “And now that Hyundai and Kia have dropped their prices by $8,000 to $9,000, the fun still continues with these crazy payments.”

He then continues on to report the different national lease deals for certain Hyundai and Kia brands. He’s not joking; they are really enticing. For example, you can lease a Hyundai Ioniq 5 for as little as $189 a month. An Ioniq 6, a Tesla Model 3 competitor, for $189 per month. 

Dennis also touches on a lease deal for a popular Kia EV model as well, the Niro. The quirky little electric SUV holds a slightly higher lease price than its Hyundai counterparts at $209 per month. But that’s not all. The lightning-quick Ford Mustang Mach-E going for $219 per month. But those looking for something larger can get a Chevy Equinox EV for $269 per month. 

The prices go up from there, but you get the idea. If you’re looking for something cheaper than a Tesla, a Hyundai EV could be the way to go.

Pay attention to the finer details 

Although the finer details weren’t touched upon in the video, they can be seen if you look closely. It looks like Dennis sourced these lease deals from Electrek, an automotive site dedicated to EVs. The source article is shown in the background, and some of the details can be seen. This includes the 10,000-mile mileage cap and 24-month terms for most of the leases. 

We located the article to confirm the details. It turns out that the lease deal for the 2025 Hyundai Ioniq 5 applies to the SE RWD trim level. That’s the base trim level, which retails for $42,600 and has a maximum range of 245 miles. Additionally, the lease deal requires $3,999 due at signing, and it’s only available in the Los Angeles and greater California metro areas. 

Don’t worry, if you don’t reside in California, the national lease deal on Hyundai’s website goes for $199 per month for the same model, which is still a steal. 

It’s the same story for the Ioniq 6 lease deal mentioned in the TikTok. Elecktrek states that the $189 deal is only for the California metro area, but the national deal is listed at $239 per month. That’s still a small sum to pay every month for a luxurious EV sedan capable of up to 240 miles of range, fast charging, and a comfortable ride. 

Are these leases a better value than a Tesla lease?

If you’re still itching from getting bitten by the Tesla bug, consider the fact that the cheapest Model 3 lease is listed at $402 per month, with nearly $4,000 down. That’s over twice the cost of the Ioniq 5 deal. And while some may argue that the Model 3 has more range and performance, most EV buyers don’t really care about that. 

In that case, if you can get away from the panache of the Tesla badge and the lure of its minimalist style, a Hyundai EV could give you what you’re looking for while leaving more money in your bank account every month.

Why are EV leases so cheap?

Considering the national lease deal for the cheapest 2026 Honda Civic sits at $259 per month, you may be wondering why these EV lease deals are so cheap. The EV tax credit was eliminated on September 30, 2025, but some leased EVs could be eligible for state and local savings, according to Consumer Reports. This is why those aforementioned crazy lease deals are only for California. 

Additionally, leasing a car for a certain amount of time, usually 18 to 36 months. This means that you’re essentially paying for the amount the car is expected to depreciate during that time. Instead of paying for the whole car (like when financing), you’re only paying for a portion of the car. At the end of the term, you can sell the car, return it, or trade it in for a new one.