Lease rates for Mitsubishi’s i-MiEV electric car are beginning to decrease, in one case to about $170 per month from an Illinois dealer. Within just a few weeks of Nissan announcing a price reduction for its Leaf EV, the lower rates on electric car lease rates have many consumers wondering whether to buy or lease an EV. Further complicating the equation, the Chevy Volt, a range-extended hybrid, is now offering attractive lease rates as well, as low as $269 per month for the popular, award-winning Chevrolet.
For a quick look at the Mitsubishi i-MiEV electric car, view the clip below, which features a full Consumer Reports review of the EV. While not directly comparable to the Chevy Volt hybrid, the i-MiEV does offer similar financing arrangements in the form of a lease. People who want a range-extended drivetrain will likely opt for the Volt while those wanting an all-electric car might consider the Mitsubishi EV. Interestingly, the Consumer Reports review points out that the i-MiEV’s range is not that much greater than Volt’s electric-drive range. The huge difference here is that the Volt has a gasoline engine as well.
Chevy Volt’s $269 lease rate is about $200 less than the typical monthly lease cost for other cars of similar value. GM is subsidizing the cost in order to help market the car, making the Volt lease one of the best deals in the auto market today. In addition, Volt drivers save around $110 per month in gasoline expenses, which means the net cost to drive a leased Volt is approximately $160 per month. (That number does not include federal and state tax incentives, because in lease arrangements, the dealer retains the incentives in order to reduce total cost of the lease).