The Honda Prologue electric SUV has been making waves in the US market, becoming one of the top ten most leased vehicles in the first quarter of this year. It stands out as the only EV, apart from Tesla’s Model Y and Model 3, to make the list.
Since its launch in the US last March, the Honda Prologue has seen significant success. In the latter part of last year, it was the second-best-selling electric SUV, trailing only behind the Tesla Model Y. This year, it continues to be a top-selling EV in the US, with over 13,500 units sold through May, a significant increase from the 705 units sold during the same period last year.
A report from Experian, as reported by Automotive News, attributes Honda’s success to the ultra-affordable lease rates offered on the Prologue. In the first quarter, nearly 60% of new EV buyers in the US opted to lease, a significant increase from just 36% a year ago.
The trend of leasing EVs is evident with three electric vehicles ranking in the top ten most leased vehicles, including the Tesla Model Y, Model 3, and Honda Prologue. The average monthly lease payment for the Honda Prologue was $486, compared to $402 for the Tesla Model 3. This competitive pricing, coupled with an average loan rate of $708 per month for buyers, has led nearly 90% of customers to choose leasing over buying.
Despite the growing popularity of leasing EVs, the future of incentives and discounts remains uncertain. The $7,500 federal EV tax credit has been a significant driver of sales, with automakers passing on the savings to customers through leasing. However, proposed legislation aims to end these subsidies, potentially making electric vehicles more expensive and putting the US behind other countries in the shift towards electrification.
Some automakers, like GM, are expected to continue offering incentives to customers, ensuring competitive pricing and driving sales. GM’s Chevy brand is now the fastest-growing EV brand in the US, thanks to models like the Equinox EV, which offers a range of over 300 miles at an affordable price point.
With attractive lease rates starting at $259 per month for the Honda Prologue and $289 per month for the Chevy Equinox EV, now is a great time to explore popular EV models. Take advantage of these deals before incentives potentially disappear, and use our links to find models in your area.
