The Honda Prologue electric SUV has been making waves in the US market, ranking among the top ten most leased vehicles in the first quarter of the year. This achievement is especially impressive considering it was the only electric vehicle, apart from Tesla’s Model Y and Model 3, to make the list.
Since its launch in March, the Honda Prologue has seen significant success, becoming the second-best-selling electric SUV in the latter half of the year, trailing only behind the Tesla Model Y. Sales have been strong, with over 13,500 units sold through May, a significant increase from the 705 units sold during the same period last year.
A recent report from Experian, as reported by Automotive News, highlighted the key factor driving Honda’s success – ultra-affordable lease rates. In the first quarter, nearly 60% of new EV buyers in the US opted for leasing, a significant increase from just 36% a year ago. The Honda Prologue ranked seventh among the top ten most leased vehicles in Q1, with lessees paying an average of $486 per month.
The trend of leasing EVs is further fueled by substantial discounts and incentives. Luxury brand Acura, a subsidiary of Honda, is offering over $20,000 in discounts on its electric vehicles in the US. This has led to a surge in sales, with the Acura ZDX, originally priced at nearly $65,000, selling for under $40,000 on average in May.
However, the future of these incentives is uncertain, as the $7,500 federal EV tax credit could potentially expire within 180 days if a proposed bill is passed. This could make electric vehicles more expensive and hinder the US’s progress in the shift towards electrification.
Despite these challenges, some automakers like GM are expected to continue offering incentives to drive sales. GM’s Chevy brand has emerged as the fastest-growing EV brand in the US, thanks in part to the new Equinox EV, which offers a range of over 315 miles and starts at just $34,995.
In conclusion, with attractive lease prices on popular EV models like the Honda Prologue and Chevy Equinox EV, now is a great time to test out these vehicles while incentives are still available. The market is evolving rapidly, and it’s essential to take advantage of these offers before they potentially disappear.
