
Are electric vehicles too expensive? Like this resident of Denver, Colorado, USA, who proved that it's possible to rent a new Fiat 500e 2024 for... 0 $ per month. It sounds too good to be true, but it is, thanks to a combination of subsidies and local incentives. Car & Driver.
Dream leasing thanks to subsidies
The secret of this exceptional offer lies in the financial incentives available to Colorado residents. The Fiat 500e 2024, base model, is eligible for several tax credits and rebates that make this 0 $ per month lease possible, or almost.
Federal credit of 7,500 $ Any electric car leased or purchased in the U.S. with a selling price of less than 55,000 $ is eligible for a federal tax credit of 7,500 $. This applies even if the car is leased.
Colorado State Incentives In addition to this federal credit, Colorado offers a credit of 5,000 $ for the purchase or lease of a new electric vehicle, plus a bonus of 600 $ for financed or leased cars. And that's not all: an additional rebate of 2,500 $ is granted for vehicles with a selling price of less than 35,000 $. This makes the Fiat 500e, which starts at 32,500 $ in the US, an ideal model to take advantage of these incentives.
With these subsidies, the price of the car is drastically reduced. The author of this demonstration announces, in total, 16,100 $ of credits applied, reducing the cost of the 500 electric to just 17,995 $ (Editor's note: there are more like 15,600 $s). This amount would be the remainder to be paid if the person wished to buy the car at the end of the lease. Of course, nothing is totally free. The purchaser must still pay taxes and miscellaneous charges1,200 $ to 2,000 $, depending on local taxes in Colorado. But once these costs are covered, the monthly payment drops to 0 $.
Note that the lease is limited to 27 months and 10,000 miles (approx. 16,000 km) per year. What's more, even if the monthly payment is zero, the cost of taxes and fees must be covered, either in cash or in monthly instalments of around 62 $.
A helping hand to clear stock
Why was this offer launched? The Fiat 500e 2024 fails to live up to expectations in the United StatesIn Colorado, dealers are looking to sell the year's latest models. Leasing at 0 $ per month for Colorado residents is a good way to stimulate sales by offering an unbeatable rate. Of course, this type of offer isn't available everywhere. What's more, thanks to this offer, in around 27 months many electric 500s will be sold used, with 36,000 km, for less than 20,000 $.
The leasing offer at 0 $ per month for a Fiat 500e 2024 is an example of how subsidies can make an electric vehicle affordable, even for those not prepared to pay the prices usually associated with this type of car. This is something similar to what has been proposed in France with the social leasing in early 2024,