2024 Chevrolet Silverado EV Lease Deals Are Eye-Wateringly Expensive

If you’re thinking of purchasing a new Chevrolet Silverado EV, you may want to hold off on that idea – at least until General Motors introduces more appealing lease deals. According to a dealer bulletin seen by CarsDirect, the Silverado EV is relatively expensive to lease, with the high-end RST trim available for $1,449 p/m over a 39-month contract. This has been calculated using an MSRP of $96,495.

With the $5,679 due at signing worked into the monthly payment, customers are looking at a monthly cost of $1,595. That’s a lot of cash, especially for a lease that has an annual 10,000-mile limit. So, how does this compare with similarly priced electric trucks? Within GM’s stable, the 2024 GMC Hummer EV 2X can be leased for $999 a month over a three-year contract. What’s more, GM doesn’t require a downpayment with the Hummer. This totals $596 a month less than the Silverado, even though the Hummer has a higher $98,845 price tag.

Not What We’d Describe As A Great Deal

That means buyers can lease a Hummer EV pickup and a new Acura ZDX and come out on top. Keeping with electric trucks, Rivian has superior leasing deals for the R1T. With a lease period of 36 months and $7,471 due at signing, customers can lease a 2024 Adventure trim for a total monthly cost of $789 (calculated on a $75,000 MSRP). That means you could lease two R1Ts and still walk off with an extra $17 monthly.

Add CarBuzz to your Google News feed.

There are several reasons the Silverado EV is so expensive to lease. For a start, there are no discounts available, and the lease deal has a rate comparable to 7.2%. CarsDirect notes that the lease uses a residual value of 55%. Furthermore, there are no signs that Chevrolet is assisting customers with a commercial tax credit, but the automaker has yet to confirm this.

Better Deals May Be On The Way

CarsDirect notes that for a 24-month lease, Chevrolet demands $15,569 at signing, which doesn’t lower the monthly payment. That would push the monthly price over $2,000, which can’t be described as excellent value. That said, we expect monied customers will be all too happy to fork over this cash, as the Silverado EV is the latest electric truck available for purchase.

19:10

Related

2024 Chevrolet Silverado EV First Drive Review: A Moonshot That Hits And Misses

The electric Silverado shines in certain key areas, but shocks in others.

It may not have the striking styling of the Cybertruck or the earth-shattering performance of the top-spec Rivian R1T. Still, the Silverado EV has an impressive 440-mile range and is also available with bidirectional charging technology. Those looking to pay cash will be pleased to know the Silverado EV RST is nearly $10,000 cheaper than initially anticipated – but this hasn’t made leasing more attractive. We expect more appealing deals to be introduced in the coming months.

Source:
CarsDirect