What you pay for
A lease charges you for the part of the car you use up, plus interest on the money tied up in it. That is why two numbers matter most: what the car is sold for, and what the lender says it will be worth at the end.
The four terms
- Cap cost: the price the lease is based on. You can negotiate it.
- Residual: the car's expected value at the end, as a percent of MSRP. The lender sets it. Higher is better for you.
- Money factor: the interest rate in another form. Multiply by 2,400 to get a rough APR. 0.0025 is about 6%.
- Term and miles: usually 24 to 39 months and 10,000 to 15,000 miles a year.
The math
Depreciation is the cap cost minus the residual, divided by the months. Rent is the cap cost plus the residual, times the money factor. Add them and you have the base payment. Add tax the way your state does it. The calculator shows each step.
What a good deal looks like
We have no reliable national benchmark for EV money factors or residuals in 2026: they change every month and by brand. Experian put the share of new EVs leased at about 46% in Q1 2026. One 2026 Equinox EV lessee on Edmunds reported a 0.0042 money factor and a 57% residual over 36 months, which is one data point, not a norm. Get quotes from two dealers.
Where the lease credit went
Until September 30, 2025, leasing companies could claim a $7,500 federal credit and pass it on. That route is closed. Maker lease cash is what you see now.
Fees to look for
- Acquisition fee: charged by the lender at the start.
- Disposition fee: charged when you hand the car back, often waived if you lease again with the brand.
- Excess miles: a set charge per mile over your limit. Find it in the contract.
- Wear and tear: tires are the usual surprise on heavy EVs.