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Polestar is offering one of the best lease deals on a slick new EV right now as the former Volvo spinoff has dropped the Polestar 2 to $299 per month. This comes courtesy of a $10,000 incentive Polestar is briefly offering buyers, and it’s stackable with a Costco deal that lowers the price due at signing to about $1,000. This may not be a far-reaching solution to the price problem with new EVs—they’re just too expensive for most people to roll the dice—but it does put them within reach of more people willing to try one out.
This latest deal increases the incentive Polestar was previously extending to customers from $7,500 to $10,000. And in case you were wondering, it doesn’t seem like the Polestar 2 qualifies for up to another $7,500 in federal tax credits under the Inflation Reduction Act, which would have made for a monster price cut. But the EV’s ineligibility for those tax credits could explain this aggressive lease deal.
The math breaks down like this: the Polestar 2 starts at $51,300 including destination and other fees. Polestar charges $995 as an acquisition fee, then offers a $3,000 “capitalized cost reduction,” and adds the $10,000 incentive for a total price of $39,295, yielding a 27-month lease term at $299 per. That means buyers would pay just over $11,000 for the duration of their lease. Buyers are on the hook for a $3,000 down payment, making the total due at signing $3,299. And customers must stick to a limit of 10,000 miles per year unless they want to pay for excessive wear and tear at $0.25 a mile over the limit Polestar sets.
The lease deal applies to the Polestar 2 Long Range Single Motor as well as Long Range Dual Motor models. The former has a range of up to 320 miles per charge, while the latter is rated at 276 miles. Both benefit from DC fast charging, meaning they can charge from 10 to 80 percent in as little as 28 minutes, and their performance figures range from 295 to 421 horsepower and 361 to 546 lb-ft of torque depending on which you pick. Not too shabby for $299 per month.
The offer won’t apply indefinitely to the Polestar 2 as it’s due to run only during the month of May. That’s a pretty small window, but then again, it’s pretty big savings for anyone who’s eligible.
If the price reduction directly available from Polestar isn’t enough to pique your interest, then maybe the deal at Costco might. Right now, members of the warehouse club are eligible for an additional $2,000 incentive when purchasing a Polestar 2. The Costco deal will last longer than the deal from the automaker, expiring on July 31. Costco members can stack the incentives from both sources, which puts the total incentives at $12,000 and lowers the down payment from $3,000 to $1,000.
This price reduction for the Polestar 2 doesn’t put it in the exact lease orbit as the Hyundai Ioniq 6, which has seen its monthly lease dip as low as $239, but the Polestar still slots in under the $300 mark. That’s pretty low for a futuristic machine boasting Swedish design and relatively competitive specs. The Ioniq 6 deal was overall a better (or cheaper) purchase since Hyundai was only asking for $239 due at signing, while Polestar requires a heftier sum and added premium of $2,760 for the down payment compared to the Hyundai.
That down payment was once Craigslist or Facebook Marketplace shitbox money, but those days are further and further behind us. C’est la vie, car lovers. Still, this represents one of the most compelling lease deals for a new EV, which happens to have stunning good looks similar to the Volvo machines they were inspired by.
