Are you thinking about buying an electric vehicle (EV) but aren’t ready to commit to an outright purchase? Leasing may be your best option: lower payments, less worry, and zero resale headaches.
Electric vehicles aren’t exactly cheap, and that high asking price can make financing seem like a never-ending drain on your bank account. That’s where leasing comes in. With an EV lease, you get a lower monthly payment, reduced upfront costs, and full warranty coverage for the term of your lease. Plus, when it comes time to return your car, you can move up to the latest model without having to deal with depreciation.
If you’re thinking about leasing an EV, consider the Chevy Silverado EV. A big price reduction has made leasing it even better. According to the latest incentive data, 2025 Chevy Silverado EVs can now be leased for just $699 per month. Despite having similar suggested retail prices on paper, our analysis found that an all-electric Silverado can undercut a Tesla Cybertruck by nearly $250 per month.
2025 Chevy Silverado EV $699/mo Lease Undertake Tesla Cybertruck
New Chevy Silverado EVs can be surprisingly good to lease. According to a lease guide sent to dealers, 2025 Chevy Silverado EV residual values are extremely high for the new entry-level LT and WT models. In the most extreme cases, Silverado EV lease residual values can reach 90%.
The 2025 Chevy Silverado EV has a retail price of $699 for 24 months with a payment of $5,979 at signing. That’s based on a manufacturer’s suggested retail price of $79,095 for the LT model with 10,000 miles per year and has an effective monthly cost of about $948 before taxes and fees. Tesla’s website says 24-month 2025 Cybertruck leases cost $820 with a payment of $9,015 at signing.
Read Also: Things to Know Before Leasing an Electric Vehicle (EV)
Seems Impossible Right? Know About the Lease Terms
With an effective cost of $1,196 per month, the cheapest Cybertruck is $248 more expensive than the Silverado EV. You could save even more money with a 2024 Chevy Silverado RST that has an MSRP of over $96,000. Its list price is $799 for 39 months with $6,479 due at signing or $965 per month if a trade-in bonus is included.
According to our records, this month’s 2025 Silverado EV lease is $110 per month cheaper than before, making it a substantial price cut. As before, 2024 Silverado EVs also feature 0% financing for 60 months. To help put that in perspective, Tesla’s lowest rate is still 5.99% APR, creating a big advantage for Chevy’s flagship EV.
Other EV truck deals could prove attractive. As CarsDirect recently reported, Lightning discounts on the Ford F-150 have improved by up to 50% in celebration of Presidents’ Day. Plus, Lightning lease incentives continue to offer significantly more savings than the gas-powered model. These kinds of quirks could make it smart to buy or lease an EV right now.
Chevy Silverado EV Leases Have A 90% Residual Value
The 2025 Chevrolet Silverado EV WT Standard Range has a 36-month residual value of 83%, with 27- and 24-month residual values of 88% and 90%, respectively. The new LT Plus Extended Range has a 79% residual value on a 36-month lease, with 27- and 24-month residual values of 83% and 85%, all assuming 10,000 miles per year.
At 90%, the EV work truck’s 24-month lease could be an ideal choice for deal hunters. Higher residual values typically make leases more affordable, and the 2025 WT has an exceptionally high one. Like all GM EVs, these residual values take into account a $7,500 business tax credit. For reference, most competitors offer the credit as cash for the lease.
Important Downsides of Leasing 2025 Chevy Silverado
To help put this into perspective, Chevy’s 2024 Silverado EV residual values are just 71% for the 3WT and 66% for the RST. Both assume a 24-month lease and 10,000 miles per year. In theory, this could make the later versions of the Silverado EV better options when leasing. However, we found some significant drawbacks.
First, Silverado EVs don’t have additional lease incentives to drive down prices. Second, the underlying money factors are relatively high when choosing the 2025 model. On a 2024 RST, the 24-month lease rate is just 2.21%, while on the 2025 LT Plus Extended Range it’s 8.76%. This could offset some of the advantages of the 2025 model.
We’ll have to wait and see whether or not these deals improve in the coming months. At the time of purchase, the 2024 Chevy Silverado EV ranks among the best financing offers at 0% interest-free for 60 months.
How to Qualify for this Lease?
To qualify for a Chevy Silverado EV lease, you generally must meet credit requirements set by GM Financial, have a good driving record, and may be required to be a current GM lessee or take advantage of special offers such as being a Costco member, first responder, or teacher, depending on current promotions available at your local Chevrolet dealer; always check with your dealer for the latest details and eligibility requirements.
Also Read: Can You Lease an EV With Bad Credit?
How to find out about current Chevy Silverado EV lease deals
Visit your local Chevrolet dealer – they can provide you with details on current lease offers and your eligibility.
Check the Chevrolet website – The official Chevrolet website often features current lease offers and incentives.
Contact GM Financial – Contact GM Financial to inquire about your creditworthiness and potential lease options.
What You Need to Know Before Leasing an EV?
EV lease deals are looking better than ever, but don’t just jump at the first offer that seems good. Remember:
- Ask about the $7,500 tax credit. Some dealers apply it, while others don’t.
- Consider total costs. Upfront costs, monthly payments, and possible state incentives are all important.
- Think about lease terms. Shorter leases mean more flexibility when new models come on the market.
If you want an affordable EV without worrying about depreciation, a lease may be your best option. Do your homework, ask the right questions, and walk away with a deal that fits your needs.
