It’s a new month, which means the latest vehicle lease deals are now available from most automakers. For many EV buyers, the Tesla Model Y remains the default choice, as the crossover has a near-unbeatable mix of range, performance, and practicality for the price. Following a stylish makeover for the 2026 model year, along with more premium interior materials, the Model Y is better than ever, which is why it has retained its status as America’s best-selling EV. Here’s a look at the currently available lease deals for the EV, along with a comparison between the Tesla and one of its key rivals, the Hyundai Ioniq 5.
This Month’s Tesla Model Y Lease Deals
Tesla
Tesla
Tesla
The Tesla Model Y’s lease price has remained steady as the year draws to a close. It may not be the cheapest EV to lease in its segment, but with demand so strong, Tesla doesn’t need to offer the most competitive deals. Here’s an overview of the Model Y’s lease costs.
| Trim | Monthly Payment | Lease Term | Due at Delivery | Annual Mileage |
| Base RWD | $499 | 36 Months | $4,195 | 10,000 Miles |
| Base AWD | $549 | 36 Months | $4,245 | 10,000 Miles |
| Premium RWD | $599 | 36 Months | $4,294 | 10,000 Miles |
| Premium AWD | $699 | 36 Months | $4,394 | 10,000 Miles |
| Performance AWD | $799 | 36 Months | $4,495 | 10,000 Miles |
The cheapest of the five Tesla Model Y lease offers belongs to the base variant with rear-wheel drive, which will cost $499 per month, with $4,195 due at delivery. That initial fee includes the first month’s payment, an acquisition fee of $695, and a down payment of $3,000.
These Model Y leasing deals are all based on 10,000 annual miles, but there are flexible options for buyers who drive more. For instance, the base Model Y can be leased with 12,000 annual miles. This option increases the monthly cost to $520 and raises the initial payment to $4,216. If drivers exceed the annual mileage allocation, they’ll be charged $0.25 for every additional mile.
These lease deals exclude taxes and fees. If you would like to confirm lease availability and costs in your area, you can do so by inputting your zip code here.
Model Y Lease Costs Vs. Hyundai Ioniq 5
To get an idea of how competitive the Tesla Model Y’s lease deals are, we’ve compared it to one of its key rivals, the Hyundai Ioniq 5. The Ioniq 5 is one of the best-selling EVs in America, even though sales are down by 24% in 2026 so far.
This is a comparison of the base trims of each model, and we’ve also compared them on a 24-month lease with 12,000 miles annually, since that’s what Hyundai is currently offering for the Ioniq 5. The numbers here reflect lease offers in California; offers my differ in other locations.
| Model | Monthly Payment | Lease Term | Due at Delivery | Annual Mileage |
| Tesla Model Y Base RWD | $611 | 24 Months | $4,306 | 12,000 Miles |
| Hyundai Ioniq 5 SE Standard Range RWD | $359 | 24 Months | $4,999 | 12,000 Miles |
Although the Tesla has a lower initial fee, its monthly lease costs are dramatically higher than the Hyundai’s. Total lease costs (excluding taxes and fees) are $18,359 for the base Tesla and $13,256 for the cheapest Hyundai over this period, which is a substantial difference. Hyundai also charges less for excess mileage ($0.20 per mile), another advantage in its favor.
The base Model Y does have some major advantages, including a longer range (321 to 245 miles) and much better performance than the base Ioniq 5. Still, buyers would be able to upgrade to a more capable Ioniq 5 trim and still come in below the cost of the Tesla.
Final Thoughts
Tesla
The Tesla Model Y isn’t the most affordable EV in its class, but it’s still one of the best. The addictive performance, practical range, and availability of tech like the self-driving system have ensured that most buyers still flock to the Model Y, despite the amount of cheaper alternatives on the market. While we rate the Model Y highly, we chose the Model 3 as the best EV you can buy for 2027–it’s cheaper, has a better range, and is more satisfying to drive.
About the author
Karl Furlong
Senior Editor, Autoblog