The GMC Sierra Denali EV leases for a whopping $1,745 for 36 months based on no money down and 10,000 miles a year.
Yes. You read that right. Let's dive into the numbers. It turns out that the GMC Sierra EV has a high interest rate and a low residual value. Combined, these contribute to a monthly lease rate that is insanely high.
The Sierra EV in this lease example has an MSRP of almost $100,000. It's actually $99,495, which is a lot of coins, but that doesn't explain why it costs $1,745 a month to lease.
Per CarsDirect:
To start, 2024 GMC Sierra EVs have a 36-month money factor of 0.00341. That's equivalent to an interest rate of 8.18%, slightly higher than the 8.06% rate of the 2024 HUMMER EV truck. More importantly, the Sierra's published residual value is just 53%. That's 23% less than the HUMMER EV's residual value of 76%.
When you run the numbers, the GMC Sierra EV leases for $1,745 for 36 months based on no money down and 10,000 miles a year. For reference, a $98,000 2024 Hummer 2X EV can be leased for $999 a month with no money down, so the Sierra EV is close to twice as much per month.
The big issue for the Sierra EV is its low residual value of 53%. In regards to that, CarsDirect states, "As we've reported, GM inflates the residual values of just about every one of its EVs to reflect a $7,500 tax credit when leased. Curiously, the incentive appears to be non-existent on the Sierra EV."
We should point out that the Sierra EV exceeds the $80,000 price cap, making it ineligle for the $7,500 federal tax credit.
If you're thinking that perhaps the 2024 Chevy Silverado EV might be significantly cheaper than the Sierra EV, well, you are out of luck there. Though cheaper, the lease deal offered on the Silverado EV is $1,449 for 39 months, with $4,099 due at signing. That's based on an MSRP of $96,495 for the RST trim and 10,000 miles per year.
It would seem that both the Sierra EV and Silverado EV are far too pricey for most potential lessees to lease.
