Kia reveals EV3 lease offer for $349 a month, but there’s a catch

Kia's new electric SUV, the EV3, is now for sale in the US starting at $29,890, making it one of the cheaper EVs on the market. It comes in five trims with two battery options, offering EPA-estimated range from 221 miles up to 321 miles. All versions include a NACS charging port, which lets drivers plug into Tesla Superchargers without needing an adapter.

For homeowners weighing whether an EV fits their household, the lease terms matter more than the sticker price. Kia is advertising a $349-a-month lease, but that rate applies only to the EV3 Wind FWD trim, and it requires $3,999 due at signing over a 24-month term. Factoring in that upfront cost, the effective monthly cost works out closer to $515. An all-wheel-drive version of the same trim leases for $399 a month, also with $3,999 due at signing. The base $29,890 Light trim, the cheapest EV3, does not currently have any lease offer available. Kia is also offering 0.90% APR financing for up to 48 months for buyers who'd rather purchase than lease.

If you're comparing this to other affordable EVs, the EV3 Wind FWD's effective lease cost is still lower than a comparable Chevy Bolt lease, which works out to around $561 a month once its own signing fee is included. For anyone thinking about home charging setup costs alongside a new EV, the range and charging speed are worth noting: the smaller battery charges from 10% to 80% in about 29 minutes, and the larger one takes about 31 minutes on a fast charger.