- The Prologue is available for $399 a month for 36 months in select US states.
- While the new Honda EV slightly undercuts the Model Y, it only does so by a few dollars per month.
- Honda may need to offer even more competitive leasing deals to compete with the Tesla.
Regardless of how you may feel about Elon Musk or Tesla, the fact is that the Model Y remains the electric vehicle benchmark and is easily the best-selling EV on the planet. However, it’s not the most affordable, and for consumers in the US looking for a similarly sized EV on a tighter budget, the 2024 Honda Prologue is an option. Or is it?
Honda recently added a $2,000 lease incentive to all 2024 Prologue models in 15 states across the U.S. That means it can now be leased for $399 per month for 36 months with $3,999 due at signing. To get this deal, buyers must live in either California, Colorado, Connecticut, Maryland, Florida, New York, Massachusetts, Maine, Oregon, New Jersey, Rhode Island, New Mexico, Texas, Washington, or Vermont.
Read: 2024 Honda Prologue EV Starts At $48,795, Packs 296 Mile-Range
What’s interesting about this leasing deal is that the Prologue has only been on the market for a few months and was initially available for $469 a month for 36 months, so a $70 a month saving is quite substantial.
The $2,000 incentive stacks with the existing $7,500 lease credit, effectively meaning the Prologue is available with a $9,500 discount. Cars Direct notes that some people will also be eligible for a $1,000 loyalty discount, lowering the monthly cost down to $369 with $3,999 due at signing.
However, even with this latest deal, Honda may struggle to convince shoppers not to buy a Model Y instead. While the Prologue is cheaper on the $369 a month deal, the Model Y Long Range RWD is currently available to lease for $399 a month with $4,093 at signing. Factoring in the lump sum needed at signing, that makes it just $3 more expensive per month over the life of the lease than the Prologue.
Not only is the Model Y pretty much the same price as the Prologue, but consumers are far more familiar with it and for many, a Tesla is the only EV they would consider. With this in mind, Honda may need to get crafty and cut prices of the Prologue further as the year progresses.
