Polestar, the electric vehicle (EV) manufacturer, is launching a unique program, the Polestar Flexible Lease, providing customers with the opportunity to explore the world of EVs without committing to long-term contracts.
The Polestar Flexible Lease program offers a 24-month lease for the Polestar 2 sedan, starting at $349 per month. What sets this program apart is its flexibility, allowing lessees to make a decision after the initial five months and payments. Beyond this point, customers can opt for a month-to-month arrangement, deciding whether to continue the lease or return the vehicle. Notably, the 2024 Polestar 2 is receiving updates, enhancing its appeal to potential EV enthusiasts.
Gregor Hembrough, Head of Polestar North America, expressed the company's commitment to making EVs accessible, stating, “With the Polestar Flexible Lease program, I'm proud to say we are making it easier for customers to experience our fully electric performance vehicles. These terms offer flexibility not typically seen in traditional leases, making it a suitable option for new EV adopters or those bridging the gap as they await a Polestar 2, Polestar 3, or Polestar 4.”
For customers choosing to opt out after the initial five months, a lease disposition fee of $450 is typically applicable, with no additional cancellation fees. This added flexibility in Polestar's leasing program aims to provide a seamless transition to EV ownership.
The Polestar Flexible Lease program is available for all available variants of the 2024 Polestar 2. The 2024 Polestar 2 is eligible for the Polestar Clean Vehicle credit, totaling $8,500, in addition to local EV incentives. To qualify for this credit, customers must meet the credit standards set by Polestar Financial Services (PFS).
The $8,500 credit comprises the $7,500 federal tax credit, passed on to consumers by Polestar, and an additional $1,000 incentive offered by the automaker. While the 2024 Polestar 2 is not eligible for U.S. federal tax credits upon purchase due to its non-local manufacturing, customers can still enjoy a $1,000 discount when buying the vehicle.
Enrolling in the flexible lease program is a straightforward process. Customers can select a pre-configured Polestar 2 from the brand's website or create their customized vehicle using the configuration tool. Upon making their choice, they can opt for the “Lease” payment method, choose a 24-month contract term, and place their order.
The electric vehicle leasing landscape in the United States has witnessed significant growth, largely influenced by the Inflation Reduction Act loophole, which provides a $7,500 tax credit for leased EVs, irrespective of their origin and battery materials. This favorable tax incentive has led to plummeting lease prices, making EVs more accessible to a broader audience.
While the flexible lease program is presently applicable to the Polestar 2 sedan, Polestar has ambitious plans to extend it to the upcoming Polestar 3 and Polestar 4 electric SUVs. The Polestar 3 crossover is already available for online ordering and is configured to include the new flexible lease program. Deliveries for the Polestar 3 are anticipated to commence in the second quarter of 2024, while the U.S. launch of the Polestar 4 is slated for the first half of 2024. Polestar's innovative approach to EV leasing is poised to open new avenues for customers exploring the world of electric performance vehicles.