Sticker Shock: The Sky-High Lease Price of the 2024 GMC Sierra EV
If you’ve been eyeing the 2024 all GMC Sierra EV pickup truck, get ready, for a shock when it comes to leasing. Based on the incentive data from CarsDirect leasing the luxurious 2024 GMC Sierra EV Denali Edition 1 could set you back a $1,745 per month for 36 months with no upfront payment and a yearly mileage limit of 10,000 miles.
To put that price in context it’s double the lease cost of GMCs other new electric vehicle, the 2024 GMC Hummer EV. The Hummer EV lease is advertised at $999 per month with no money at signing for the duration and mileage. That means leasing the Sierra EV would cost you a $746, per month compared to the expensive Hummer EV lease!
Breaking Down the Numbers Behind the 2024 GMC Sierra EV Lease
The high lease price of the 2024 GMC Sierra EV can be attributed to a factors;
Firstly the interest rate, also known as the “money factor” in leasing terms stands at 0.00341. When multiplied by 2,400 it translates to an APR of 8.18% than the Hummer EVs rate of 8.06%.
A significant contributor is the Sierra EVs value of only 53%, at the end of a 36 month lease term in contrast to the Hummer EVs healthier 76% residual value. This indicates that the Sierra EV is expected to depreciate
In leasing a vehicle you essentially cover the amount by which its value decreases during the lease period. With an MSRP of $99,495 for the 2024 GMC Sierra EV Denali Edition 1 and a residual value of 53% you are essentially paying for an estimated depreciation cost of $46,763 (along, with interest charges) over a three year period. Ouch.
No Incentives or Tax Credits to Soften the Blow
Unfortunately people looking to lease the 2024 GMC Sierra EV now won’t find any discounts or incentives to lower their payments.
To make matters worse the Sierra EV Denali doesn’t qualify for the $7,500 EV tax credit because its price goes over the $80,000 limit set for trucks. So there’s no help
On the side GMCs pricier Hummer EV has an appealing leasing rate thanks, to its impressive 76% residual value, which is great, for an electric vehicle. It appears that while the smaller 2024 GMC Sierra EV may be upfront it faces depreciation estimates when leased.
An Inauspicious Start for the 2024 GMC Sierra EV
The recent lease pricing update, for the 2024 GMC Sierra EV doesn’t look too promising. The high lease costs, comparable to luxury sports cars might deter buyers.
The Sierra EV targets truck consumers, not the affluent early adopters who eagerly paid top dollar for the Hummer EV Edition 1. Such steep prices could significantly impact sales numbers.
Especially worrisome is that the Ford F 150 Lightning, a competitor to the 2024 GMC Sierra EV starts at a more affordable $57,869 MSRP for its base Pro model. Even its upscale Platinum variant comes in at an $96,874. Similarly the Chevy Silverado EV faces pricing challenges with leasing options as its GMC counterpart.
It seems like GMC may have misjudged the pricing and lease terms for the 2024 GMC Sierra EV. The brand might be banking on its premium positioning and luxurious Denali trim to justify Hummer pricing. However it’s uncertain if the GMC Sierra EV can generate the level of excitement among customers, as the attention grabbing Hummer EV.
Wait and See Approach May Be Best
If you’re really set on parking a 2024 GMC Sierra EV, in your driveway it might be wise to hold off for now and see how things unfold. GMC could potentially tweak the pricing and leasing deals if these initial numbers don’t sit well with buyers and sales start off slow.
It’s also worth keeping an eye on the Chevy Silverado EV, which is expected to offer a vehicle with abilities at a slightly lower cost. If the Silverado EV turns out to be a choice it could push down the pricing of the Sierra EV well.
At present though the $1,745 monthly lease price for the 2024 GMC Sierra EV is quite steep. Could surprise lessees. Hopefully GMC will. Find a way to make the Sierra EV more affordable because its shaping up to be an electric truck…, for those who have the means.
