Polestar 2 Lease Deal Plummets to $299 a Month and Hey, That’s Not Bad

Polestar is offering one of the best lease deals on a slick new EV right now as the former Volvo spinoff has dropped the Polestar 2 to $299 per month. This comes courtesy of a $10,000 incentive Polestar is briefly offering buyers, and it's stackable with a Costco deal that lowers the price due at signing to about $1,000. This may not be a far-reaching solution to the price problem with new EVs—they're just too expensive for most people to roll the dice—but it does put them within reach of more people willing to try one out.

This latest deal increases the incentive Polestar was previously extending to customers from $7,500 to $10,000. And in case you were wondering, it doesn't seem like the Polestar 2 qualifies for up to another $7,500 in federal tax credits under the Inflation Reduction Act, which would have made for a monster price cut. But the EV's ineligibility for those tax credits could explain this aggressive lease deal.

The math breaks down like this: the Polestar 2 starts at $51,300 including destination and other fees. Polestar charges $995 as an acquisition fee, then offers a $3,000 “capitalized cost reduction,” and adds the $10,000 incentive for a total price of $39,295, yielding a 27-month lease term at $299 per. That means buyers would pay just over $11,000 for the duration of their lease. Buyers are on the hook for a $3,000 down payment, making the total due at signing $3,299. And customers must stick to a limit of 10,000 miles per year unless they want to pay for excessive wear and tear at $0.25 a mile over the limit Polestar sets.

The lease deal applies to the Polestar 2 Long Range Single Motor as well as Long Range Dual Motor models. The former has a range of up to 320 miles per charge, while the latter is rated at 276 miles. Both benefit from DC fast charging, meaning they can charge from 10 to 80 percent in as little as 28 minutes, and their performance figures range from 295 to 421 horsepower and 361 to 546 lb-ft of torque depending on which you pick. Not too shabby for $299 per month.

The offer won't apply indefinitely to the Polestar 2 as it's due to run only during the month of May. That's a pretty small window, but then again, it's