Sticker Shock: The Sky-High Lease Price of the 2024 GMC Sierra EV
If you’ve been eyeing the 2024 GMC Sierra EV pickup truck, get ready for a shock when it comes to leasing. Based on incentive data from CarsDirect, leasing the luxurious 2024 GMC Sierra EV Denali Edition 1 could cost $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 nearly double the lease cost of GMC’s other new electric vehicle, the 2024 GMC Hummer EV. The Hummer EV lease is advertised at $999 per month with no money down for the same term and mileage. That means leasing the Sierra EV costs about $746 more per month than the 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 several factors.
First, 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%, compared to the Hummer EV’s rate of 8.06%.
A significant contributor is the Sierra EV’s residual value of only 53% at the end of a 36-month lease term, compared to the Hummer EV’s stronger 76% residual value. This indicates that the Sierra EV is expected to depreciate much faster than the Hummer EV.
When leasing a vehicle, you essentially pay for the amount 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%, that works out to an estimated depreciation cost of $46,763, plus interest charges, over the three-year term.
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 exceeds the $80,000 limit set for trucks. There’s no federal incentive to offset the cost.
By comparison, GMC’s pricier Hummer EV carries a more appealing lease rate thanks to its stronger 76% residual value, which is impressive for an electric vehicle. It appears that even though the 2024 GMC Sierra EV Denali has a lower MSRP than the Hummer EV, it faces steeper 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 those of 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 $96,874. The Chevy Silverado EV faces similar pricing and leasing challenges as its GMC counterpart.
It seems 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-level pricing. However, it’s uncertain whether the Sierra EV can generate the same 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 adjust pricing and lease 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 comparable capability at a slightly lower cost. If the Silverado EV turns out to be a strong alternative, it could push GMC to reconsider the Sierra EV’s pricing as well.
At present, though, the $1,745 monthly lease price for the 2024 GMC Sierra EV is quite steep and could surprise prospective lessees. Hopefully GMC will find a way to make the Sierra EV more affordable, because right now it’s shaping up to be an electric truck for those who have the means.
Safety note: This guide is for general informational purposes. Brake systems are safety-critical — if you're unsure at any step, or the work requires specialized tools, have it inspected or completed by a qualified technician.
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