Thanks to incentives, the 2025 Nissan Leaf is now the automaker’s cheapest model regardless of powertrain type, reports CarsDirect, undercutting the gasoline Versa economy car.

The base 2025 Nissan Leaf S starts at $29,280 with destination, but through September 3 it’s eligible for $7,500 in NMAC Special APR cash, which is essentially a rebate that customers can receive for financing at promotional rates, CarsDirect explains. The electric hatchback is also eligible for $1,000 in bonus cash.

Those incentives add up to $8,500 in savings, bringing the effective price of a Leaf S down to $20,780. That’s still slightly more than the $19,490 MSRP of the base 2024 Nissan Versa S (Nissan hasn’t released 2025-model-year pricing) with the continuously variable transmission (CVT), and the Nissan also lists an even lower-priced Versa S with a manual transmission. But current financing offers still make the Leaf cheaper.

Per CarsDirect, Nissan is currently offer 3.19% APR financing on a five-year Leaf loan and 8.37% for the Versa. Over the same loan period, CarsDirect estimates that a Versa would cost $23,819 at $399 a month. But a Leaf would cost $22,509 at $375 a month.

2025 Nissan Leaf

The $7,500 incentive that comes with this financing offer also makes up for the fact that the Leaf loses federal EV tax credit eligibility for the 2025 model year. That credit—$3,750 for the 2024 Leaf—is also available only to qualifying households, so the financing incentive may be more broadly applicable.

This deal comes with some drawbacks. The Leaf S only manages 149 miles of EPA range (a pricier SV Plus model is also available, with 212 miles of range). The smaller-battery, non-Plus version of the Leaf also hasn’t been substantially updated in several years, and the Leaf is the only EV still using the CHAdeMO fast-charging standard. But for budget-conscious shoppers, this is at least one example of an EV being cheaper than a comparable gasoline car.