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What to know before leasing an electric vehicle Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. This allows users to conduct studies and compare information at no cost – so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that pay us. This compensation could affect how and where products appear on this website, for example for instance, the order in which they may be listed within the categories of listing, except where prohibited by law. Our loans, mortgages, and other home loan products. But this compensation does affect the information we provide, or the reviews that you read on this site. We do not contain the vast array of companies or financial offerings that could be open to you.
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4 min read Published October 12, 2022
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Electric vehicles offer many advantages, including a smaller environmental impact than gas-powered cars, less maintenance and rapidly evolving technology. Leasing an electric vehicle can be an ideal option for people who wish to reap these advantages without being tied to a vehicle for too long. Why lease an EV? From to access to the modern technology There are a variety of good reasons to lease an EV. It is possible to get upgrades in technology faster Leased vehicles don’t tie to you for as long as purchasing a car does. Given how quickly technological advancements in electric vehicles are happening the chances are that it’s worthwhile to consider a car that you can trade up to a newer model in the next few years. There’s no need to worry about the maintenance issues that can arise. Battery degrading is a big problem for people who are thinking of buying the possibility of an electric vehicle. The loss of range and the premature death of the battery can be costly, but it’s less of a worry when you don’t own the car for more than two or four years. Carmakers often offer lease specials that can offset the cost of . They typically offer incentives to those with excellent or very good credit, so be sure you qualify. You likely won’t have to pay upfront Leased vehicles (if they exist). That means you don’t have to be concerned about bringing in 10 % or 20% of the value of the vehicle similar to when you purchase. How do you lease an electric car? Choosing the right electric automobile is probably the most important part of the leasing process. Before heading to the leasing office you’ll want to look at the range you require and decide on the size of the vehicle which is best for your requirements. You’ll then want to test out the electric vehicle. After you’ve decided on a car that you like, you’ll be able to . 1. Be aware of your options when shopping for an electric car, the primary consideration should be the range of driving of the car. It is possible to determine your typical driving range based on the charging infrastructure you have and how often you drive and how far your commute is. If your commute to work or around town is a daily one, you’ll want to ensure that you complete the entire journey with a fully charged battery. Since driving range can vary based on conditions, speed and capacity, it’s best to err cautiously. The Car And Driver with driving ranges that varied quite a bit, from the shortest 70 miles and the most extensive — 332 miles. The range of the model year 2021 EVs is , as per the U.S. Department of Energy. 2. Consider the car size The next step is determining the dimensions of the car you’ll need. Many car manufacturers sell electric vehicles in a range of sizes. You are likely to find the right one for your needs and your budget. If you’re mostly driving between work and home then a compact might be a good choice for you. However, if you have an entire family to transport, you may want to look into the top electric SUVs. 3. Try out the EV When you’ve found the right electric vehicle, you’re now ready to drive the vehicle to confirm it’s a good fit. Note how it handles and how the electronics work. Check if you’re comfortable in the driver’s seat and if it’s clear vision to all mirrors. 4. Take out the lease Be prepared to bargain . It is possible to increase the mileage limit you’re allowed to drive , and even the monthly costs with a bit of bargaining. Once you’ve signed the lease, you’re locked into the contract and aren’t able to get out without paying penalties. When the term is over, lease, you should check the condition of your car to see if there are any issues. You may then exchange it for a new one or up to a newer EV. Should I lease or buy an electric vehicle? If you’re shopping around for an electric vehicle, you may have thought about whether leasing or buying is a better option. There is no definitive answer to this question since the pros and cons are similar to both. The cost of electric cars is steadily decreasing and, therefore, it’s much more affordable than it was before. In addition, the charging and range of electric vehicles are continually improving, so leasing may give you access to higher-tech options a few years from now. The best time to buy an electric automobile is when the price is within your budget and will meet your needs. Keep in mind that puts you in total control of the vehicle. You don’t have to worry about fees for going over allotted miles or wear and tear expenses which are part of leasing. Instead, you’ll know the total cost of the car and the financing you’ll be able to get at the beginning. The benefits of owning an electric vehicle also include potentially from local, state, and federal incentives. In the Inflation Reduction Act has revived some of the tax credits available to manufacturers who were at their limit. There is also lower costs to own over the life of your car than a gas vehicle. And you will likely have more options to choose from than if leasing. The insurance of electric vehicles is essential no matter the type of vehicle, insurance is a must. Electric vehicles typically have higher than their gas-powered counterparts. Higher repair costs and expensive technology are a part of what is causing the different in prices. It varies depending on the model, year, and brand and also the driving record of the driver. With different insurance providers Shop around and inquire about discounts to save the money. You might be able to avail discounts if well-informed, a responsible student, or have to bundle additional insurance. Another way to save on car insurance that is electric is to get a pay-per-mile plan. These plans cost less than traditional car insurance policies because vehicle usage is restricted. But pay-per-mile plans typically only fit for those who only make occasional short journeys. If your insurer offers a usage-based insurance program it could be possible to save cash. However, it only works out if you’re a responsible driver. Programs that track your usage monitor your habits of driving and will require you to drive with a safe and consistent manner and be aware of the speed limit.
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This article was generated by using automated technology. It was then thoroughly verified and edited by an editor from our editorial staff.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
Review by Mark Kantrowtziz. Reviewed by Nationally acknowledged Student Financial Aid expert
Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as 529 plans, scholarships, education tax benefits and student loans.
Nationally recognized student financial aid expert
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