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4 min read. Published 12 October 2022
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The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched facts that break down otherwise complicated topics into bite-sized pieces.
Review by Mark Kantrowtziz. Reviewed by Nationally recognized expert on student financial aid
Mark Kantrowitz is an expert on student financial aid, including the FAFSA and scholarships, 529 plans as well as tax benefits for education and student loans.
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Electric vehicles come with many benefits, including a smaller environmental impact than gas-powered cars as well as less maintenance and evolving technology. The leasing of an electric vehicle can be a good option for those who want to reap these benefits without being tied to a vehicle for too long. What are the benefits of leasing an electric vehicle? From having access to modern technology There are a variety of reasons you might want to lease an EV. You can receive upgrades to technology faster . Leased cars don’t lock you down as long as a new car purchase does. Given how quickly EV technology is improving and evolving, it could be worthwhile to consider a car that you could trade for a better model in the coming years. You don’t have to worry about certain maintenance issues Battery degradation is a issue for those who are considering an electric car. Range loss and premature battery death could be expensive, but it’s not a problem if you won’t have the vehicle for longer than two to four years. Carmakers often offer lease deals that could help be used to offset the costs of . They usually offer them to people with excellent or very good credit, so ensure you qualify. It is likely that you won’t need to pay upfront Leased vehicles — if any. This means you won’t need to worry about bringing 10 or 20 percent of the car’s value similar to when you purchase. What is the best way to lease an electric vehicle ? Selecting the right electric automobile is probably the most crucial step in the leasing process. Before you head to the leasing center, you’ll want to consider the range you require and determine the car size which is best for your requirements. The next step is to try the electric car. Once you’re settled on a car then you are able to . 1. Know your limits when looking for an electric vehicle, the most important thing to consider is the range of the car. You can estimate your driving range based on your charging infrastructure and how often you drive and the distance you travel to work. When your journey to work, or around town is a daily one it is important to make sure you can complete the entire journey with a full battery. As the driving range is able to vary based on conditions, speed and capacity so it’s best to be cautiously. It’s a case of Car And Driver with driving ranges that varied considerably, ranging from the shortest — 70 miles up to the largest -which is 350 miles. The average range for 2021 model year EVs is , as per the U.S. Department of Energy. 2. Consider the car size The next step is determining the size of car you need. Many car manufacturers sell electric cars in a variety of sizes, so you will be able to locate the one that is suitable for your needs and budget. If you’re primarily commuting between work and home, a subcompact may serve you. However, if you have families to carry then you should consider the best electric SUVs. 3. Test out the EV When you’ve found the right electric vehicle, it’s time to try driving the vehicle to ensure it’s a good match. Note how it handles and how the electronic components work. Ask yourself if you’re at ease in your driver’s seat, and whether it’s clear vision to all mirrors. 4. Negotiate and take out the lease. Be ready to negotiate . It is possible to increase the limits around miles you’re permitted to drive and even the monthly cost by bargaining. Once you’ve signed your lease, you’re locked into the term and can’t back out without having to pay a penalty. When the term is over, lease, examine the condition of your car to see if there are any issues. You can then , exchange it for a new one or into a better EV. Should I lease or buy an EV? If you’re shopping around for an electric vehicle, you may have wondered if it’s a better choice. There’s no one right answer to this question, as both have pros and cons to both. The cost of electric vehicles is steadily decreasing and, therefore, it’s much more affordable than it has been before. Additionally, the charging and range for electric cars are constantly improving, so leasing may give you access to better technology a few years down the line. Ultimately, the best time to buy an electric vehicle is when it is within your budget and meets your requirements. Remember that it gives you complete control of the vehicle. You won’t have to worry about the cost of exceeding the allotted mileage or wear and tear costs that come with leasing. Instead, you’ll know what the cost will be of the car and your financing from the start. The advantages of owning an electric vehicle include potential benefits 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. It is possible that you will also enjoy a lower cost to own over the life of your car than a gasoline vehicle. You will also have more options to pick from than you would if leasing. Insurance for electric vehicles No whatever type of vehicle insurance is essential. Electric vehicles typically have higher than their gas-powered counterparts. More expensive repair costs and costly tech are part of what is causing the different in prices. It differs based on the model, brand and year — and the history of driving. From different insurance companies Shop around and inquire about discounts so you can save cash. You might be able to get discounts if you’re an experienced driver, a good student or need to bundle other insurance. Another way to save on electric car insurance is to sign up for a pay-per-mile plan. These policies charge less than traditional insurance policies since the usage of the vehicle is limited. Pay-per-mile policies typically fit for those who only make occasional short trips. If your insurance company offers an insurance program based on usage, you may be able to save money. But this will only work out if you’re a responsible driver. Usage-based programs track your driving habits and require you to consistently drive safely and be aware of speed limits.
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Written by
The article was created using automation technology and thoroughly edited and fact-checked by an editor on our editorial team.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances through providing precise, well-studied data that cuts otherwise complicated topics into bite-sized pieces.
Auto loans editor
Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged Student Financial Aid expert
Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans educational tax benefits, student loans.
Nationally anerkannt student financial aid expert
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