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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 mission is to help you make better financial choices by providing you with financial calculators and interactive tools as well as publishing objective and original content, by enabling users to conduct research and compare information for free – so that you can make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this website are provided by companies that pay us. This compensation could affect how and where products appear on the site, such as such things as the order in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other products for home loans. But this compensation does affect the information we publish, or the reviews you read on this site. We do not include the universe of companies or financial offers that may be available to you.
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4 min read Published 12 October 2022
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Electric vehicles come with many benefits which include a less environmental impact than gas-powered cars they require less maintenance, and are rapidly evolving technology. Leasing an electric vehicle can be a good option for people who wish to take advantage of these benefits without being tied down to a car for too long. What are the benefits of leasing an electric vehicle? From having access to latest technology There are a variety of good reasons to lease an EV. It is possible to get upgrades in technology faster . Leased cars don’t lock you down as long as purchasing a car does. With how fast EV technology is improving and evolving, it could be worth getting into a vehicle that you could trade for a better model in a few years. There’s no need to worry about certain issues with maintenance. 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 demise of batteries is costly, however, it’s not as much of a concern if you won’t have the vehicle for longer than two to four years. Carmakers often offer leasing specials that may help you offset the cost of . These often go to customers who have excellent to very good credit, so be sure that you meet the requirements. Most likely, you don’t have to make a payment upfront for Leased vehicles (if they exist). This means you won’t need to worry about paying 10 or 20 percent of the value of the vehicle like you might when purchasing. How do you lease an electric car? Choosing the appropriate electric automobile is probably the most crucial step in the leasing process. Before heading to the leasing office you’ll want to look at the range you require and determine the car size that best suits your needs. The next step is to try the electric car. After you’ve decided on a vehicle, you can . 1. Know your limits when looking for an electric car the most important consideration is the range of the vehicle. You can determine your average driving distance based on your charging infrastructure, how often you drive and how far you commute. In the event that your trip to work or around town is often a daily affair, you’ll want to make sure that you make the whole trip with a fully charged battery. Since driving range can vary according to speed, weather and charge capacity It’s best to stay in the direction of caution. The Car And Driver with driving ranges that varied considerably, ranging from the shortest — 70 miles — to the longest -which is 350 miles. The median range for the model year 2021 EVs is , as per the U.S. Department of Energy. 2. Take into consideration the car’s size next step is determining the car size you’ll need. The majority of car makers offer electric vehicles in a range of sizes. You are likely to find the one that is suitable for your needs and your budget. If you’re mostly commuting to work, a subcompact may serve you. However, if you have an entire family to transport it, you might want to explore the top electric SUVs. 3. Test out the EV When you’ve found the perfect electric vehicle, it’s time to test drive the vehicle to confirm that it’s an ideal fitting. Note how it handles and how it functions with the electronic system. Ask yourself if you’re comfortable in the driver’s seat and if you have clear lines of sight towards all the mirrors. 4. Make a deal and sign the lease Be prepared to negotiate . It is possible to increase the mileage limit you’re allowed to drive and even the monthly price through a little bargaining. Once you’ve signed your lease, you’re bound by the term and can’t back out without paying a penalty. At the end of the lease, examine the condition of the car to see if there are any issues. You can then , turn it in or trade for a more modern EV. Do I need to lease or purchase an EV? If you’re considering an electric vehicle, you may have wondered if is it a better option. There’s no right answer to this question since there are pros and cons to both. The price of electric vehicles is steadily decreasing which makes it much more affordable than it has been before. In addition, the charging and range of electric vehicles are constantly improving, so leasing may give you access to better technology a few years from now. Ultimately, the best time to buy an electric automobile is when the price meets your budget and fulfills your needs. Be aware that this gives you complete control of the vehicle. You won’t have to worry about the cost of excess miles, or wear and tear costs associated with leasing. Instead you’ll know how much you’ll pay for the vehicle and the financing right from the get go. The advantages of having electric vehicles also come potentially from local, state, and federal incentives. The Inflation Reduction Act has revived certain tax credits that manufacturers received which had reached their limits. You might also have lower costs to own over the life of the vehicle than a gasoline vehicle. And you will likely have more options from than you would if leasing. The insurance of electric vehicles is essential no regardless of the kind of vehicle insurance is essential. Electric vehicles generally have higher premiums prices than gasoline-powered models. The higher repair cost and the price of technology are a part of what fuels the difference in premiums. It varies depending on the brand, model and year and also the history of driving. With different insurance providers, shop around and ask about discounts to save money. You may be able to avail discounts if well-informed, a responsible student, or require additional insurance. Another option to save money on electric car insurance is to sign up for a pay-per-mile plan. These policies charge less than traditional insurance policies because vehicle usage is restricted. But pay-per-mile plans typically only are suitable for those who take only short trips. If your insurer has an insurance plan that is based on usage it could be possible save cash. But it will only work out if you’re an experienced driver. Usage-based programs track your driving habits and will require you to drive with a safe and consistent manner and be aware of the speed limit.
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Written by
This article was written by using automated technology. It was then thoroughly edited and fact-checked by an editor from our editorial team.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances by providing precise, well-studied information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized Student Financial Aid expert
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.
Nationally recognized student financial aid expert
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