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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 aim is to assist you make better financial choices by offering you financial calculators and interactive tools that provide objective and unique content. This allows users to conduct studies and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation may impact how and where products are displayed on this website, for example such things as the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity, and other products for home loans. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial offerings that could be open to you.
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4 min read Published 12 October 2022
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Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched data that breaks complicated topics into bite-sized pieces.
Reviewed by Mark Kantrowtiz 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 educational tax benefits, student loans.
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Electric vehicles come with many benefits which include a less environmental impact than gas-powered vehicles as well as less maintenance and evolving technology. The leasing of an electric vehicle can be a great option for those who want to reap these benefits without having to tie themselves to a car too long. What are the benefits of leasing an electric vehicle? From having access to latest technology, there are a number of reasons to lease an EV. You can receive upgrades to technology faster . Leased cars don’t lock to you for as long as buying a car. With how fast EV technology is improving and evolving, it could be beneficial to invest in a vehicle 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 issue for those who are considering the possibility of an electric vehicle. The loss of range and the premature death of the battery can be costly, but it’s not as much of a concern if you won’t have the vehicle for more than two to four years. Incentives from carmakers Carmakers offer lease deals that could help be used to offset the costs of . They usually offer them to people who have excellent to very good credit scores, so make sure that you meet the requirements. You likely won’t have to make a payment upfront for Leased vehicles — if any. That means you don’t have to worry about bringing 10 or 20 percent of the value of the vehicle as you would when buying. How to lease an electric vehicle Choosing the right electric vehicle is the primary part of the leasing process. Before you head to the leasing center, you’ll need to think about the range you’ll need and figure out the car’s size that best suits your needs. You’ll then want to test out the electric vehicle. Once you’re settled on a vehicle, you can . 1. Know your limits when looking 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 by analyzing the infrastructure for charging, how often you drive and the distance you travel to work. In the event that your trip to work or in town is routinely scheduled it is important to ensure that you make the whole trip with a full battery. Since driving range can vary depending on the speed, weather and charge capacity, it’s best to err in the direction of caution. Car And Driver with driving ranges that varied quite a bit, starting from the shortest — 70 miles — to the longest -around 320 miles. The median range for the model year 2021 EVs is , according to the U.S. Department of Energy. 2. Take into consideration the car’s size next step is determining the dimensions of the car you need. Most car manufacturers offer electric cars in a variety of sizes. You should be able to find the right one for your needs and budget. If you’re primarily commuting between work and home it could be a good idea to consider a smaller car for you. But for those who have families to carry then you should look into the top electric SUVs. 3. Try out the EV Once you’ve found the perfect electric vehicle, it’s time to test drive the vehicle to ensure that it’s the right fit. Pay attention to how it handles as well as how the electronic components work. Ask yourself if you’re at ease in the driver’s seat, and if it’s clear sight towards all the mirrors. 4. Make a deal and sign the lease. Be ready to negotiate . You can potentially improve the limit of miles you’re permitted to drive and even the monthly costs through a little bargaining. Once you’ve signed the lease, you’re locked into the contract and aren’t able to get out without having to pay penalties. At the end of the lease, you should check the condition of your car to see if there are any issues. Then, you can turn it in or trade for a more modern EV. Do I need to lease or purchase an EV? If you’re considering an EV, you may be wondering if leasing is a better option. There is no definitive answer to this question, because there are pros and cons to both. The price of electric vehicles has been decreasing steadily which makes it a more affordable purchase than it was before. In addition the charging and range that electric vehicles have are continuously growing, and leasing might give you access to better technology a few years from now. In the end, the ideal moment to purchase the electric car is when it fits your budget and meets your requirements. Be aware that this puts you in total charge of your vehicle. You won’t have to worry about the cost of excess miles, or wear-and-tear costs that come with leasing. Instead, you’ll be aware of what the cost will be of the car and the financing you’ll be able to get from the start. The benefits of owning electric vehicles also come potential benefits 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 a lower cost to own over the lifetime of the car than a gasoline vehicle. And you will likely have more options from than you do when leasing. Insurance for electric vehicles No whatever type of vehicle it is mandatory to insure. Electric vehicles generally have higher premiums than their gas-powered counterparts. More expensive repair costs and costly technology are the main factors that is causing the different in prices. It differs based on the model, brand and year — and the history of driving. from different insurers look around and inquire about discounts to save money. There’s a chance to score discounts if you’re well-informed, a responsible student or need to bundle additional insurance. Another way to save on electric car insurance is to purchase a pay-per mile plan. These policies are less expensive than traditional car insurance policies since the usage of the vehicle is restricted. But pay-per-mile plans typically only work well for drivers who only make occasional short journeys. If your insurer offers an insurance program based on usage and you’re a member, you could be able save cash. But this will only work out if you’re a safe driver. Utilization-based programs monitor your driving habits, and you’ll need to be able to safely drive on a regular basis and mind the speed limit.
The article was created with the help of automation technology, and then verified and edited by an editor on our editorial staff.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances through providing clear, well-researched facts that break down otherwise complex subjects into digestible pieces.
Auto loans editor
Reviewed by Mark Kantrowtziz Reviewed by Nationally acknowledged student financial aid expert
Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships educational tax benefits, student loans.
Nationally anerkannt student financial aid expert
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