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Do you need to lease or purchase an an electric vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive tools and financial calculators as well as publishing quality and impartial content, by enabling you to conduct research and compare data for free — so that you can make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage, home equity, and other home loan products. However, this compensation will not influence the content we publish or the reviews you see on this site. We do not contain the vast array of companies or financial offerings that could be available to you.
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6 min read published September 23, 2022
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of taking out loans to purchase a car.
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 dedicated to helping their readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complicated subjects into digestible pieces.
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The market has seen a dramatic increase over the last year. EVs and hybrids made up 4.5 and 6.6 percent of new registrations between January and June 2022, according to a 2022 market trend report for the second quarter of 2022 report by . However, even as alternatives other than Teslas and Toyotas increase, committing head first to a brand new vehicle type isn’t easy. In addition, with an average cost of over $66,000 on the table for an electric vehicle, there are plenty of options — financially and logically. If you’re in the category of curiosity , not conviction, an electric car can help you determine if an eco-friendly ride is the right choice for you, while is best for drivers willing to commit. Leasing versus buying an EV
A lease on an electric vehicle could give you hands-on experience with an otherwise expensive car However, it can be more expensive in the long run if you go over the limit or at the end of the lease.
Is it better to lease or buy an electric car? When it comes to the issue of whether or not to go with it, it’s fairly easy to decide which option is most beneficial for you and your pocket. If you plan to change up your vehicle every few years and you are able to manage mileage restrictions then leasing can be a great option. If you’re looking for the freedom of ownership then buying is the way to go. However, the world of electric vehicles is still just beginning to take off, when sales of electric vehicles increase every year. So signing off on the long-term ownership of a car that is a bit new could be risky. To decide which is the best option for you, you must consider the advantages and drawbacks of each option. Leasing an electric car Pros to leasing an EV vehicle warranty . Lower monthly cost. tech features
Cons to leasing an EV It is faster to depreciate the vehicle. Also, it is difficult to sell the vehicle
Benefits to leasing an electric car The advantages to an electric car come down to added protection by a complete that means less trips to the mechanicwhich means a lower cost per month and access to the most recent technology. Vehicle warranty Generally, vehicle leases run for 24 or 36 months, and during the course of time, your vehicle could encounter technical issues. In the case of EV servicing, it is the need for a new battery is probably the most typical issue that you may encounter. If you lease, however the vehicle, it will still be covered by warranty — giving you the chance to save thousands of dollars. Lower monthly payment A car you lease gives you to drive the vehicle for a set amount of time, paying every month. It typically costs less per month than a car payment for the same car. In addition to the lower monthly cost you’ll also pay less upfront and will likely quit the dealership without any cash down. Leasing costs less
The monthly average cost of leasing a new car in the fourth quarter of 2022 was $540, compared to $667 when buying the car, according to .
Newest tech features While models change from year to year for traditional vehicles aren’t as dramatic for electric vehicles, the field is growing at a faster rate. Leasing will give you the opportunity to be ahead of the curve with the latest technology, rather than having to use the same old additions. The Hyundai Kona for example has seen some significant improvements from the 2021 to 2022 model which include a modernized infotainment centre and a the latest driver assistance technology. The drawbacks of leasing an electric car While leasing an electric vehicle may expose you to the experience of driving on electric power, it can also come with some downsides. Primarily the challenge of lease approval, inability to leave the lease and restrictions on the vehicle. Lease approval to lease a car can be a lot more difficult than obtaining an auto loan particularly for those with poor credit. While you may still be eligible to lease a car even without having a perfect credit score, it will likely lead to a more expensive monthly payment. Think about your credit scores of drivers leasing new cars in the second quarter of 2022736 — which is higher than the 729 average for an loan according to Experian. The inability to sell the car leaving a lease on a car is not easy or inexpensive. Therefore, if you decide not being satisfied with the vehicle you lease you will likely remain within the lease or forced to pay huge penalties to get out of the . If you lease from a lessor and the terms of your lease, you could be required to pay out the residual value in addition to remaining dues and fees. Car restrictions when signing to a lease there are a few main factors to consider including mileage, maintenance, and modification of the vehicle. If you lease an electric vehicle you’ll likely be restricted to driving anywhere from 12,000-15,000 miles per year. You may also have to foot the bill for and will not be able to customize the car. The benefits of buying an electric car to leasing an EV Full ownership , no restrictions on vehicle size Credits and tax incentives
There are disadvantages to leasing an EV Costly upfront, rapidly changing technology Repair costs out of pocket
Benefits of purchasing electric vehicles The major attraction of instead of leasing comes down to the joy of ownership. You can do whatever you want with your car without having to limit what the leasing company has to offer or worrying about charges. As an EV owner you are also able to take all the tax benefits and credits that would otherwise be given to the lender. Complete ownership, based on your financial situation, buying an EV can allow you to at your own speed and give you complete control of the vehicle. You will have a firm grasp on your total cost in advance, without having to worry about potential wear-and-tear charges that could add to the total cost at the end of the lease. No vehicle restrictions If you feel that freedom and the open road should not limit you, buying an electric vehicle might be a better option for you. This way you will not be held captive by the vehicle odometer, and will be able to take advantage of the road. Other than the ability to drive at your own pace, full ownership allows you the option of adding any bells or whistles that are your preference to personalize your vehicle. Tax incentives and credits when buying an EV you will avail a myriad different financial rewards. One of them is the credit, valued up to $7500. Some states also offer rebates to lower the price of acquiring the most environmentally-friendly vehicle. These incentives are available only on behalf of those who are the owners, so if you were to lease you wouldn’t benefit from them. There are some disadvantages to buying electric cars The electric vehicle market has exploded and more affordable options are popping up, but these vehicles do nevertheless have more cost than a conventional option. Higher prices also come with rapidly changing technology and higher maintenance costs. The upfront costs for expensive vehicles tend to be much more expensive than traditional vehicles, with at an average of $66,997 according to Kelley Blue Book June 2022 data. Electric vehicles also tend to have almost identical credit histories that those who finance luxury cars and paying , according to a . This makes the approval process more difficult for those with less than perfect credit scores. Shop and save Borrowing money for an electric car requires the same steps as it would take to reduce the cost of an ordinary loan Check out the options and then apply for a loan and don’t be scared to leave. The pace of technological advancement in the field of electric cars is fast and this is particularly true as legacy brands, such as Ford which has the Mustang Mach-E and Chevrolet’s Bolt, enter the space. However, this also means that you’ll have to live with the current technology for the car you purchase. While the advancements might seem minor to the naked eye, if a flashy technology serves as a main attraction you should consider leasing in order to keep current with the latest fashions. Repair costs out of pocket As with any vehicle that is yours it is your responsibility to pay for any necessary maintenance that comes during ownership. But when it comes to the electric vehicle, this maintenance could be more expensive than typical trips to the repair shop. While the warranty on the battery’s component is likely to last between five and the 10-year mark, EVs require replacement for other costly repairs like screens and system updates that are more advanced. The bottom line is it is ideal to think about the decision of leasing versus buying an electric vehicle the same manner as you would with a traditional car. For some, the advantages of the newest available tech may outweigh the lack of full ownership — while, for others, taking the wheel of a vehicle with confidence and incentives makes sense. If you decide to buy an EV be aware of the additional costs associated with ownership and take advantage of . Lease an EV however, in contrast will require the same care that it typically. Take a look at a few lease offers and be aware of the entirety of the contract prior to signing a lease.
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of borrowing money to purchase a car.
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 dedicated to helping readers gain confidence to control their finances with clear, well-researched data that breaks otherwise complicated topics into bite-sized pieces.
Auto loans editor
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