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6 min read published 23rd September 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of borrowing money to purchase an automobile.
Edited 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 feel confident to manage their finances through providing precise, well-studied information that breaks down 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 or 6.6 percent of new registrations between January and June 2022, respectively in the 2022 second quarter market trend report from . But even as options beyond Teslas and Toyotas increase, committing with both feet into a new car isn’t easy. And with an average price of more than $66,000 on the market for an electric vehicle, the choice is loaded — financially and logically. If you’re in the category of curiosity rather than conviction, an electric car can help you determine whether an eco-friendly car is right for you, and is a good choice for those ready to commit. Lease versus purchasing an EV
Leasing an electric car can provide you with hands-on experience of an otherwise expensive car However, it can be more expensive in the long run , if you surpass restrictions or when you reach the end of the lease.
Do you prefer to lease or buy an electric vehicle? In the question of whether to go with it, it’s fairly easy to determine which route is most beneficial for you and your pocket. If you are planning to swap between vehicles every couple of years and can handle mileage restrictions then leasing can be a great option. If you’re looking for the freedom of ownership purchasing is the best way to go. However, the world of electric vehicles is still just beginning to take off, the sales of electric vehicles are growing each year. Therefore, committing to the long-term ownership of a vehicle seemingly new to the market could be risky. To decide which is the best option for you consider the benefits and disadvantages of each. Leasing an electric car Pros to leasing an EV vehicle warranty Lower monthly payment Newest technological features
Cons of leasing an EV Faster vehicle depreciation Inability to sell vehicle Vehicle restrictions
Benefits of leasing an electric car benefits of leasing an electric car come down to added protection through a comprehensive — meaning fewer trips to the mechanic — a lower monthly cost and access to the newest technology. Vehicle warranty Generally, vehicle leases last 24 or 36 months, and during that time your vehicle may have technical issues. In the case of EV servicing, it is the need for a new battery is the most common issue that you may encounter. However, when you lease the vehicle, it will remain covered by warranty. This gives you the opportunity saving thousands. Lower monthly payment A car you lease gives you to drive the vehicle for a set amount of time, paying each month. It is usually cheaper each month than the monthly car payment for the same vehicle. Along with the lower monthly cost it also costs less money upfront and likely leave the lot without putting any cash down. Leasing costs less
The average monthly cost for 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 model changes year over year for standard vehicles aren’t significant, the field of electric vehicles is growing at a more rapid pace. Leasing gives you the chance to be on the cutting edge in terms of available technologies, instead of being stuck with the previous year’s add-ons. The Hyundai Kona, for instance, received some notable upgrades from the 2021 model to 2022 model which include a modernized infotainment center and new driver assistance technology. There are some disadvantages to leasing an electric vehicle While leasing an EV can give you the opportunity to experience the thrill of driving electric, it does come with some disadvantages. The main issue is lease approval, inability end the lease and the vehicle restrictions. Lease approval to lease the vehicle could be a lot more difficult than for an auto loan — especially for those with low credit scores. While you may still be eligible to lease a car even without having a perfect credit score, it’s likely to mean a steeper monthly payment. Take a look at that the credit score average for drivers leasing new cars in the first quarter of 2022736, that is above the 729 average for an loan as per Experian. The inability to sell the car Leaving a car lease isn’t simple or cheap. If you do end up not enjoying the car that you lease, you’ll likely be trapped in the lease or be required to pay substantial penalties to get out of the . If you lease from a lessor or lender, you could be asked to pay the remaining value, in addition to the remaining charges and lease payments. Car restrictions when signing to a lease there are several key things to be aware of: mileage, maintenance and modifications to the vehicle. If you lease your EV you’ll be restricted to driving between 12,000-15,000 miles per year. You could also be required to pay for and will not be able to customize the car. If you are considering buying an electric vehicle, there are pros to leasing an EV Full ownership , no vehicle restrictions Tax incentives and credits
Cons to leasing an EV Pricey upfront cost, rapid changing technology Repair costs out of pocket
Benefits to buying an electric car The main attraction of instead of leasing is the joy of ownership. You can do whatever you would like with your vehicle without being limited to the lease options the company makes available or worrying over 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. Full ownership Depending on your financial position buying an electric vehicle will allow you to at your own speed and give you complete control of your vehicle. You will have a firm understanding of the total cost in advance, without having to worry about potential wear-and-tear charges that can add up at the end of a lease. No restrictions on your vehicle If you think that your freedom on the open road shouldn’t have any restrictions, getting an EV might be a better option for you. You won’t be restricted by the vehicle odometer, and will be able to take advantage of the open road. In addition to the freedom to drive without limitation and with complete ownership, you have the option of adding any bells and whistles you think will are your preference to personalize your vehicle. Tax incentives and credits buying an EV you will take advantage of a variety options of incentives. One of which is the tax incentive, which can be valued up to $7500. Some states also offer rebates to reduce the price of acquiring a climate-conscious vehicle. However, these rebates are only available to the owner of the vehicle, which means if you were to lease you would not be eligible for these incentives. There are some disadvantages to buying electric cars The electric vehicle market has exploded and more economical options are popping up however, these cars have a higher price tag than a conventional option. Prices are higher, but they also include rapid technological advancements and increased maintenance costs. Expensive upfront cost tend to be much more expensive than conventional cars, with at an average of $66,997 according to Kelley Blue Book June 2022 data. EV drivers also tend to have almost identical credit histories as those who finance luxury vehicles and paying , according to an . This makes the process more difficult for those who have less than perfect credit scores. Shop and save Borrowing money to purchase an electric vehicle needs the same method as it can use to save money on an ordinary loan You should shop around, apply for loan and be prepared to turn down the loan. Rapidly changing tech Innovation in the electric car field is rapid, and this is especially applicable when older brands, like Ford which has Mustang Mach-E and Chevrolet’s Bolt, Mustang Mach-E and Chevrolet’s Bolt, enter the space. But this growth also means you will be stuck with the latest technology that is in the car you purchase. While the advancements might seem minor to the naked eye, if the latest technology is the main reason for buying a car you should consider leasing in order to keep on top of the latest the latest trends. Costs for repairs out-of-pocket any vehicle under your ownership, you must pay for any maintenance required during the ownership. But when it comes to an electric vehicle, the maintenance may be more expensive than normal trips to the repair shop. While the warranty on the battery component will likely be extended for five to the 10-year mark, EVs require replacement for other costly repairs like screens as well as advanced system updates. The bottom line It is recommended to consider the issue of leasing versus buying an electric vehicle in the same way as in the case of a conventional vehicle. Some people find the benefits of the newest available tech might outweigh the disadvantages of ownership full-time and, for others, taking the wheel of a vehicle with confidence and incentives makes sense. If you choose to purchase an EV be aware of the additional costs of ownership and make the most of . Leasing an EV however, contrary to what you might think is as demanding like it normally. Review a few offers and be aware of the entirety of the contract prior to signing the 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 using loans to buy a car.
Editor: 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 the confidence to manage their finances through providing concise, well-researched and well-informed data that breaks otherwise complicated topics into bite-sized pieces.
Auto loans editor
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