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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 decisions by offering you financial calculators and tools that are interactive as well as publishing objective and original content. We also allow you to conduct research and compare data for free — so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site are from companies that compensate us. This compensation can affect the way and when products are featured on this website, for example such things as the order in which they appear within the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home loan products. But this compensation does have no impact on the content we publish or the reviews you read on this site. We do not include the entire universe of businesses or financial offerings that could be open to you.
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4 min read. Published on October 12, 2022.
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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 developing technology. leasing an electric vehicle could be a good alternative for those looking to take advantage of these advantages without being tied down to a car for too long. Why lease an electric car? From to access to the modern technology There are a variety of reasons you might want to lease an EV. You can get tech upgrades faster . Leased cars don’t lock your hands as tightly as purchasing a car does. With how fast technological advancements in electric vehicles are happening and evolving, it could be worthwhile to consider a car that you could trade for a more modern model in the coming years. There’s no need to worry about certain maintenance issues Battery degrading is a big issue for those who are considering the possibility of an electric vehicle. The loss of range and the 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. Incentives from carmakers Carmakers offer leasing specials that may help you reduce the cost of . These often go to customers who have excellent to very good credit, so ensure you qualify. You likely won’t have to pay upfront Leased vehicles — if any. This means you won’t need to be concerned about bringing in 10 or 20 percent of the car’s worth as you would when buying. What is the best way to lease an electric vehicle ? Selecting the appropriate electric automobile is probably the most important part of the leasing process. Before heading to the leasing desk, you’ll need to think about the range you need and determine the car size that’s best for your needs. The next step is to try the electric car. After you’ve decided on a car, you can . 1. Know your limits when looking for an electric vehicle, the most important thing to consider is the range of the vehicle. It is possible to determine your typical driving range based on the charging infrastructure you have as well as the frequency of your driving and how far your commute is. In the event that your trip to work or in town is routinely scheduled it is important to make sure you can complete the entire journey with a full battery. As the driving range is able to vary depending on the conditions, speed and capacity It’s best to stay in the direction of caution. It’s a case of Car And Driver with driving ranges that varied quite a bit, starting from the shortest — 70 miles up to the largest -which is 320 miles. The range of 2021 model year EVs is , according to the U.S. Department of Energy. 2. Consider the car size The next step is to decide the size of car you need. Most car manufacturers offer electric cars in a variety of sizes. You are likely to find something that fits your lifestyle and budget. If you’re primarily commuting between work and home then a compact might be a good choice for you. However, if you have an entire family to transport, you may want to consider the best electric SUVs. 3. Try out the EV When you’ve found the ideal electric vehicle it’s time to test drive the vehicle to confirm that it’s an ideal fitting. Pay attention to how it handles as well as how it functions with the electronic system. Ask yourself if you’re at ease in the driver’s seat, and if you have clear lines of vision for all of the mirrors. 4. Negotiate and take out the lease. You should be prepared to negotiate . You can potentially improve the limit of miles you’re allowed to drive and even the monthly costs through a little bargaining. Once you’ve signed your lease, you’re locked into the contract and aren’t able to get out without paying an extra fee. After the expiration of the lease, you should check the condition of the car to see if there are any issues. You can then , sell it or trade it into a better EV. Do I need to lease or purchase an electric vehicle? If you’re looking to purchase an EV, you may have thought about whether leasing or buying is it a better option. There is no definitive answer to this question, since there are pros and cons for both. The price of electric vehicles has been decreasing steadily and, therefore, it’s an affordable option than it was in the past. In addition the charging and range that electric vehicles have are constantly improving, so leasing may allow you to access better technology a few years from now. In the end, the ideal time to purchase an electric vehicle is when it meets your budget and will meet your needs. Keep in mind that puts you in complete in charge of driving the car. You don’t have to worry about the cost of excess miles, or wear and tear costs that come with leasing. Instead you’ll know how much you’ll pay for the car and your financing at the beginning. The benefits of owning an electric vehicle also include potential benefits from local, state and federal incentives. In the Inflation Reduction Act has revived certain tax credits available to manufacturers who were at their limit. There is also a lower cost to own over the course of the vehicle than a gas-powered vehicle. You will also have more options to pick from than if leasing. Insuring an electric vehicle No regardless of the kind of vehicle insurance is essential. Electric vehicles usually have higher rates than gas-powered vehicles. More expensive repair costs and costly tech are part of what fuels the difference in premiums. It varies depending on the model, year, and brand and also the driving record of the driver. from different insurers look around and inquire for discounts in order to save the money. You may be able to avail discounts if an experienced driver, a good student or need to bundle with other insurance. Another method to save money on car insurance that is electric is to sign up for a pay-per-mile plan. These plans cost less than traditional car insurance policies because vehicle usage is restricted. Pay-per-mile policies typically are suitable for those who only make occasional short trips. If your insurance company offers an insurance program based on usage, you may be able save money. But it will only work out if you’re a responsible driver. Usage-based programs track your behavior and will require you to drive with a safe and consistent manner and keep track of the speed limit.
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Written by
This article was generated with the help of automation technology, and then checked for accuracy and editing by an editor from our editorial team.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances with concise, well-researched and well-edited information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
Reviewed by Mark Kantrowtziz Reviewed by Nationally acknowledged scholar financial aid specialist
Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships as well as tax benefits for education and student loans.
Nationally acknowledged expert in student financial aid
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