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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 smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing objective and original content, by enabling users to conduct research and compare information for free to help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site are from companies that compensate us. This compensation could affect how and where products are displayed 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. This applies to our loans, mortgages, and other home lending products. However, this compensation will not influence the content we publish or the reviews you see on this site. We do not include the universe of companies or financial offerings that could be accessible to you.


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4 min read. Published October 12, 2022

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Electric vehicles come with many benefits, including a smaller carbon footprint than gasoline-powered vehicles as well as less maintenance and improving technology. The leasing of an electric vehicle can be an ideal option for people who wish to reap these advantages without being tied to a car too long. Why lease an EV? From having access to most recent technology There are plenty of reasons to lease an EV. You can receive upgrades to technology faster Leased vehicles don’t tie to you for as long as buying a car. With how fast technological advancements in electric vehicles are happening, it may be beneficial to invest in a vehicle that you can trade up to a newer model in the coming years. There’s no need to worry about certain maintenance issues Battery degrading is a big problem for people who are thinking of buying the possibility of an electric vehicle. Range loss and premature death of the battery is costly, however, it’s less of a worry in the event that you don’t use the vehicle for more than two to four years. Incentives from carmakers Carmakers offer lease specials that can be used to offset the costs of . These often go to customers with excellent or very good credit, so be sure that you meet the requirements. You likely won’t have to pay for leases in advance (if they exist). This means you won’t need to be concerned about bringing in 10 % or 20% of the car’s worth similar to when you purchase. What is the best way to lease an electric vehicle ? Selecting the right electric car is perhaps the most crucial step in the leasing process. Before heading to the leasing office you’ll want to look at the range you need and decide on the size of the vehicle that’s best for your needs. Next you’ll want to test out the electric vehicle. Once you’re settled on a vehicle then you are able to . 1. Know your limits when looking for an electric car, the most important consideration is the driving range of the vehicle. You can determine your average driving range based on the charging infrastructure you have as well as the frequency of your driving and the distance you travel to work. When your journey to work, or in town is a daily one, you’ll want to ensure that you get through the entire trip with a full battery. Since driving range can vary based on conditions, speed and capacity, it’s best to err cautiously. Car And Driver with driving ranges that varied quite a bit, from the shortest — 70 miles to the longest -around 320 miles. The range of 2021 model year EVs is , as per the U.S. Department of Energy. 2. Take into consideration the car’s size next step is to determine the dimensions of the car you need. The majority of car makers offer electric vehicles in a range of sizes, so you should be able to find something that fits your lifestyle and budget. If you’re primarily commuting to work, a subcompact may serve you. But for those who have families to carry, you may want to explore the top electric SUVs. 3. Check out the EV When you’ve found the ideal electric vehicle it’s time to try driving the car to make sure that it’s an ideal fitting. 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 whether there are clear lines of sight towards all the mirrors. 4. Take out the lease. Be ready to bargain . You could be able to improve the mileage limit you’re permitted to drive and even the monthly costs with a bit of bargaining. Once you’ve signed the lease, you’re bound by the term and can’t back out without paying penalties. When the term is over, lease, you should check the condition of the car for any damage. You can then , sell it or trade it into a better EV. Should I lease or purchase an electric vehicle? If you’re considering an electric vehicle, you may have thought about whether leasing or buying is it a better option. There’s no one right answer to this question since there are pros and cons to both. The cost of electric vehicles has been steadily declining which makes it much more affordable than it was previously. In addition, the charging and range that electric vehicles have are continually growing, and leasing might allow you to access better technology a few years down the road. The best moment to purchase an electric automobile is when the price is within your budget and meets your needs. Keep in mind that puts you in complete charge of your vehicle. You don’t have to worry about fees for exceeding the allotted mileage or wear and tear expenses that come with leasing. Instead you’ll know what the cost will be of the vehicle and the financing right from the get go. The advantages of owning an electric vehicle include potential benefits from local, state and federal incentives. It is possible that the Inflation Reduction Act has revived certain tax credits available to manufacturers who were at their limit. You might also have an affordable cost of ownership over the course of your car than a gasoline vehicle. And you will likely have more options to choose from than if leasing. Insuring an electric vehicle No matter the type of vehicle insurance is essential. Electric vehicles usually have higher rates than their gas-powered counterparts. More expensive repair costs and costly tech are part of what causes the differences in the cost of fuel. It differs based on the model, year, and brand — and the driving record of the driver. from different insurers Shop around and inquire about discounts to save cash. You might be able to get discounts if you’re well-informed, a responsible student or need to bundle additional insurance. Another option to save money on car insurance for electric vehicles is to purchase a pay-per mile plan. These plans cost less than traditional car insurance plans because the use of vehicles is limited. Pay-per-mile policies typically work well for drivers who only make occasional short journeys. If your insurance company offers an insurance program based on usage and you’re a member, you could be able save money. But it will only work out if you’re a safe driver. Programs that track your usage monitor your behavior, and you’ll need to consistently drive safely and be aware of speed limits.


Written by

This article was written with the help of automation technology, and then verified and edited by an editor on our editorial team.

The edit was done by 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 the confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complex subjects into digestible pieces.

Auto loans editor

Review by Mark Kantrowtziz. Reviewed by Nationally acknowledged Student Financial Aid expert

Mark Kantrowitz is an expert on student financial aid including the FAFSA as well as scholarships, 529 plans, education tax benefits and student loans.

Nationally recognized student financial aid expert

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