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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 goal is to help you make smarter financial decisions by offering you financial calculators and interactive tools as well as publishing objective and original content, by enabling users to conduct research and compare information at no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted 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 can affect the way and when products are featured on the site, such as such things as the order in which they appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other products for home loans. However, this compensation will not influence the content we publish or the reviews appear on this website. We do not contain the entire universe of businesses or financial offers that may be open to you.
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4 min read Published October 12, 2022
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Review by Mark Kantrowtziz. Reviewed by Nationally known student financial aid expert
Mark Kantrowitz is an expert on student financial aid, including the FAFSA as well as 529 plans, scholarships, education tax benefits and student loans.
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Electric vehicles offer many advantages that include a lower carbon footprint than gasoline-powered vehicles they require less maintenance, and are rapidly evolving technology. The leasing of an electric vehicle can be a good option for people who wish to reap these benefits without being tied to a car too long. What are the benefits of leasing an electric vehicle? From access to modern technology, there are a number of good reasons to lease an electric vehicle. You can receive upgrades to technology faster Leased vehicles don’t tie you down as long as a new car purchase does. Given how quickly EV technology is improving, it may be beneficial to invest in a vehicle that you could trade for a better model in a few years. There’s no need to worry about certain issues with maintenance. battery degradation, which is a major concern among those 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 in the event that you don’t use the vehicle for more than two or four years. Carmakers often offer lease specials that can be used to offset the costs of . They typically offer incentives to those who have excellent to very good credit, so be sure you qualify. It is likely that you won’t need to make a payment upfront for Leased vehicles (if they exist). You won’t have to worry about bringing the full 10-20 percent of the value of the vehicle like you might when purchasing. How do you lease an electric car? Choosing the right electric vehicle is the most important part of the leasing process. Before you head to the leasing desk, you’ll want to consider the range you need and figure out the car’s size which is best for your requirements. The next step is to try the electric car. After you’ve decided on a car that you like, you’ll be able to . 1. Be aware of your options when shopping for an electric car the most important consideration is the range of the vehicle. You can determine your average driving distance based on your charging infrastructure and how often you drive and how far your commute is. If your commute to work or in town is often a daily affair it is important to ensure that you get through the entire trip with a fully charged battery. As the driving range is able to vary based on speed, weather and charge capacity, it’s best to err in the direction of caution. The Car And Driver with driving ranges that varied significantly, ranging from the shortest — 70 miles and the most extensive -around 350 miles. The range of models in 2021’s model year EVs is , as per the U.S. Department of Energy. 2. Consider the car size The next step is to determine the size of car you’ll need. Most car manufacturers offer electric cars in a variety of sizes, so you are likely to find something that fits your lifestyle and budget. If you’re mostly commuting between work and home it could be a good idea to consider a smaller car for you. However, if you have a family to haul it, you might want to look into the top electric SUVs. 3. Test out the EV Once you’ve found the right electric vehicle, it’s time to try driving the vehicle to ensure that it’s the right match. Take note of how it handles and how it functions with the electronic system. Check if you’re comfortable in the driver’s seat and if it’s clear sight for all of the mirrors. 4. Make a deal and sign the lease. Be ready to bargain . You could be able to improve the limits around miles you’re allowed to drive , and even the monthly cost through a little bargaining. Once you’ve signed your lease, you’re locked in the term and can’t back out without paying penalties. After the expiration of the lease, examine the condition of the vehicle for any damages. Then, you can exchange it for a new one or for a more modern EV. Do I need to lease or purchase an EV? If you’re shopping around for an electric vehicle, you might have thought about whether leasing or buying is a better option. There’s no one right answer to this question, as there are pros and cons for both. The cost of electric vehicles is steadily decreasing which makes it an affordable option than it has been in the past. Additionally the charging and range for electric cars are constantly increasing, which means leasing could provide you with higher-tech options a few years from now. In the end, the ideal moment to purchase an electric automobile is when the price is within your budget and meets your requirements. Be aware that this gives you complete charge of your vehicle. You don’t have to worry about the cost of going over allotted miles or wear and tear costs that come with leasing. Instead, you’ll be aware of what the cost will be of your car and the financing right from the start. The benefits of owning an electric vehicle include potentially from local, state and federal incentives. It is possible that the Inflation Reduction Act has revived certain tax credits that manufacturers received which had reached their limits. You might also have an affordable cost of ownership over the lifetime of the car than a gas vehicle. In addition, you’ll likely have more options to choose from than if leasing. The insurance of electric vehicles is essential no regardless of the kind of vehicle, insurance is a must. Electric vehicles generally have higher premiums than their gas-powered counterparts. More expensive repair costs and costly technology are the main factors that fuels the difference in premiums. It differs based on the brand, model and year as well as the history of driving. From different insurance companies look around and inquire about discounts to save the money. You might be able to score discounts if you’re an experienced driver, a good student, or have to bundle other insurance. Another option to save money on electric car insurance is to get 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 are suitable for those who only make occasional short journeys. If your insurer has an insurance plan that is based on usage, you may be able save cash. But this will only work out if you’re an experienced driver. Usage-based programs track your habits of driving and will require you to drive with a safe and consistent manner and keep track of speed limits.
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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 on our editorial staff.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with clear, well-researched facts that break down otherwise complex topics into manageable bites.
Auto loans editor
Review by Mark Kantrowtziz. Reviewed by Nationally acknowledged student financial aid expert
Mark Kantrowitz is an expert on student financial aid, the FAFSA as well as scholarships, 529 plans, education tax benefits and student loans.
Nationally recognized student financial aid expert
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