Electric vehicles, known for their high costs, are opted for via leasing, and here's the reasoning behind this wiser decision.
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Leasing an electric vehicle (EV) offers several advantages over buying, specifically in terms of cost, maintenance, and the ability to get a new car every few years.
- Cost
- Lower monthly payments: EV leases typically have payments around $175 less than auto loans for the same vehicle, making leasing more affordable month to month [1].
- Tax credit benefits: When leasing an EV, the leasing company receives the federal tax credit (up to $7,500), which is often passed on to the lessee as a rebate or lower lease price. This bypasses the buyer’s strict eligibility and vehicle qualification requirements that apply when purchasing [1][3].
- No worries about depreciation: Leasing means you only pay for the vehicle’s depreciation during the lease term, avoiding the risk of owing more than the car’s value if it depreciates faster than paid off [1][2].
- Maintenance
- Lower maintenance costs: EVs generally have simpler maintenance than gasoline cars (e.g., no oil changes). With leasing, maintenance can be included or covered by optional packages, avoiding surprise repair expenses [4][2].
- Simplified servicing: Lease agreements often include maintenance plans, further reducing unexpected upkeep costs and making budgeting easier [2].
- Potential for a new car every few years
- Access to latest technology: Leases usually last 2-3 years, allowing you to return the car and lease a newer model, keeping up with rapid advancements in EV technology and battery improvements [1][2].
- Limited long-term commitment: The shorter lease terms are ideal for those still exploring EV ownership or who want to avoid being locked into an outdated vehicle [1].
In summary, leasing an EV can reduce monthly costs, simplify maintenance expenses, and provide flexibility to upgrade regularly. This makes it an attractive alternative to buying, especially if you want to stay current with evolving EV features and avoid depreciation risks [1][2][3][4].
Here are some examples of current lease deals:
- The Hyundai Ioniq 5 SEL has a monthly payment of $209 for 24 months and a down payment of $3,999.
- The Toyota bZ4X has one of the best lease deals, with a monthly payment of $179 for 36 months and a down payment of $3,999.
- The Honda Prologue AWD EX has a monthly payment of $209 for 36 months and a down payment of $2,899.
- The 2025 Ford F-150 Lightning XLT, which costs $65,540, has a more affordable lease deal of $324/month for 24 months with a $6,878 down payment.
Leasing an EV can make them more accessible to a larger number of people, including those who are apprehensive about these kinds of cars. When leasing a vehicle, maintenance services are usually covered by the manufacturer's warranty.
For up-to-date news, how-tos, and reviews on EVs, we recommend following Tom's Guide on Google News.
- Leasing an electric vehicle (EV) can provide financial advantages due to lower monthly payments and tax credit benefits, which make leasing more affordable compared to auto loans.
- Personal-finance considerations such as reduced maintenance costs and simplified servicing may also contribute to the allure of leasing an EV, as these aspects can help budgeting and avoid surprise repair expenses.
- Leasing EVs offers lifestyle benefits like the potential for a new car every few years, providing access to the latest technology advancements and avoiding long-term commitment to a single model.
