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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 better financial choices by offering you financial calculators and tools that are interactive, publishing original and objective content, by enabling users to conduct research and compare data for free to help you make sound financial decisions. Bankrate has agreements 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 website are provided by companies that compensate us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they appear in the listing categories in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity and other home loan products. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offers that may be open to you.

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4 min read Published 12 October 2022

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

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Electric vehicles have many benefits which include a less environmental impact than gas-powered cars as well as less maintenance and evolving technology. leasing an electric vehicle could be an ideal alternative for those looking to take advantage of these advantages without being tied down to a car for too long. What are the benefits of leasing an electric vehicle? From having access to modern technology There are a variety of reasons you might want to lease an EV. It is possible to get upgrades in technology faster Leased vehicles don’t tie to you for as long as a new car purchase does. Because of the speed at which the advancement of technology in electric vehicles, it may be beneficial to invest in a vehicle that you could trade to a newer model in the coming years. You don’t have to worry about certain maintenance issues Battery degrading is a big problem for people who are thinking of buying an electric car. Range loss and premature death of the battery is costly, however, it’s not as much of a concern in the event that you don’t use the car for more than two or four years. Carmakers often offer lease deals that could help be used to offset the costs of . They typically offer incentives to those who have excellent to very good credit, so ensure you qualify. Most likely, you don’t have to pay upfront Leased vehicles — if any. That means you don’t have to worry about bringing the full 10-20 percent of the car’s value as you would when buying. How to lease an electric vehicle Choosing the right electric automobile is probably the primary stage in leasing. Before heading to the leasing center, you’ll need to think about the range you require and decide on the size of the vehicle which is best for your requirements. The next step is to try out the electric vehicle. Once you’re settled on a vehicle, you can . 1. Know your range When shopping for an electric car, the most important thing to consider is the driving range of the car. You can determine your average driving range based on the infrastructure for charging as well as the frequency of your driving and how far your commute is. When your journey to work, or in town is routinely scheduled it is important to make sure that you complete the entire journey with a fully charged battery. Since driving range can vary depending on the temperature, speed, and capacity It’s best to stay on the side of caution. The Car And Driver with driving ranges that varied considerably, ranging from the shortest — 70 miles to the longest -around 320 miles. The median range for models in 2021’s model year EVs is , as per the U.S. Department of Energy. 2. Think about the size of the car next step is to decide the size of car you need. Many car manufacturers sell electric vehicles in a range of sizes, so you should be able to find the right one for your needs and your budget. If you’re mostly driving to work it could be a good idea to consider a smaller car for you. But for those who have families to carry, you may want to look into the top electric SUVs. 3. Try 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 fit. Take note of how it handles and how the electronics work. Ask yourself if you’re at ease in your driver’s seat, and whether you have clear lines of sight to all mirrors. 4. Take out the lease Be prepared to negotiate . It is possible to increase the limit of miles you’re permitted to drive and even the monthly cost through a little bargaining. After you’ve signed the lease, you’re locked into the lease and cannot opt out without paying a penalty. When the term is over, lease, examine the condition of the vehicle for any damage. You may then turn it in or trade for a more modern EV. Do I need to lease or purchase an electric vehicle? If you’re looking to purchase an electric vehicle, you may have thought about whether leasing or buying is it a better option. There’s no right answer to this question, as both have pros and cons for both. The price of electric vehicles is steadily decreasing, so it is an affordable option than it was before. Additionally, the charging and range of electric vehicles are continually growing, and leasing might give you access to higher-tech options a few years from now. In the end, the ideal time 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 in charge of driving the car. You won’t have to worry about charges for excess miles, or wear and tear expenses that come with leasing. Instead you’ll know what the cost will be of the car and the financing you’ll be able to get 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 some of the tax credits that manufacturers received which were at their limit. It is possible that you will also enjoy a lower cost to own over the course of the vehicle than a gasoline vehicle. You will also have more options to pick from than if leasing. The insurance of electric vehicles is essential no regardless of the kind of vehicle insurance is essential. Electric vehicles typically have higher than gas-powered vehicles. 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 and also the driver’s driving history. from different insurers Shop around and inquire about discounts to save the money. You might be able to score discounts if you’re well-informed, a responsible student, or require additional insurance. Another method to save money on car insurance that is electric is to get a pay-per-mile plan. These policies charge less than traditional car insurance plans because the use of vehicles is limited. However, pay-per mile plans generally fit for those who take only short journeys. If your insurer has an insurance plan that is based on usage, you may be able save cash. But it will only work out if you’re a safe driver. Programs that track your usage monitor your habits of driving and will require you to be able to safely drive on a regular basis and mind the speed limit.

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Written by

This article was written by using automated technology. It was then thoroughly verified and edited by an editor from our editorial team.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances by providing concise, well-researched and well-edited facts that break down otherwise complex topics into manageable bites.

Auto loans editor

Reviewed by Mark Kantrowtziz Reviewed by Nationally acknowledged student financial aid expert

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

Nationally recognized student financial aid expert

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