You Can Lease an Electric Car, But Should You? - Dixie Auto Loans

You Can Lease an Electric Car, But Should You?

Posted by on Jan 27, 2023 - Archived under Uncategorized

Electric cars are becoming more and more well-liked, but the cost of EVs is one of the main obstacles to adoption. If that describes your circumstance, there might still be a middle ground you can find. In this article, we’ll discuss leasing electric cars and how it might be the key to obtaining you one more quickly.


What Is Leasing?


Let’s first define leasing before discussing how leasing an EV can be better than buying one. Since a lease is essentially a merging of a purchase and a rental, it is most appropriate to think of it that way. In contrast to a typical purchase, you don’t actually own the automobile after your lease is up; instead, you have the choice of trading it in for a new lease or paying the balance of the car’s worth. You pay monthly payments that allow you to drive the vehicle.


Leasing vs Financing rates



With a lease, you are essentially paying the car’s depreciating worth, so as it loses value, you are reimbursing the dealership for the difference.


Benefits of Leasing an EV


There are a few reasons you might want to lease an electric car, but the primary one is that lease payments are significantly less expensive than loan payments for a comparable car. Because of this, leasing might make it possible for you to start driving an electric car when you otherwise might not be able to.


You could notice large savings by leasing a standard car instead of buying a conventional car with a loan, especially when you consider the significantly lower operating expenses of electric cars because you don’t have to pay for petrol.



An EV can actually alleviate this since with battery life to take into account, your mileage constraints are part of what you’ll be dealing with anyhow. One common drawback of leases is that they have severe mileage limits that when you go over incur punitive costs.


Leasing isn’t for everyone, but in the right situation and if you’re really eager to switch to electric then it may just be the right path for you.


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