Kevin Why are so many car shoppers turning to affordable car leases when they want to get into an electric vehicle? This lease option is becoming extremely popular.
A recent study showed that leasing makes up over 35% of EV sales. Buyers who like the idea of low monthly payments without a long-term car loan, leasing is often the best solution.
Leasing: The More Affordable Alternative to Long Car Loans
EVs often have a higher price tag than their gas-powered counterparts. This can make it more difficult to get monthly payments to a level that most buyers feel comfortable with. While some opt to stretch out their car loan to six or even eight years to get the monthly payments down, this can be a risky move. Longer loans make it easier to become upside down, which is when you owe more than the vehicle is worth.
If you want to drive a new car every few years and still have low monthly payments, then leasing is the better option. Just be prepared for the limitations on mileage.
Why is EV Leasing So Popular?
Making the switch to an electric vehicle after only driving a gas car for an entire lifetime can be a little scary. Will you like it how it drives? Will you charging be an issue? What if you decide that EV driving just doesn’t work for you right now? The solution? Try it out with affordable car leases. They only last for a few years, and when the lease is up, you’re off the hook. If you decide you love your EV at the end of your lease agreement, you can usually buy it, or get into a new lease with a new EV that will have the latest technology and features.
Leasing Discounts and Incentives Are Helping
Auto manufacturers want car buyers to make the switch to electric vehicles, so they are offering incentives and discounts to make leasing them even more affordable. If driving a new EV for just a few hundred dollars a month sounds good, then leasing is for you.
When you lease an EV the Federal Electric Car Tax Credit also comes into play. Your leasing company gets the credit, but they can figure the value into the lease price, so you see the benefit right away, instead of having to wait until you file your taxes. Not every leasing company will pass on the incentive to their customers, so this will be something that you’ll want to talk about when you are signing papers.
Batteries and Warranties
Since lease agreements are written for just a few years, it is unlikely that you’ll run into any issues with the battery. It’s no secret that batteries degrade over time, and even though they are covered under warranty, when you find affordable car leases for EVs, the lease will end before the battery warranty, so battery replacement will never be something that you’ll have to pay for out of pocket.
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