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6 min read Published 23rd September 2022

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to purchase an automobile.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to manage their finances through providing concise, well-researched and well-read data that breaks otherwise complicated topics into bite-sized pieces.

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The market has seen a dramatic increase over the last year. hybrids and electric vehicles comprised 4.5 and 6.6 percent of registrations in the period from January to June 2022, respectively, according to a 2022 market trend report for the second quarter of 2022 report by . However, even as alternatives other than Teslas and Toyotas expand, jumping head first to a brand new model of vehicle can be daunting. With an average cost of more than $66,000 in the market for an electric car, the options are endless — financially and logically. If you’re in the class of curiosity and not confidence, an EV will help you determine whether an eco-friendly vehicle is right for you, while is best for drivers ready to commit. Lease versus purchasing an EV

The lease of an electric vehicle can allow you to experience hands-on driving an otherwise expensive car, but can cost more in the long run , if you go over the limit or at the end of your lease.

Is it better to lease or buy an electric vehicle? In terms of the question of whether to go with it, it’s fairly easy to figure out which is best for your budget and you. If you intend to switch up your vehicle every few years and are able to handle limitations on mileage, leasing could be ideal. If you want the freedom of ownership then buying is the way to go. But the world of electric vehicles remains at its beginnings, the sales of electric vehicles are growing every year. So signing off on the long-term ownership of a car which is not yet on the market could be risky. To determine which is right for you, consider the advantages and drawbacks of each option. The pros to leasing an EV Vehicle warranty . Lower monthly cost. technological features

Cons of leasing an electric vehicle Faster vehicle depreciation Inability to sell the vehicle

Benefits to leasing an electric car The benefits of leasing an electric car are based on the added security through a comprehensive that means less visits to the mechanic- a lower monthly cost and the latest technology. The warranty for vehicles generally leases last 24 or 36 months, and in the course of time, your vehicle could encounter technical problems. When it comes to EV maintenance, the need for a new battery is probably the most typical issue you might encounter. If you lease, however the vehicle, it will still be covered by warranty. This gives you the opportunity saving thousands. Lower monthly payment leasing a car gives you to use the vehicle for a specified amount of time, paying each month. It typically costs less per month than a monthly car loan for the same vehicle. Along with a lower monthly cost you’ll also pay less upfront, and you will probably to leave the dealership without any money down. Leasing costs less

The average monthly cost for leasing a brand new car in the fourth quarter of 2022 was $540. $667 for buying, according to .

The latest tech features Even though model changes year over year for traditional vehicles aren’t significant, the field of electric vehicles is advancing at a much quicker rate. Leasing gives you the chance to be on the cutting edge in terms of available technologyinstead of having to use the same old accessories. The Hyundai Kona model for instance has seen some significant improvements from the 2021 to 2022 model with a new infotainment centre and a the latest driver assistance technology. The drawbacks of leasing an electric car While leasing an electric vehicle can provide you with the benefits of driving on electric power, it can also come with some downsides. The main issue is lease approval, inability to leave the lease and restrictions on the vehicle. A lease approval for the vehicle could be more challenging than obtaining an auto loan particularly for those with bad credit. Even if you are permitted to lease even with an excellent credit score, it could lead to a more expensive monthly payment. Take a look at your credit scores for those leasing new cars during the second quarter of 2022 -736 — which falls above the average 729 score for a loan as per Experian. The inability to sell the car The process of letting a car lease end isn’t simple or cheap. If you do end up not liking the vehicle you are leasing, you could remain in the lease or be expected to pay hefty fees to end the . Based on the terms of your lease, you may be expected to pay for the residual value in addition to any remaining dues and fees. Car restrictions when signing off on an there are several key things to be aware of such as mileage, maintenance and modification of the vehicle. If you lease your electric vehicle, you’ll be restricted to driving between 12,000-15,000 miles per year. You could also be required to pay for maintenance and can’t modify the car. The benefits of buying an electric car to leasing an electric vehicle Full ownership with no restrictions on vehicle size Tax incentives and credits

Cons to leasing an EV Costly upfront, rapidly changing technology Repair costs out of pocket

Benefits to buying electric cars The primary attraction of instead of leasing comes down to the thrill of owning your car completely. You can do whatever would like with your vehicle without being limited to the lease options the company makes to offer or worrying about fees. As an owner of an electric vehicle you are also able to take the full benefit of tax incentives and credits that otherwise would be given to the lender. Full ownership Depending on your financial position, buying an EV can let you go move at your own pace and give you complete control of the vehicle. You will have a firm knowledge of your total costs before you start worrying about wear-and-tear costs that can add to the total cost at the end of the lease. No vehicle restrictions If you feel that the freedom of the open road shouldn’t be restricted, then buying an electric vehicle could be the right choice for you. It means you won’t be held captive by the odometer of your vehicle, and you can enjoy the freedom of the road. In addition to the freedom to drive at your own pace, full ownership allows you the freedom to include any bells and whistles you think will are your preference to personalize your vehicle. Tax incentives and credits purchasing an EV you are able to take advantage of a variety options of incentives. One of them, the , can be valued up to $7500. A lot of states provide rebates to help lower the cost of purchasing a climate-conscious vehicle. These incentives are available only to the owner of the vehicle. Therefore, even if you lease the vehicle, you would not be eligible for these incentives. There are some disadvantages to buying electric vehicles The EV market has grown, and more budget-friendly choices are emerging but they nevertheless have a higher price tag as compared to conventional options. The higher prices are also associated with quickly changing tech and higher maintenance costs. Expensive upfront cost tend to be more costly than conventional cars, with the average being $66,997, as per Kelley Blue Book June 2022 data. Electric vehicles also tend to carry almost identical credit profiles as those who finance luxury vehicles and paying for them, as per a . This could make getting approval more of a challenge for those who have less than perfect credit scores. Saving money and shopping for an electric car requires the same approach as one would take to get a lower interest rate on a conventional loan: Shop around before submitting an application for loan and don’t be scared to walk away. Rapidly changing tech Innovation in the electric car field is fast, and this is especially relevant when legacy brands, such as Ford with Ford’s Mustang Mach-E and Chevrolet’s Bolt have entered the market. But this growth also means you will be stuck with the latest technology in the vehicle you buy. While advancements may seem slight to the naked eye, if the latest technology is the primary reason behind a purchase, consider leasing to stay up with trends. Out-of-pocket repair costs As with any vehicle that is yours you are responsible for any maintenance that comes during ownership. But with an electric vehicle, the maintenance could be more expensive than typical trips to the mechanic. Although the warranty for the battery’s component is likely to be extended for five to the 10-year mark, EVs require replacement for other costly repairs like screens and advanced system updates. The main point is that it’s recommended to consider the issue of leasing versus purchasing an electric vehicle in the same manner as you would when for a conventional car. Some people find the benefits of the newest available tech might outweigh the disadvantages of full ownership — while for others, getting behind the wheel of a vehicle with confidence and incentives makes more sense. If you choose to purchase an EV make sure you understand the additional costs associated with ownership and take advantage of . Leasing an EV however, on the other hand, requires the same attention like it normally. Review a few offers and fully understand the agreement before signing a lease.


Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of taking out loans to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances with precise, well-studied data that breaks otherwise complex subjects into digestible pieces.

Auto loans editor

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