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Do you need to lease or purchase an the electric vehicle? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. We also allow you to conduct research and examine information for no cost and help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation can affect the way and when products are featured on this site, including such things as the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity and other home lending products. But this compensation does affect the information we publish, or the reviews you see on this site. We do not cover the vast array of companies or financial offers that may be open to you.

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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 has a specialization in helping readers with the ins and outs of securely using loans to buy an automobile.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to control their finances by providing clear, well-researched facts that break down otherwise complicated subjects into digestible pieces.

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The market has seen a dramatic increase over the last year. hybrids and electric vehicles accounted for 4.5 or 6.6 percent of registrations between January and June 2022, according to the 2022 market trend report for the second quarter of 2022 report from . But even as options other than Teslas and Toyotas grow, diving in the deep end to a new vehicle type can be daunting. In addition, with an average cost of over $66,000 on the table for an electric car, the choice is loaded — financially and logically. If you’re in a class of curiosity and not conviction, an electric car will help you determine whether an eco-friendly vehicle is right for you, and is a good choice for those who are ready to commit. The option of leasing versus purchasing an electric vehicle

A lease on an electric vehicle could give you hands-on experience with the vehicle that is otherwise costly However, it can be more expensive in the end if you go over the limit or at the end of the lease.

Do you prefer to lease or purchase electric cars? When it comes to the issue of whether or not to it is fairly simple to determine which route is best for you and your wallet. If you are planning to swap up your vehicle every few years and are able to handle limitations on mileage, leasing could be great. If you want the freedom of ownership then buying is the option. However, the field of electric vehicles remains just beginning to take off, with EV sales increasing each year. Therefore, committing to the long-term ownership of a car that is a bit new isn’t always a good idea. To decide which is the best option for you consider the benefits and drawbacks of each. The pros to leasing an electric vehicle guarantee Lower monthly payments Newest technological features

Cons to leasing an EV Faster vehicle depreciation Inability to sell vehicle Vehicle restrictions

Benefits to leasing an electric vehicle The benefits of leasing an electric car include increased security through a comprehensive that means less visits to the mechanicwhich means a lower cost per month and access to the most recent technology. Warranty for the vehicle generally, leases last 24 or 36 months, and in that time your vehicle may have technical problems. In the case of EV servicing, it is the need for a new battery is the most common issue that you may encounter. If you lease, however your car, it is likely that the vehicle will remain covered under warranty — giving you the potential savings of thousands. A lower monthly cost A car you lease gives you to drive the vehicle for a specified amount of time, paying each month. It typically costs less per month than a car payment for the same car. On top of 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 versus the $667 cost for purchasing the car, according to .

The latest tech features Even though model changes year over year for traditional vehicles aren’t dramatic, the EV field is growing at a quicker rate. Leasing will give you the opportunity to stay on the cutting edge with the latest technologyinstead of being stuck with last year’s accessories. The Hyundai Kona, for instance, has seen some significant improvements from 2021 to 2022 models, including an updated infotainment center and the latest driver assistance technology. The drawbacks of leasing an electric car While leasing an electric vehicle may provide you with the benefits of driving electric, it does come with some disadvantages. The main issue is leasing approval, the inability to quit the lease, and vehicle restrictions. The approval of a lease to lease the vehicle could be a lot more difficult than for an auto loan — particularly for those with low credit scores. Even if you are permitted to lease even with an excellent credit score, it’s likely to result in a higher monthly cost. Think about the average credit score for people leasing new cars in the first quarter of 2022 -736 — which falls above the average 729 score for the loan, according to Experian. Inability to sell the vehicle The process of letting a car lease end is not easy or inexpensive. If you do end up not being satisfied with the vehicle that you lease, you’ll likely be trapped within the lease or expected to pay hefty fines to exit the . If you lease from a lessor, you may be expected to pay the remaining value in addition to remaining charges and lease payments. The restrictions on your vehicle when you sign off on a lease, there are a few main aspects to look out for including mileage, maintenance, and modifications to the vehicle. If you lease an electric vehicle you’ll be restricted to driving between 12,000 to 15,000 miles a year. You may also have to pay for and will not be able to customize the vehicle. The benefits of buying an electric car to leasing an EV Full ownership No vehicle restrictions The tax incentive and credit

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

Benefits to buying electric vehicles The major appeal of not leasing is the joy of ownership. You can do whatever would like with your vehicle without being limited to the options that leasing companies have to offer or worrying about charges. As an EV owner you also have the option of taking the full benefit of tax incentives and credits which otherwise would be directed to the lessor. You can own the vehicle completely based on your financial situation buying an electric vehicle will let you go move at your own pace and put you in complete control of the vehicle. You’ll have a solid understanding of the total cost in advance, without having to worry about wear-and-tear costs that can add to the total cost at the end of a lease. No restrictions on your vehicle If you feel that the freedom of the open road shouldn’t limit you, getting an EV might be the right choice for you. This way you will not be held captive by the vehicle odometer, and can take advantage of the open road. Apart from the ability to travel without restriction, full ownership allows you the freedom to include any bells and whistles that are your preference to personalize your vehicle. Tax incentives and credits purchasing an EV you will benefit from a multitude of financial incentives. One of which, the , can be valued at up to $7500 dollars. A lot of states offer rebates to lower the cost to purchase a climate-conscious vehicle. However, these rebates are only available to the owner of the vehicle, so even if you lease the vehicle, you won’t be able to be eligible for these incentives. Drawbacks of buying electric cars The electric vehicle market has grown, and more budget-friendly options are popping up, but these vehicles do still tend to carry more cost over conventional vehicles. The higher prices are also associated with quickly changing tech and higher maintenance costs. Expensive upfront cost tend to be much more expensive than conventional vehicles, at an average of $66,997 in accordance with 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 can make the approval process more difficult for those who have less than perfect credit scores. Saving money and shopping for an electric car requires the same steps as it can use to get a lower interest rate on the traditional loan Check out the options, apply for loan and don’t be afraid to walk away. Rapidly changing tech Innovation in the field of electric vehicles is fast, and this is especially true as legacy manufacturers, like Ford and the Mustang Mach-E and Chevrolet’s Bolt have entered the market. But this growth also means you will be stuck with the latest technology for the car you purchase. While advancements may seem slight to the naked eye, if a flashy technology is the main reason for buying a car you should consider leasing in order to keep current with the latest trends. Costs for repairs out-of-pocket any vehicle under your ownership it is your responsibility to pay for any required maintenance that comes during ownership. However, when it comes to an EV, this maintenance may be more expensive than normal visits to the repair shop. Although the warranty for the battery will probably extend five to 10 years, EVs require replacement for additional costly repairs, such as screens and system updates that are more advanced. The bottom line It is recommended to consider the issue of leasing or purchasing an electric vehicle the same manner as you would with a traditional car. Some people find the benefits of the newest available tech might outweigh the disadvantages of full ownership — while for others, taking the steering wheel of a car with confidence and incentives makes sense. If you choose to purchase an EV make sure you understand the extra costs that come with ownership and take advantage of . Leasing an EV however, contrary to what you might think will require the same care as it would typically. Review a few offers and understand the whole of the contract before committing to the lease.

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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase a car.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to manage their finances through providing concise, well-researched and well-informed data that breaks complicated topics into bite-sized pieces.

Auto loans editor

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