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6 minutes 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 details of borrowing money to purchase an automobile.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers to take control of their finances through providing concise, well-researched and well-read data that breaks otherwise complex topics into manageable bites.

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The market has exploded in the last year, hybrids and electric vehicles accounted for 4.5 and 6.6 percent of new registrations between January and June 2022, respectively according to a 2022 second quarter market trends report by . However, even as alternatives outside of Teslas and Toyotas increase, committing with both feet into a new vehicle type could be a daunting task. With an average cost of over $66,000 on the table for an electric vehicle, there are plenty of options — financially and logically. If you fall into a class of curiosity and not conviction, an electric car can help you decide if an eco-friendly ride is the right choice for you, and is a good choice for those willing to commit. Lease versus purchasing an EV

A lease on an electric vehicle could give you hands-on experience with the vehicle that is otherwise costly however, it could cost you more in the long run if you exceed the limits or when you reach the end of the lease.

Do you prefer to lease or purchase an electric vehicle? In terms of the decision of whether to it is fairly simple to figure out which is best for you and your wallet. If you are planning to swap between vehicles every couple of years and you are able to manage the limitations on mileage, then leasing could be great. If you’re looking for the flexibility of ownership, buying is the way to go. However, the world of electric vehicles is still just beginning to take off, with EV sales increasing each year. So signing off on the long-term ownership of a vehicle which is not yet on the market isn’t always a good idea. To determine which is right for you, you must consider the advantages and disadvantages of each. Leasing an electric car 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 advantages to an electric car are based on the added security by a complete — meaning fewer visits to the mechanicand a lower monthly price and access to the newest technology. Warranty for the vehicle generally, leases last between 24 and 36 months. During the course of time, your vehicle could encounter technical problems. In the case of EV upkeep, the requirement for a new battery is probably the most typical issue that you may encounter. But when leasing your car, it is likely that the vehicle will remain covered by warranty, giving you the chance saving thousands. Lower monthly payment Leasing a car allows you to drive the car for a predetermined amount of time, paying each month. It often costs less each month than the monthly car payment for the same vehicle. Along with the lower monthly cost you’ll also pay less upfront and will likely to leave the dealership without any cash down. Leasing costs less

The average monthly cost for leasing a new car during the 4th quarter 2022 cost $540. $667 when buying, according to .

Latest tech features Although the changes in model year-over-year for standard vehicles aren’t significant, the field of electric vehicles is advancing at a much more rapid pace. Leasing will give you the opportunity to stay on the cutting edge with the latest technologyinstead of having to use the same old accessories. The Hyundai Kona, for instance, received some notable upgrades from 2021 to 2022 models, including an updated infotainment system and new driver assistance technologies. The drawbacks of leasing an electric vehicle While leasing an electric vehicle may give you the opportunity to experience the thrill of driving electric, it does come with some downsides. Primarily the challenge of lease approval, inability leave the lease and vehicle restrictions. 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 eligible to lease a car even without a perfect credit score, it’s likely to result in a higher monthly cost. Consider your credit scores of drivers leasing new cars in the first quarter of 2022- 736 — which falls above the average of 729 for the loan as per Experian. Inability to sell the vehicle leaving a lease on a car isn’t simple or cheap. Therefore, if you decide not being satisfied with the vehicle you lease you will likely be entangled within the lease or forced to pay huge penalties to get out of the . If you lease from a lessor and the terms of your lease, you could be required to pay out the residual value in addition to any remaining lease payments and fees. The restrictions on your vehicle when you sign to a lease you will need to consider a number of things to be aware of: mileage, maintenance and vehicle modification. If you lease an electric vehicle you’ll be restricted to driving anywhere from 12,000-15,000 miles per year. You may also have to pay for and cannot customize the vehicle. Buying an electric car Pros to leasing an EV Full ownership No vehicle restrictions Credits and tax incentives

There are disadvantages to leasing an EV Pricey upfront cost, rapid changing technology Repair costs out of pocket

The advantages of buying an electric car The main benefit of buying an electric car instead of leasing comes down to the joy of ownership. You are able to do what you want with your car without being limited to the options that leasing companies have available or worrying over charges. As an owner of an electric vehicle, you can also take the full benefit of tax incentives and credits that otherwise would be directed to the lessor. Full ownership Depending on your financial situation purchasing an electric vehicle can permit you to go take your time and give you complete control of the vehicle. You’ll have a clear knowledge of your total costs before you start worrying about potential wear-and-tear charges that can add up after the expiration of the lease. No vehicle restrictions If you feel that your freedom on the open road should not be restricted, then buying an EV might be the best option for you. This way you will not be restricted by the vehicle odometer, and can take advantage of the road. Other than the ability to drive at your own pace, full ownership allows you the ability to add any bells and whistles that suit you to customize your vehicle. Credits and tax incentives When buying an EV you will benefit from a multitude of financial incentives. One of these is the tax incentive, which can be valued up to $7500. A lot of states offer rebates to reduce the cost to purchase the most environmentally-friendly vehicle. These incentives are available only on behalf of those who are the owners. Therefore, even if you lease the vehicle, you won’t be able to get these benefits. The disadvantages of purchasing an electric car The EV space has expanded and more economical choices are emerging however, these cars 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 cars, with at an average of $66,997 as per Kelley Blue Book June 2022 data. Electric vehicle drivers typically have almost identical credit histories to those financing luxury cars and paying , according to an . This could make getting the process more difficult for those with less than perfect credit scores. Shop and save Borrowing money to purchase an electric vehicle needs the same steps as it can use to reduce the cost of an ordinary loan Check out the options, apply for loan and be prepared to walk away. The pace of technological advancement in the electric car field is fast, and this is especially relevant when legacy brands, such as Ford and Mustang Mach-E and Chevrolet’s Bolt, Mustang Mach-E and Chevrolet’s Bolt have entered the market. However, this means that you’ll have to live with the latest technology in the vehicle you buy. Although the latest developments may appear minor to the untrained eye, if flashy tech serves as a main attraction you should consider leasing in order to keep up with the latest trends. Out-of-pocket repair costs As with every vehicle you own you are responsible for any required maintenance that is required in the course of ownership. However, when it comes to an electric vehicle, the maintenance may be more expensive than typical trips to the mechanic. Although the warranty for the battery component will likely last between five and the 10-year mark, EVs require replacement for additional costly repairs, such as screens and system updates that are more advanced. The bottom line is it is best to approach the question of leasing or purchasing an EV in the same way you would when for a conventional car. For some, the benefits of the latest technology may outweigh the lack of ownership in full — while for others, getting behind the wheel of a vehicle with confidence and with incentives makes sense. If you decide to buy an EV, to understand the extra costs that come with ownership and take advantage of . Lease an EV, contrary to what you might think is as demanding that it typically. Take a look at a few lease offers and fully understand the contract before committing to a lease.

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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely borrowing money to purchase the car they want.

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

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with concise, well-researched and well-informed information that breaks down complex topics into manageable bites.

Auto loans editor

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