{"id":25494,"date":"2022-06-26T16:33:21","date_gmt":"2022-06-26T20:33:21","guid":{"rendered":"https:\/\/autosector.com\/?p=25494"},"modified":"2022-06-26T16:33:21","modified_gmt":"2022-06-26T20:33:21","slug":"buy-or-lease-electric-vehicle","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=25494","title":{"rendered":"Is it better to buy or lease an electric vehicle?"},"content":{"rendered":"

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So you\u2019ve made the wise decision to go all-electric and get yourself your first EV. Nice. With plenty of options hitting roads in 2022 and even more electric vehicles on the way, you may wonder if it\u2019s a wiser move to start with a lease<\/a>, or go straight for the buy. Great question, and one that many EV drivers have pondered including myself. Let\u2019s dissect this dilemma to help you determine what might be the best option for you.<\/p>\n

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Table of contents<\/h2>\n<\/div>\n

Electric vehicles: The lease versus buy dilemma<\/h2>\n

Perhaps it was the Tesla Model X Plaid<\/a>, or that new Ford F-150 Lightning<\/a> that caught your eye. Maybe its the mouth watering prices and lease options of Fisker\u2019s two new upcoming EVs<\/a>. Whatever your reason for considering a new EV, we\u2019re glad you\u2019re here.<\/p>\n

So hopefully you\u2019ve got a model or two in mind, or maybe you\u2019ve already narrowed down your ideal EV and have configured it all the way down to its powertrain and interior trim color. As you anticipate a potential purchase and delivery date, you at some point might ask yourself, \u201cis it better to buy this electric vehicle, or lease it?\u201d<\/p>\n

Before we dig in, let\u2019s be upfront about the answer \u2013 its subjective. There is no cut and dry, end-all be-all solution. A lease has its perks to some, while an EV purchase has many benefits in its own right. <\/p>\n

Our goal here is to explore the benefits (and faults) of buying and leasing to help you better determine what might be the smartest route for you as you budget for your shiny electric vehicle. Let\u2019s start with the EV lease option.<\/p>\n

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A lease option page for a Tesla Model 3 \/ Source: Tesla.com<\/figcaption><\/figure>\n

Consider an EV lease<\/h2>\n

The depreciation of traditional combustion cars just by driving off the lot has previously offered enough incentive to consider a lease. That\u2019s not quote the same situation for EVs, but leases do still have their own perks.<\/p>\n

With a booming used car market alongside a growing electric vehicle segment, leases offer a less commitment than buying, especially cash upfront. Plus, you\u2019re only tied to that vehicle for 36 months at most, so if you get sick of it and want to upgrade to the latest model, you can do that; it\u2019ll just have to be pretty deep into your lease term.<\/p>\n

Alternatively, if you love your leased vehicle and don\u2019t want to part with it when your term is up, you usually have the option to buy it, unless you\u2019re driving a Tesla, then that might not be so easy<\/a>. To that end, there\u2019s a chance you end up making three years of payments on a car with nothing to show for it at the end. <\/p>\n

Even if you do buy your lease at the end of term, you may end up paying more in the long run rather than making monthly purchase payments to start. It\u2019s all a bit relative to be honest. <\/p>\n

Pros<\/h3>\n