Leasing instead of buying an electric vehicle offers an affordable option, and you can have the car you want. When the lease period ends, you simply hand the car back to the owner with no further obligations. Electric cars are quite expensive, which is why electric car lease deals are common these days. After the lease period ends, you can upgrade to a newer electric vehicle model and continue enjoying the benefits of electric motoring.

Besides, the lease company can help you find the right electric vehicle that perfectly fits your life and supports you in the entire lease period. This article highlights how leasing electric cars works, the need for leasing, and the reasons electric car lease deals are more popular than buying.

How Does Leasing an Electric Vehicle Work?

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To lease an electric vehicle, you should first select a leasing company of your choice. You should then select an electric car of choice on the market and decide the best terms of the lease and the mileage estimates. You can ask for help from the staff. Once you choose the vehicle, you will receive a personalized quote based on your situation. Before ordering the electric vehicle, the company will inform you how long it takes for it to arrive from the manufacturer. Once the lease is in effect, you can send monthly consolidated invoices for all maintenance and funding needs.

Benefits of Electric Car Lease Deals

  • A wide range of electric cars to choose from
  • Fixed monthly payments make it easier for you to budget
  • The terms and mileage to suit your needs
  • You can take ownership of the vehicle after the lease period
  • Optional maintenance and full-service packages may be available

Things to Consider

  • The minimum duration of the lease
  • Service and maintenance package (does the deal include servicing and tires, exclude misuse, or accident damage?
  • Whether early termination will be expensive
  • Excess charge if agreed mileage is exceeded
  • Whether damages over and above what is stated in the Fair Wear and Tear Guide accrue additional charges

Is There a Need for Leasing an Electric Vehicle?

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Leasing instead of buying a car is not for everyone. However, it is a smart choice if you are thinking about getting an electric car. Leasing is growing in popularity and now makes up about 30% of all new car sales. However, according to Bloomberg New Energy Finance, electric car lease deals are about 80%, although this excludes cars made by Tesla. Instead of leasing, Tesla sells directly to consumers, and the company doesn’t report lease data.

The consumer preference for leases is fueled by the demand for battery-powered vehicles on the used cars market. This is because of the public policy meant to spur electric car adoption, and buyers of pre-owned cars do not enjoy incentives offered by federal and state governments.

The high rate of electric car lease deals is also fueled by new and upcoming models that will exceed today’s electric car capabilities and value. Therefore, it is preferable leasing it now, as you can replace it in just a few years time as per the deal. The bet on fast-paced improvements makes sense. In the last couple of years, battery prices have fallen significantly as factories scale up and engineers perfect the packaging of cells. Essentially, if you look at what can happen in the lifestyle of a lease, you are in fact talking about doubling the range of these vehicles. If you lease, you'll enjoy all these improvements.

In three years, electric cars will be cheaper, and so it makes sense to choose to lease for now. It is very cheap leasing an electric car. According to Bloomberg New Energy Finance (BNEF), 80% of fully electric car drivers lease their cars and 55% of plug-in hybrids (PHEVs) are leased for just a low price. You can never have a better deal than that.

Besides, electric vehicles depreciate in value very fast. If you plan on selling, you will sell it much cheaper than the buying price. For instance, according to Black Book, electric cars that were sold in 2014 are now worth about 23% of their original sticker price as compared with 41% in non-EVs. Another issue is that nobody, even the engineers, knows how well the first wave of electric cars will age.

Why Electric Car Lease Deals Are More Popular than Buying

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The following are the reasons why electric car lease deals are more popular than buying:

You’ll Avoid Steep Depreciation

You Will Get Tech Upgrades Faster

There Is a High Likelihood That You’ll Scoop Loyalty Bonuses

You’ll Get More Incentives More Often

Electric Vehicle Battery Quirks Are Not Your Problem

Conclusion

Electric car lease deals are growing in popularity. The consumer preference for electric car lease deals is fueled by the demand for battery-powered vehicles on the used cars market. New and upcoming models that will exceed today’s electric car capabilities and value also make leasing a better option than buying.

Electric car lease deals are better since you’ll avoid steep depreciation, you will get tech upgrades faster, there is a high likelihood that you’ll scoop loyalty bonuses, you’ll get more incentives more often, and electric vehicle battery quirks will not be your problem to deal with. We hope this article has adequately addressed how leasing electric cars work, the need for leasing, and the reasons electric car lease deals are more popular than buying.      

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