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What to know before leasing an 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 offering you financial calculators and tools that are interactive, publishing original and objective content, by enabling users to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site are from companies that pay us. This compensation could affect how and where products are displayed on this site, including for instance, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law for our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will affect the content we publish or the reviews that appear on this website. We do not include the vast array of companies or financial deals that may be available to you.



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4 min read Published October 12, 2022
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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 the confidence to manage their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces.







Reviewed by Mark Kantrowtiz Reviewed by Nationally acknowledged expert on student financial aid

Mark Kantrowitz is an expert on financial aid for students, the FAFSA and scholarships, 529 plans as well as tax benefits for education and student loans.









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Electric vehicles offer many advantages which include a less environmental impact than gas-powered cars they require less maintenance, and are rapidly evolving technology. Leasing an electric vehicle can be a good option for those who want to enjoy these benefits without having to tie themselves down to a car for too long. What are the benefits of leasing an electric vehicle? From to access to the latest technology There are a variety of reasons you might want to lease an electric vehicle. You can get tech upgrades quicker Leased vehicles won't hold to you for as long as a new car purchase does. Because of the speed at which the advancement of technology in electric vehicles the chances are that it's worthwhile to consider a car that you could trade to a newer model in the next few years. There's no need to worry about certain issues with maintenance. Battery degrading is a big issue for those who are considering an electric vehicle. Loss of range and premature demise of batteries is costly, however, it's less of a worry in the event that you don't use the car for more than two or four years. Carmakers often offer lease deals that could help be used to offset the costs of . They usually offer them to people with excellent or very good credit, so ensure you qualify. It is likely that you won't need to make a payment upfront for Leased vehicles -- if there is one. That means you don't have to worry about paying 10 or 20 percent of the car's worth similar to when you purchase. What is the best way to lease an electric vehicle ? Selecting the appropriate electric automobile is probably the primary part of the leasing process. Before heading to the leasing office you'll need to think about the range you require and determine the car size which is best for your requirements. Next you'll want to test the electric car. Once you're settled on a vehicle that you like, you'll be able to . 1. Know your limits when looking for an electric car the primary consideration should be the range of the car. You can determine your average driving distance based on your charging infrastructure as well as the frequency of your driving and the distance you travel to work. In the event that your trip to work or in town is a daily one, you'll want to make sure you can make the whole trip with a fully charged battery. Because the range of your car can change according to speed, weather and charge capacity, it's best to err on the side of caution. Car And Driver with driving ranges that varied quite a bit, from the shortest 70 miles -- to the longest -which is 320 miles. The range of 2021 model year EVs is as stated by the U.S. Department of Energy. 2. Consider the car size The next step is to determine the dimensions of the car you need. The majority of car makers offer electric cars in a variety of sizes, and you are likely to find something that fits your lifestyle and your budget. If you're mostly driving between work and home then a compact might be a good choice for you. However, if you have families to carry it, you might want to look into the top electric SUVs. 3. Try out the EV Once you've found the perfect electric vehicle, you're now ready to drive the vehicle to confirm that it's the right fitting. Pay attention to how it handles as well as how the electronics work. Check if you're comfortable in the driver's seat and if you have clear lines of vision for all of the mirrors. 4. Make a deal and sign the lease. Be ready to bargain . You can potentially improve the mileage limit you're allowed to drive and even the monthly cost with a bit of bargaining. Once you've signed your lease, you're bound by the term and can't back out without paying an extra fee. At the end of the lease, you should check the condition of the vehicle for any damages. You can then , turn it in or trade into a better EV. Should I lease or buy an EV? If you're looking to purchase an electric vehicle, you might have wondered if is a better option. There's no right answer to this question because both have pros and cons for both. The price of electric vehicles is steadily decreasing, so it is a more affordable purchase than it has been in the past. In addition, the range and charging infrastructure of electric vehicles are continuously growing, and leasing might give you access to better technology a few years from now. The best time to purchase an electric automobile is when the price meets your budget and fulfills your requirements. Be aware that this gives you complete in charge of driving the car. There's no need to worry about the cost of excess miles, or wear and tear expenses associated with leasing. Instead, you'll know how much you'll pay for the car and the financing right at the beginning. The advantages of having electric vehicles also come potential benefits from local, state, and federal incentives. In the Inflation Reduction Act has revived certain tax credits available to manufacturers who had reached their limits. There is also lower costs to own over the course of the car than a gas-powered vehicle. In addition, you'll likely have more options to pick from than you do when leasing. Insuring an electric vehicle No whatever type of vehicle it is mandatory to insure. Electric vehicles usually have higher rates prices than gasoline-powered models. Higher repair costs and expensive technology are a part of what is causing the different in prices. The varies based on model, brand and year -- and the driver's driving history. From different insurance companies, shop around and ask about discounts so you can save the money. You may be able to get discounts if you're an experienced driver, a good student, or require with other insurance. Another method to save money on car insurance for electric vehicles is to purchase a pay-per mile plan. These policies charge less than traditional car insurance policies since the usage of the vehicle is limited. Pay-per-mile policies typically work well for drivers who only make occasional short trips. If your insurance company offers an insurance program based on usage it could be possible save money. However, it only works out if you're an experienced driver. Usage-based programs track your driving habits, and you'll need to drive with a safe and consistent manner and keep track of the speed limit.


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Written by

The article was created by using automated technology. It was then thoroughly checked for accuracy and editing by an editor from our editorial team.



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 gain the confidence to take control of their finances by providing precise, well-studied data that cuts complicated topics into bite-sized pieces.






Auto loans editor


Review by Mark Kantrowtziz. Reviewed by Nationally known scholar financial aid specialist

Mark Kantrowitz is an expert on student financial aid The FAFSA, 529 plans, scholarships as well as tax benefits for education and student loans.






Nationally recognized student financial aid expert




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