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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 mission is to help you make smarter financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct research and compare data for free - so that you can make informed 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 Make Money The deals that are displayed on this site are from companies who pay us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial offers that may be available to you.



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4 min read Published on October 12, 2022.
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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 passionate about helping readers gain the confidence to control their finances by providing precise, well-studied data that breaks otherwise complicated subjects into digestible pieces.







Reviewed by Mark Kantrowtziz Reviewed by Nationally recognized expert on student financial aid

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









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Electric vehicles have many benefits that include a lower environmental impact than gas-powered cars, less maintenance and rapidly improving technology. leasing an electric vehicle could be an ideal alternative for those looking to enjoy these advantages without being tied to a vehicle for too long. What are the benefits of leasing an electric vehicle? From to access to the modern technology There are plenty of good reasons to lease an EV. It is possible to get upgrades in technology faster Leased vehicles don't tie to you for as long as buying a car. Given how quickly EV technology is improving, it may be worth getting into a vehicle which you can exchange for a more modern model in a few years. You don't have to worry about certain maintenance issues battery degradation, which is a major concern among those considering the possibility of an electric vehicle. Loss of range and premature battery death is costly, however, it's less of a worry if you won't have the vehicle for more than two or four years. Carmakers provide incentives through leasing specials that may help you offset the cost of . They typically offer incentives to those with very good to excellent credit, so ensure you qualify. You likely won't have to pay upfront Leased vehicles -- if there is one. That means you don't have to be concerned about bringing in 10 or 20 percent of the car's worth as you would when buying. How to lease an electric car? Choosing the correct electric car is perhaps the primary step in the leasing process. Before you head to the leasing center, you'll need to think about the range you require and figure out the car's size that's best for your needs. The next step is to try the electric car. After you've decided on a car that you like, you'll be able to . 1. Know your limits when looking for an electric car the most important consideration is the range of driving of the vehicle. You can estimate your driving distance based on your charging infrastructure and how often you drive and how far you commute. In the event that your trip to work or in town is a daily one you'll need to make sure you can get through the entire trip with a full battery. Since driving range can vary depending on the temperature, speed, and capacity It's best to stay in the direction of caution. Car And Driver with driving ranges that varied quite a bit, from the shortest -- 70 miles to the longest -- 332 miles. The median range for the model year 2021 EVs is as stated by the U.S. Department of Energy. 2. Consider the car size The next step is determining the car size you need. The majority of car makers offer electric cars in a variety of sizes, so you will be able to locate the one that is suitable for your needs and your budget. If you're mostly commuting between work and home then a compact might be a good choice for you. But for those who have an entire family to transport it, you might want to explore the top electric SUVs. 3. Test out the EV After you've selected the perfect electric vehicle, it's time to test drive the vehicle to confirm that it's an ideal fitting. Pay attention to how it handles as well as how the electronics work. Ask yourself if you're comfortable in the driver's seat, and whether it's clear sight to all mirrors. 4. Negotiate and take out the lease Be prepared to bargain . You could be able to improve the limit of miles you're permitted to drive and even the monthly price by bargaining. Once you've signed your lease, you're bound by the contract and aren't able to get out without having to pay penalties. When the term is over, lease, check the condition of the vehicle for any damage. Then, you can exchange it for a new one or into a better EV. Do I need to lease or purchase an electric vehicle? If you're looking to purchase an electric vehicle, you may be wondering if leasing is a better option. There's no one right answer to this question because there are pros and cons to both. The cost of electric cars has been decreasing steadily which makes it much more affordable than previously. Furthermore, the charging and range that electric vehicles have are continuously increasing, which means leasing could allow you to access higher-tech options a few years down the road. In the end, the ideal moment to purchase the electric car is when it fits your budget and fulfills your needs. Be aware that this gives you complete control of the vehicle. There's no need to worry about fees for going over allotted miles or wear and tear expenses which are part of leasing. Instead, you'll be aware of how much you'll pay for your car and the financing you'll be able to get from the start. The advantages of owning electric vehicles also come potential benefits from federal, state and local incentives. The Inflation Reduction Act has revived certain tax credits for manufacturers that were at their limit. You might also have an affordable cost of ownership over the life of the vehicle than a gasoline vehicle. And you will likely have more options from than you would if leasing. Insuring an electric vehicle No matter the type of vehicle it is mandatory to insure. Electric vehicles usually have higher rates than gas-powered vehicles. More expensive repair costs and costly technology are a part of what causes the differences in the cost of fuel. It differs based on the model, year, and brand -- and the driving record of the driver. from different insurers look around and inquire about discounts so you can save the money. You might be able to score discounts if you're a safe driver, good student, or have to bundle with other insurance. Another way to save on car insurance that is electric is to get a pay-per-mile plan. These policies are less expensive than traditional car insurance plans because the use of vehicles is limited. Pay-per-mile policies typically are suitable for those who make only occasional journeys. If your insurance company offers an insurance plan that is based on usage and you're a member, you could be able to save cash. But this will only work out if you're a safe driver. Utilization-based programs monitor your driving habits and will require you to be able to safely drive on a regular basis and keep track of the speed limit.


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Written by

This article was written using automation technology and thoroughly verified and edited by an editor from our editorial staff.



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

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances by providing clear, well-researched facts that break down complex topics into manageable bites.






Auto loans editor


Reviewed by Mark Kantrowtziz Reviewed by Nationally recognized Student Financial Aid expert

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






Nationally anerkannt student financial aid expert




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