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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 goal is to help you make better financial choices by providing you with financial calculators and interactive tools as well as publishing objective and original content. This allows you to conduct research and compare information for free to help you make sound 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 Earn Money The deals that are displayed on this site come from companies that pay us. This compensation could affect how and where products are displayed on this site, including such things as the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage, home equity and other home loan products. However, this compensation will have no impact on the information we publish, or the reviews that appear on this website. We do not contain the vast array of companies or financial offerings that could be available to you.



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4 min read Published 12 October 2022
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Written by Bankrate Written by

The article was created with the help of automation technology, and then checked for accuracy and editing by an editor on our editorial team.







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

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing concise, well-researched and well-sourced data that breaks complex topics into manageable bites.







Reviewed by Mark Kantrowtiz Reviewed by Nationally recognized student financial aid expert

Mark Kantrowitz is an expert on student financial aid, including the FAFSA, scholarships, 529 plans educational tax benefits, student loans.









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Electric vehicles have many benefits which include a less environmental impact than gas-powered cars as well as less maintenance and developing technology. Leasing an electric vehicle can be an ideal option for those who want to take advantage of these advantages without being tied to a car too long. Why lease an electric car? From having access to latest technology There are a variety of reasons to lease an electric vehicle. You can receive upgrades to technology faster . Leased cars don't lock your hands as tightly as a new car purchase does. Given how quickly EV technology is improving the chances are that it's beneficial to invest in a vehicle that you can trade up to a newer model in the coming years. You won't have to fret about certain maintenance issues Battery degradation is a problem for people who are thinking of buying an electric vehicle. The loss of range and the premature death of the battery could be expensive, but it's less of a worry when you don't own the car for more than two or four years. Incentives from carmakers Carmakers offer lease deals that could help reduce the cost of . These often go to customers with very good to excellent credit, so ensure that you meet the requirements. It is likely that you won't need to pay for leases in advance (if they exist). You won't have to be concerned about bringing in 10 or 20 percent of the car's worth as you would when buying. How do you lease an electric vehicle Choosing the right electric vehicle is the most important part of the leasing process. Before you head to the leasing office you'll want to look at the range you'll need and decide on the size of the vehicle which is best for your requirements. The next step is to try the electric car. When you've settled on a car then you are able to . 1. Know your range When shopping for an electric vehicle, the primary consideration should be the driving range of the vehicle. You can determine your average driving range based on the infrastructure for charging and how often you drive and how far your commute is. If your commute to work or around town is a daily one, you'll want to make sure that you get through the entire trip with a fully charged battery. Because the range of your car can change based on temperature, speed, and capacity so it's best to be on the side of caution. Car And Driver with driving ranges that varied considerably, ranging starting from the shortest -- 70 miles up to the largest -- 332 miles. The range of models in 2021's model year EVs is , according to the U.S. Department of Energy. 2. Take into consideration the car's size next step is to decide the dimensions of the car you need. The majority of car makers offer electric vehicles in a range of sizes, so you should be able to find the one that is suitable for your needs and budget. If you're mostly commuting to and from work it could be a good idea to consider a smaller car for you. If you're a parent with a family to haul it, you might want to consider the best electric SUVs. 3. Try out the EV When you've found the ideal electric vehicle it's time to try driving the vehicle to ensure it's a good fitting. Note how it handles and how it functions with the electronic system. Ask yourself if you're comfortable in the driver's seat, and whether you have clear lines of sight for all of the mirrors. 4. Negotiate and take out the lease. You should be prepared to bargain . You can potentially improve the limit of miles you're allowed to drive and even the monthly cost with a bit of bargaining. Once you've signed your lease, you're locked in the lease and cannot opt out without having to pay penalties. At the end of the lease, examine the condition of your car for any damage. You can then , turn it in or trade for a more modern EV. Should I lease or buy an EV? If you're looking to purchase an EV, you may have wondered if is it a better option. There is no definitive answer to this question, as the pros and cons are similar to both. The price of electric vehicles is steadily decreasing, so it is much more affordable than it was previously. In addition, the charging and range that electric vehicles have are continuously growing, and leasing might give you access to better technology a few years down the line. Ultimately, the best time to purchase the electric car is when it fits your budget and meets your needs. Remember that it puts you in complete in charge of driving the car. There's no need to worry about charges for going over allotted miles or wear and tear costs associated with leasing. Instead, you'll know the total cost of your car and your financing from the get go. The benefits of owning an electric vehicle include potentially from local, state, and federal incentives. In the Inflation Reduction Act has revived certain tax credits for manufacturers that were at their limit. It is possible that you will also enjoy a lower cost to own over the course of your car than a gasoline vehicle. You will also have more options to pick from than you would if leasing. The insurance of electric vehicles is essential no whatever type of vehicle, insurance is a must. Electric vehicles usually have higher rates than gas-powered vehicles. Higher repair costs and expensive technology are the main factors that is causing the different in prices. It varies depending on the model, year, and brand as well as the driving record of the driver. from different insurers Shop around and inquire for discounts in order to save the money. You may be able to get discounts if you're a safe driver, good student, or have to bundle additional insurance. Another way to save on car insurance for electric vehicles is to purchase a pay-per mile plan. These policies are less expensive than traditional insurance policies because vehicle usage is restricted. However, pay-per mile plans generally work well for drivers who only make occasional short trips. If your insurance company offers an insurance program based on usage and you're a member, you could be able save cash. However, it only works out if you're a safe driver. Programs that track your usage monitor your habits of driving and will require you to be able to safely drive on a regular basis and mind the speed limit.


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Written by

This article was written using automation technology and 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 editing and writing for Bankrate from late 2021. They are committed to helping readers gain the 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 acknowledged student financial aid expert

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






Nationally recognized student financial aid expert




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