Is Leasing an Electric Car a Good Option?

person signing car leasing contract

Thinking about switching to an electric car, but not ready to commit to buying a new one? Then leasing an electric car could be a great option. It’s a low maintenance, cost effective way of driving all the latest models, and it’s good for the environment. 

What does it mean to lease an electric car?

Leasing an electric means you do not own the car outright. Instead, you get to drive a brand new electric car, for a set period of time, and then return it to the dealer when the lease is up. This allows you to have the experience of driving the latest cars, without the hassle and cost of ownership. Therefore, it's a great option for those who may not be able to afford the cost of owning a car, or who perhaps are not ready to commit to owning an electric vehicle just yet, and want to test how it feels first.

What is the difference between leasing an electric car and a subscription service?

The main difference between a car lease and a car subscription is the length of time you have the vehicle. An electric car subscription service is similar to renting a car on holiday where you have the vehicle for a short duration of around 6-12 months. Alternatively, a car lease is more like a mobile phone contract, where the vehicle is yours for around two years before you are due your upgrade. 

Advantages of leasing an electric car:

  • Low monthly payments - Leasing a car allows you to pay less per month than if you were financing a new car purchase. This means you can drive the same model that you want, but with more money in your back pocket to spend on other things like road trips. 
  • You can drive the latest models - Do you love driving new cars? Leasing is a great, cost effective option for trying out all the latest models that enter the market. You simply just upgrade to your brand new car at the end of your lease and drive away with the latest innovations, without that luxury, upfront price tag.
  • Low maintenance - Electric cars are already low maintenance because they are typically new models that require fewer repairs. However, leasing an electric car also helps to keep maintenance costs low because they're built into your monthly payments rather than factored into one large payment at the end of the lease period. 
  • You don’t have to worry about depreciation - When you buy a car, its value goes down over time and it’s worth less when you come to sell it. However, when you lease a car, all the depreciation is covered by the lease payments, so all you have to do is return the car and let someone else worry about selling it.
  • It’s better for the environment - Electric cars themselves are good for the environment because they don’t release any harmful emissions, but leasing a car also has its environmental benefits because the vehicles available tend to be newer models that have been specifically designed to reduce their environmental impact.

How to lease an electric vehicle

Is electric car leasing for you? All you need to do next is go down to your local dealer and find the model for you. Then you simply need to sign an agreement with the dealership or leasing company. Different companies tend to have their own agreements so it may be best to research around before you make any commitments. Finally, you get to drive away with your new car, and the monthly payments will begin. It really is as easy as that!

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