Can I Lease An Electric Car?
Thinking about making the switch to an electric car? If so, the possibility of an electric car lease will be among the many considerations to keep in mind, if you don’t want to buy the EV (electric vehicle) outright. As you will find with a little research, the issue of leasing or buying an electric car will mean considering some of the unique components that define leasing an electric car. It differs in many ways from leasing a traditional vehicle. At the end of the day, I’m glad I chose to lease my electric car. However, I wish I had done just a little more research beforehand.
That’s what I hope to do with this article on securing the best electric car lease possible. Leasing is indeed available for many top electric cars, including the Nissan Leaf, Fiat 500, the BMW i3, and many others. While leasing can make paying for the EV more manageable, you do stand to lose out on certain electric car tax credits. There is also the fact that electric cars depreciate more quickly than traditional car prices. This plays a significant role in determining electric car lease prices. The challenge on your end is to find the best electric car lease deals. There are a few things I want you to keep in mind to that end.
Should I Lease Or Buy An Electric Car
The possibility of a high mileage electric car lease is well worth exploring in greater detail. Yes, you can obtain an electric car lease for many of the best electric cars on the market. Is it better than buying outright? That obviously depends on your situation. Leasing can make it easier to get the car, but it can also disqualify you from the federal tax credit one receives (upwards of $7, 500) for buying an EV. Some manufacturers will factor in that tax credit’s value in your lease, but not all of them do this. I had to learn the hard way that the federal tax credit actually goes to the manufacturer offering the lease!
There are also credits and/or rebates offered made available to those who lease. Find out if your state offers such opportunities. The actual amount can also vary from one state to the next.
What About Electric Car Depreciation?
Finally, don’t forget that electric cars depreciate more quickly than traditional. There are a lot of different potential reasons as to why this is the case. Leasing a traditional car means getting a credit to pay for your next car, or lower the cost of the new car with a trade-in. Because electric cars tend to depreciate more quickly, this trade-in amount/credit is going to be lower than what you might expect. This is something I’m personally keeping in mind, the next time I consider an electric car lease (I honestly haven’t decided yet).
If leasing makes sense to you, you’re ready to seek out deals and opportunities specific to the electric car you would ultimately like to get.
How To Get The Most Out Of Leasing An Electric Car
Whether you are interested in a Fiat 500 electric car lease, a Nissan Leaf electric car lease, or even the cost to lease a BMW electric car, there are options out there for you. For example, if you want the least expensive electric car for lease, the Chevrolet Bolt EV and Nissan Leaf are two very excellent examples of where you can start. Both vehicles are not only highly-rated, but they also come with some of the most affordable leasing options offered.
You will need to do research specific to your area, in order to know exactly how much it will cost to lease the electric car of your choice.
Making Sure You Get The Best Lease Offer
These are the two basic steps you need to take:
- Figure out which electric car best meets your budget, needs, environmental concerns etc.
- Find a local dealer in your area with the top electric car lease deals around the specific EVs you have in mind.
You can go dealers directly to negotiate. Negotiating a car lease can be challenging, but it’s within the realm of possibility. In my own journey to buying an electric car, I toyed with the notion of leasing an electric car from BMW. My research led me to CarsDirect (an invaluable resource I will review shortly), which showed me a lease estimate of roughly $473 a month. That range helped me to decide I should look for something a bit more affordable.
Again, CarsDirect proved to be extremely useful. Let’s take a closer look at this online platform, designed to help people from all walks of life find leases for new or used cars. This includes electric and even hybrid models.
While there are other ways to find good electric car lease offers, I really like what CarsDirect brings to the table. They made it easy for me to find and understand electric car lease prices. Their general mission is to help individuals find new and used cars for sale. Financing possibilities are also made available, but remember that CarsDirect is not a direct lender. In other words, you will have to hear from the lenders specifically to get an idea of what your actual options will entail.
I’ve broken down some of the more compelling pros and cons of this platform:
- Bad credit? No problem! CarsDirect caters particularly to those whose credit is not in the best of shape. You can see this reflected in advertisements and so forth. The website currently has a good reputation among those who use it for this reason.
- No fees: CarsDirect makes things even easier by not forcing you to pay anything while submitting your loan request.
- Shopping and financing: Perhaps my favorite thing about CarsDirect was being able to shop for both my electric car and electric car lease.
- Excellent website/app: The website and app are both very easy to use, although the website gives you the full range of what they offer.
- Not a direct lender: This website is not the end of your search, since they are not a direct lender. You will ultimately have to work with a local dealer directly, which CarsDirect will connect you to.
- Down payments: A down payment is sometimes required.
Frequently Asked Questions
Q: Can my lease agreement help offset depreciation?
A: Absolutely. However, that will obviously depend on the specific lease agreement you reach with a local dealer.
Q: Is there anything I need to know about the battery with respect to electric car leases?
A: Maybe. As your EV gets older, the range of your battery degrades, which in turn lowers the value of the car. Setting a residual value ahead of time through your lease agreement can offset this to a certain degree.
Q: Is it worth finding a used electric car to lease?
A: Finding a used electric car to lease can be tough, quite frankly. Note that if you do find one, and the battery begins to weaken, you may be responsible for repairs or replacement. Electric car battery replacement can be costly, so make sure your electric car lease includes coverage for repaired or new battery, or that you can afford either of those options on your own.
For many people, I think leasing is absolutely the right way to go. Knowing the specific EV you want, as well as your long-term financial resources, can go a long way towards putting you on the right path for a beneficial lease. One that will let you enjoy the many, many benefits of electric cars.