Why leasing an electric vehicle is a great option

Reap the benefits of leasing an electric vehicle

Leasing a car is a great option when you do not want to buy a car. Leasing has grown in popularity over the past few years, especially as more people become open to the idea of paying monthly for the things they use. This monthly payment model is not new, especially in the car market, but it has been made more mainstream by subscription services that make it easier to lease almost anything. Leasing an electric vehicle has become a popular option for those who want to try an electric vehicle but who are still apprehensive about the move. In this article, we will discuss the reasons why leasing an electric vehicle is a great option.

electric vehicles

Be at the forefront of technological advancements

Petrol and diesel cars have been around for so long that changes and improvements to these cars are often incremental. Nothing much changes between car models and generations, with many of these changes being to the design and aesthetics of the cars.

The technology that is going into electric vehicles is growing so fast that those who lease an electric vehicle are likely to notice these changes with the different vehicles they lease. The technology in electric vehicles is advancing so fast that some experts say they have never seen such rapid advancements in the vehicle industry.

Leasing allows you to upgrade to a new car when your term ends, usually in two to three years. In that time, the technology in these vehicles will have improved so much and you can get vehicles running on the latest technology. For example, there are so many more infotainment options in electric vehicles manufactured in the last year than there are in older electric vehicles. Also, newer electric vehicles charge faster and have a longer range, particularly due to advancements in battery technology.

Lots of choices for your money

Electric vehicles are much more expensive than their petrol and diesel counterparts. This is mainly due to the technology in these cars. The cost of the car also increases as the technology and options in the car increase. When you lease an electric car, you do not have to worry about handing over large sums of money. You only need to think about the deposit and the monthly payments.

This gives you a lot of flexibility in both the payments and types of cars you can lease. You can opt for a larger deposit so you lower your monthly payments. You can also choose to increase your monthly payments so you can get a higher-end car or choose the latest models of the electric vehicles you like. To save money, you can also shop around for cheap electric car lease deals, although these cheaper options will often have a limited selection of vehicles to choose from.

You avoid depreciation

The value of electric vehicles falls very fast due to advancements and new vehicle models being released all the time. This means that if you buy an electric vehicle, you are likely to lose close to 50% of its value in the first year to two years.

With conventional diesel and petrol cars, the price of leasing would be high due to depreciation being factored into the monthly payments you have to make. Cars which depreciate faster will often be more expensive to lease.

However, car dealers offset the rapid depreciation cost using a variety of methods. The first one is raising the car’s residual value. This is the value of the car after the leasing term ends. A lower residual value means that the car has depreciated a lot and so your payments are higher. A high residual value, on the other hand, means that the car has a high worth after the lease period and so your payments are lower.

Lastly, they also offer cash incentives. These cash incentives apply if you lease the car for a period and the longer you hold on to it, the more cash incentives are available to you.

Low cost of ownership

The cost of ownership is one of the most important things you need to think about before you get any car. An electric car is cheaper to own than a petrol or diesel one because electricity is cheaper than fossil fuels. Charging on a network is also cheap as a unit of electricity is cheaper than a gallon of petrol or diesel.

Because the cost of buying, leasing or owning an electrical vehicle is a key consideration, ElectriX has provided a breakdown of the key costs of buying an electric car or opting for an EV lease. They also discuss the cost of charging the car at home as well as other ownership costs so you have a clear understanding of these costs before you buy or lease an electric vehicle.

Warranty protection

Another advantage of leasing an electric vehicle is that you get warranty protection. Before signing any EV lease deals, ensure the vehicle is brand new. Even though these vehicles will cost a bit more to lease, you can have peace of mind in knowing you are covered by the manufacturer’s warranty.

The warranty on most electric vehicles covers the key components for 3-8 years depending on the brand. Because most electric car lease deals last for no more than four years, you can be assured that you will get the car repaired if anything happens to any of the components covered by the warranty.

You do not have to worry about battery degradation

All batteries lose their ability to hold a charge as they are used. The batteries in electric vehicles are relatively new and so there is not enough data to tell us how long they can hold a charge for or how quickly they will degrade.

If you own an electric vehicle, you’ll have to think about this, and you’ll have to check with the dealer to ensure the battery is covered under warranty. With an EV lease, this is not something you have to worry about.

If you get a new car every 2-4 years as per your lease agreement, and you do not drive the car over the limit set, the battery degradation over this period will be minimal and so you do not have to worry about it.

Get a charger with the deal

Some leasing providers work with car charging companies to offer free chargers as part of your lease agreement. These partnerships allow you to get a charger for free or for a lower price than you otherwise would have.

This saves you a lot of time and money when it comes to charging your car as you do not have to make separate agreements to have the charger installed. All you have to do is ask if the electric car leasing provider can provide you with a charger and if they do, they will ask you about your charging needs. They will then get in touch with their partners to get you the charger you need. The charger will often be given at the same time as your electric vehicle.

Leasing an electric vehicle has become easier in the past few years. With all the great benefits outlined above, there is no reason not to lease one to see what the hype is all about.