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Does leasing an electric car make sense?
I want to get an electric car, and I want to know if it makes sense to lease one?
Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s an excellent time to go green. Let’s take a look at some advantages and disadvantages. If you’re hoping to save money long-term, leasing an electric car might make more sense.
Owning an electric vehicle opens you up to significant savings potential. The lower total cost of ownership, gas savings, and lower maintenance costs are just some of the ways you can save money. When you buy a new EV, you may qualify for federal tax credits of up to
$7,500
. If you lease, you lose the chance to take advantage of that opportunity. But other expenses can pile up if you consider setting up a home charging station and the lack of uniformity among charging station prices. Among these, leasing can help protect you from risks like faster depreciation with EV ownership.
Benefits of leasing:
- Avoid depreciation consequences: Electric cars depreciate substantially quicker than fueled cars. When you lease, you don’t have to take on this risk.
- Range limitation: EVs can only drive certain distances before running out of power. Depending on the EV you purchase, you may only be limited to local driving.
- Battery pack degradation: Like your mobile phone’s battery, your car battery life will slowly decrease over time. Factors like extreme temperatures and inappropriate charging practices can speed up your battery pack’s life expectancy.
Whether you choose to lease or buy, there’s one area where we can help you save money. With the
Jerry
app, you can ensure that you’ve made the right choice about your car insurance. A licensed broker, Jerry does the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even help you cancel your old policy.
And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price. This level of service is why Jerry earned a 4.6/5 rating on the App Store and made it the top insurance app in the country.
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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