Automated vehicles are certainly the talk of the future. However, simmering below the surface of this popular topic is another prevailing trend – electric vehicles (EVs). As we lean towards a more sustainable future, EVs are expected to take centre stage in replacing combustion engine vehicles. While buying a new EV outright can seem an expensive affair, leasing an electric vehicle can actually be a great method to save money on your new car.
Low Lease Payments and Maintenance Costs
To begin with, the market reveals an impressive reduction in your monthly payments for available electric car leasing offers as opposed to purchasing a new EV outright. Leasing offers the benefit of a fairly affordable down payment in conjunction with manageable monthly payments. This is particularly enticing when compared with lofty loan payments on purchasing a new EV. Leasing not only affords you the opportunity to drive a slick, new, high-tech vehicle but also allows you to do so at a fraction of the direct purchase cost.
More significantly, the maintenance costs of EVs are significantly lower than their gasoline counterparts. Mainstream combustion engines come with several moving parts, from the transmission to the radiator, all of which are susceptible to wear and tear, demanding regular (and often costly) maintenance. Yet, EVs have fewer parts, leading to fewer maintenance requirements. Tyres, brake pads, and windscreen wipers are essentially the only things that will need to be replaced more frequently. This drastically cuts down your annual car maintenance budget.
Electric Car Charging at Home
Adding further to the financial benefits, you can easily charge your EV at your own home. No need to worry about rising gas prices – your electric supply is your fuel station. This mostly saves you from the fluctuating gas prices which, as we know, can be expensive and unpredictable. Electric power, in contrast, offers a far more stable and inexpensive substitute.
Furthermore, several states offer lucrative incentives to EV owners, such as tax credits or rebates for installing a home EV charging station, which further lowers the total cost of owning and maintaining an EV.
Lesser Depreciation Costs
Depreciation is a major factor that prospective car owners consider. The faster a vehicle depreciates, the higher the cost for the owner. Gasoline-powered cars typically depreciate at a much faster pace compared to electric vehicles. Therefore, a leasing option is particularly beneficial when it comes to EVs. While all new cars depreciate, by leasing an electric car, you avoid the financial hit of this depreciation since the car will go back to the dealer at the end of the lease period. Furthermore, you have the option to lease a new EV, starting a new lease agreement rather than being stuck with a rapidly depreciating vehicle.
Wrapping It Up
While it’s unquestionable that EVs are playing an ever-increasing role in our transportation future, consumers must also understand the financial benefits tied to leasing these vehicles. Electric car leasing offers, coupled with decreased maintenance costs, cheaper and more convenient refuelling, reduced depreciation costs, and an impressive resale value, provide a compelling financial case.
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