Not everyone is ready for an electric vehicle in the driveway, but times are changing. While most people have bought or leased a car at some point, do the same principles apply to an EV? When is it better to buy an electric vehicle instead of leasing an EV? Check out the pros and cons below and check out the guide to buying an EV for more information.

Why you should buy an electric vehicle or electric car

is it better to lease or buy an electric vehicle in 2022?

An electric vehicle plugged into an EV charger | Kena Betancur/VIEW press

Electrek did a deep dive on the question of buying or leasing an electric vehicle. It can be overwhelming with all of the market options, such as the Tesla Model Y or the Ford Mustang Mach-E. Consider the range and price you might need and go from there. At some point, the question of paying for your new vehicle will come up. So, do you want to lease or buy an electric vehicle?

One of the significant benefits of modern electric vehicles is that automakers can update cars over time. Over-the-air updates are available so your EV can be fixed or improved from home. In addition, EVs have fewer mechanical parts that theoretically require less maintenance.

Electric cars tend to remain in demand, even if it is used. If you can pay the large amount upfront to buy an EV, you can likely resell it down the line for a reasonable amount. Both battery electric vehicles and plug-in hybrids are eligible for the federal tax credits, up to $7,500 in some cases. Buying an EV means you won’t be limited by mileage, either.

The cons of buying an electric car are important to note. It costs a lot more upfront to buy than a lease, like a gasoline-powered car. You are also responsible for maintenance down the line, whatever that may be.

Why you should lease an electric vehicle or electric car

The typical benefits of a lease exist if you go to lease an EV. Buyers are less committed to the car long-term, and you can upgrade at the end of the lease. You might be able to buy the lease out, but that option doesn’t exist with all cars. Some dealers require very low or zero down payments. It depends on the buyer’s or leaseholder’s financial situation, like a conventional vehicle.

There are cons to leasing an electric vehicle, such as being tied to a car you don’t like. If the range ends up being too short or your EV takes too long to charge, it might not fit your lifestyle. If you are locked in a lease, you might be stuck in it for a while. A lease also does not usually get the benefit of the federal tax credit either. The EV will also be tied to a limited mileage, usually around 15,000 miles.

Take advantage of whatever deals might be available

One option might make more sense depending on when you lease or buy an electric vehicle. You might be able to take advantage of a year-end deal if a new version is coming out. Similarly, a new vehicle to the market might have a better lease deal, making it a better financial decision. More electric cars, trucks, and SUVs hit the market every day.

Check out some of the most popular electric vehicles hitting the market in 2022 to stay informed. As the new 2023 vehicles start to roll out, there might be good deals on outgoing models to get you into a brand new EV. No matter if you buy an electric vehicle or lease one, be prepared for strangers to ask you all sorts of questions.

Keyword: Is It Better to Lease or Buy an Electric Vehicle in 2022?


Vovlo confirms plans for entry-level EV EX30

Volvo CEO Jim Rowan has confirmed plans for a new entry-level model to journalists. The small all-electric SUV will be called the EX30, as suspected, and is due to launch in 2023. According to Rowan, the EX30 will be built in China. However, it is not known how small ...

View more: Vovlo confirms plans for entry-level EV EX30

Mercedes has opened their first EV showroom in Japan

Mercedes-Benz has opened its first dealership worldwide exclusively for electric cars – in Japan. It was built in Yokohama and offers 1,221 square metres of space for the presentation of up to seven electric cars as well as an area for vehicle handovers and three CHAdeMO chargers. Pictures from ...

View more: Mercedes has opened their first EV showroom in Japan

VW launches software update for the ID.4 in the USA

Volkswagen of America has started a new update programme for ID.4 software, which is to bring performance improvements and new features. The updates will improve charging and system performance on model year 21, and some model year 22 vehicles. The charging performance is to help users make more of ...

View more: VW launches software update for the ID.4 in the USA

BYD to build vehicle plant in Europe

BYD wants to build electric cars in Europe in the future. According to the Chinese manufacturer, this is to support the rapid market ramp-up on the continent. A quick decision seems likely. As BYD manager Stella Li told Bloomberg, the Chinese manufacturer is planning at least one passenger car ...

View more: BYD to build vehicle plant in Europe

Munro reveals hand-built off-road EV for tough terrain

In Scotland, the Glasgow-based electric heavy-duty 4WD vehicle manufacturer Munro Vehicles has unveiled its first vehicle, the Munro Mk_1. The off-road all-electric 4×4 is built to navigate challenging terrain and operate for up to 16 hours on a single battery charge. The Munro Mk_1 is offered with a choice ...

View more: Munro reveals hand-built off-road EV for tough terrain

UFODrive expands electric car rental services in the USA

Electric car rental company UFODrive expands further in the USA. Customers in seven major US cities can now rent Teslas and other premium electric vehicles (EVs) online without requiring paperwork, upselling, or keys. After its US launch in San Francisco in August 2022, UFODrive is now also active in ...

View more: UFODrive expands electric car rental services in the USA

Sao Paulo forbids the purchase of diesel buses

In Brazil, the public transport authority for the city of São Paulo, SPTrans, has just banned bus companies from purchasing new diesel buses. The mega-metropolis in the south of the country has one of the largest bus fleets in Latin America, with more than 13,000 vehicles to serve a ...

View more: Sao Paulo forbids the purchase of diesel buses

DS has presented their Formula E racer for the upcoming season

DS Automobiles has now unveiled its new race car for the upcoming Formula E season. At the wheel of the new DS E-Tense FE23 will be current world champion Stoffel Vandoorne and Jean-Eric Vergne, the only double champion in Formula E, for the racing team DS Penske supported by ...

View more: DS has presented their Formula E racer for the upcoming season

Solid Power CEO Douglas Campbell to leave the company

Commercial Vehicle Charging Europe now called Milence

H2FLY to lead HEAVEN hydrogen aviation project

Ford & SK kick off battery campus construction in Kentucky

GM considers taking Corvette fully electric

Cupra to build the Tavascan in China for global markets

Mercedes to boost electric drive production capacities in Untertürkheim

Electric car batteries: everything you need to know

BrightDrop begins manufacturing electric transporter vans in Canada

What Are Heat Pumps, and Are They Necessary for Electric Vehicles (EVs) Driving in Cold Weather?

What is the life expectancy of an electric vehicle battery?

BorgWarner acquires Swiss engineering firm DriveTek


Breaking thailand news, thai news, thailand news Verified News Story Network