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Can you lease an electric vehicle?
I know leasing isn’t a super popular option for many people but I’m wondering if it’s possible for electric vehicles? I would love to drive an electric vehicle however I’m not sure I can afford all the costs of a brand new vehicle.
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We definitely understand, that cars—especially electric cars—aren’t cheap. Luckily, you can lease an electric vehicle. Leasing is actually growing in popularity, especially among the EV community.
Leasing lets you pay the dealership to let you use a vehicle for a predetermined amount of time. Basically, it’s like a sophisticated rental that requires an above-average credit score. The great thing about leasing a car is that since they last about two to four years, you’ll be able to get the benefits of updated vehicles without dealing with old age issues such as battery degradation.
Buying a brand new EV can be a lot on your pocket especially if you’re considering installing an at-home charging system. Leasing can lower the cost without forfeiting the value of having the car.
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- Gregory R.
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