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Is it better to lease or buy a new electric car?
I would really like to drive an electric car, but the high sticker price and potential depreciation over time have made me consider potentially leasing rather than buying. Is it better to lease or buy an electric car?
Allison Stone · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
As electric cars become more mainstream, more
affordable electric cars
will be on the market, but buying isn’t for everyone. Leasing
an electric car can be a great alternative to car ownership for a few reasons:- Electric car technology is improving every day. With a lease, you get the option to try the newest, most high-tech car every few years.
- If you’re unsure about what car to buy, leasing a car will give you an opportunity to try it out without having to fully commit.
- Leasing a car can also give you the option to drive a more expensive car than you might otherwise be able to buy.
There are of course downsides to leasing. For example, the consumer isn’t entitled to receive the $7,500 federal EV tax credit, nor will you be able to make any modifications to your car.
Regardless of whether you’re buying or leasing your new car, you’ll need a
car insurance
plan that gets you the best coverage for the best price. Download the Jerry
app and in less than a minute, compare quotes from top name-brand insurance companies to find out if you’re getting the best deal. MORE: How to choose an eco-friendly car
View full answer
- Gregory R.
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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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