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?

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Answer provided by
Allison Stone
Answered on Jun 23, 2022
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.
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