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Buying vs. leasing an electric vehicle

Understand the pros and cons so you can make the right decision for your household

Vicky Volvovski
March 7, 2023

Swapping your gas powered car to an EV comes with many benefits – lower energy and maintenance bills, better performance, and less pollution. Once you’ve made the decision to swap, you’ll need to consider if you want to buy or lease the EV. 

Why lease?

When you lease an EV, you’ll pay lower monthly payments. Note that the Federal Tax Credit is only applicable to the owner of the vehicle -- if you lease, the credit will go to the manufacturer. Look for a dealer that will bundle the credit into your lease, lowering your monthly payment.

Additionally, because EV technology is improving and maturing quickly, leasing means that you'll be able to upgrade to the newest technology every few years more easily. 

You may hear rumors that EVs depreciate faster than their gas-powered counterparts. While that was true in early EV models with limited range batteries, according to a study by Consumer Reports, EVs with >200 mile range batteries depreciate at the same rate (or slower) than their gas-powered counterparts.

Why buy?

When you buy an EV, you get to take advantage of the Federal Tax Credit (up to $7,500) and any state and local incentives, which can reduce the cost of the car.

As with owning a gas-powered car, owning an EV means you have full control over decisions about the car and won’t be penalized for damage, miles, or any modifications. 

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