We’ve already made the case for buying used EVs.
But what if you’re set on a new car?
Read our brief guide to help you make a decision that works for your lifestyle and budget.
Marc Heckner via Unsplash
Reasons to Lease (Instead of Buy) an EV
EVs depreciate fast.
In a purchase, however, you claim the tax credit directly.
Typically, leasing was the easiest way to deduct a vehicles cost on a business tax return.
Now, buying could be the better option.
It’s also helpful to buy a new EV when a newer model is coming out.
That often leads to some pretty generous rebates from the factory, on top of everything else.
What if you don’t like your new EV?
you’re free to always sell it or trade it in for another car.
Buying any car always gives you maximum flexibility, even when facing a depreciation hit.
note: These things could, however, impact trade-in value.)
Maintenance is also simpler than a conventional car.
Without a multi-gear transmission and internal combustion engine, there’s little to replace except brakes and suspension parts.
Electric motors don’t need much service and there are few moving parts compared to a gasoline engine.
EVs use “direct drive,” which is otherwise known as a one-speed transmission.
What’s most beneficial are your running costs.
