Purchase or Lease an Electric Vehicle?

Doing the math renders dramatic results

The graphs show how you can put close to $3,600 into your pocked over 36 months:

 

 

Purchase

  1. Up to $7500 Federal Tax Credit to Buyer.
  2. $1500 - $2500 CA State Rebate.
  3. HOV Stickers.
  4. Cost-to-own per year is equal to 3 year lease. Break-even is at 7.5 years at approx $3000/year.
  5. In 3 years some EV technology will have advanced greatly – longer range, greater battery capacity, and other tech features.
  6. You own the car and have an asset once you’re finished paying for it.
  7. If you drive more than 12K miles per year you don’t need to worry about excess mileage fees.

 

Lease

  1. Up to $7500 Federal Tax Credit to Dealer (who lowers the price of the vehicle on which they base the lease).
  2. $1500 - $2500 CA State Rebate.
  3. HOV Stickers.
  4. Cost-to-lease per year is equal to the cost to own for 7.5 years at approx $3000/year.
  5. After 3-year lease is up, you can take advantage of tech developments including greater range and battery capacity as well as other tech developments that occur over 3 years.
  6. Protected against major battery capacity loss since you turn in car at end of lease.
  7. Protected against unknown or low resale value for used EVs.
  8. Lower monthly payments compared to financing a purchase.

 

ANOTHER REASON TO LEASE:

Battery technology is rapidly improving. Example: a 2014 Leaf battery generates power for a 90 mile range. The 2015 Leaf battery generates power for a 130 mile range – a 40 mile increase. With tremendous resources being used to improve battery capabilities, you can assume the EV model you lease today will have a much greater range in three years. Meaning: in 36 months, you’ll want to upgrade.

 

AUTOMAKERS AND DEALERSHIPS NEED TO SELL ALL THE EVS THEY CAN TO MEET NEW STATE AND FEDERAL REQUIREMENTS

Dealerships offer a wide variety of EV leasing and purchasing plans. CURRENT keeps an inside track on the arrangements being offered and can let you know what all the options are when you call us.

 

BASIC NATIONWIDE LEASE TERMS AND 3 YEAR LEASE COSTS FROM CONSUMERREPORTS.ORG*:

* This chart is intended for comparison purposes only. Prices indicated can change at any time and are based on information available to us at the time this chart was created by Consumer Reports.

 

Take the 3 YR COST on the far right, subtract an EV rebate of $2,500 or a hybrid rebate of $1500 to see what your 36 month cost including electrical charging could be. Keep in mind that these numbers change all the time, though not by much. Compare the number you get to what you’re currently paying for leasing a gas-powered vehicle and paying for the gas it uses and you should see a difference of thousands of dollars. LEASING AN ELECTRIC VEHICLE MAKES HUGE FINANCIAL SENSE. CURRENT can help you locate the EV that fits your budget and saves you major dollars.