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Is it worth it to lease an electric car?

If you're considering an electric car, leasing may help protect you from risks involving the faster depreciation that can occur with electric vehicles. But with leasing, you'll also lose out on certain tax credits that can come with buying a qualifying electric car instead.

How much is it to lease an electric car?

NEW ERA OF EV AFFORDABILITY There are clear signs that electric cars are becoming affordable to mainstream car buyers. At the end of May, Honda announced a new lower price for all-electric Fit EV, which now has a lease price of $259 a month reduced from $389 per month. It's a sweet deal.

Is it worth leasing an electric car?

Leasing an electric car means you can avoid the higher price tags that these vehicles often command. For a modest deposit and affordable monthly cost, you can drive a cutting-edge vehicle without scratching around for the money to buy one outright.

Does the $7500 tax credit work on a lease?

While one reason is high resale value, another is a $7,500 tax credit offered by the federal government for plug-in hybrids and electric vehicles. The leasing company gets the tax benefit and passes those savings to the lessor in the form of a lower monthly payment.

Is it a good idea to lease a Tesla?

The ability to lease the car which Tesla began offering this month on the Model 3 would cost an estimated $22,000 over 36 months, nearly 60 percent of the $37,200 cost of ownership, according to a quote Rey received from Tesla's website last week. And there would be no option to buy the vehicle after the lease.

Does it make sense to lease a Tesla Model 3?

Tesla is making it possible to lease the Model 3 electric sedan for the first time while also making it harder to buy the much-hyped $35,000 base version of the vehicle. The automaker announced late Thursday that it would begin leasing the Model 3 “for a small down payment and competitive monthly payments.”

What credit score do you need to lease a Tesla?

There is no stated minimum required credit score to apply for Tesla financing, but borrowers with credit scores in the good to excellent categories (720+) generally qualify for lower-APR financing. If you don't know your credit score, you can check it on LendingTree. Tesla Model 3 financing and used Tesla financing.

Should you buy or lease a Tesla Model 3?

But, if you can't afford a huge monthly payment, it may be your only option. That is, unless you just choose a cheaper car, which likely means no EV and especially no Tesla for you. For example, you can lease a Tesla Model 3 Standard Range Plus for $399 per month with $4,500 down.

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