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Does it make sense to lease an electric car?
In a Nutshell 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.
Is it cheaper to lease an electric car?
The least-expensive electric car to lease this month costs less per day than a fast-food burger. While new-vehicle leasing currently accounts for around 30 percent of all transactions, that rate is much higher among electric cars. According to published reports, close to 80 percent of all EVs are leased.
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 does it cost 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.
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.
Why are electric cars lease only?
First and foremost, leasing an electric car removes the risk that an owner will be stuck with a car whose battery has degraded substantially in later years. Different makers use a variety of methods to protect their packs from losing capacity, some seemingly more successful than others.
Should I buy or lease a Nissan Leaf?
Nissan Leaf electric cars, on the other hand, use only passive air cooling, and models with 24- and 30-kwh packs have lost considerably more than 10 percent of their range in some climates. Second, leasing lets drivers who love electric cars take advantage of better and longer-range models to come in the near future.
Do you get a tax credit if you lease an electric vehicle?
While someone who leases an electric car isn't eligible for the $7,500 federal income-tax credit, automakers usually (but not always) pass all or most of this amount to the buyer to lower the lease payment.
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