Are Electric Cars Cheaper to Lease?

Quick Answer 

• Sometimes, not always. While EVs often cost less to run day-to-day, the actual lease prices vary by model. 

• Leasing works well if: You want the newest tech, predictable costs, and don't want to worry about the car's future value. 

• Buying makes sense if: You'll keep the car for many years and want to eventually stop making payments.

The Full Story on Leasing vs Buying an EV 

Thinking about going electric? You're probably wondering if you should lease or buy, and whether those EV lease deals are really worth it. 

Let's get one thing straight – EVs aren't automatically cheaper to lease than petrol cars. Some are, some aren't. 

Yes, you'll save on fuel (charging costs way less than filling up) and you don't pay road tax (for now). But the monthly lease payment itself? That depends on the deal and the model. 

Leasing is basically borrowing a car long-term. You pay monthly for a few years, then give it back. Buying means you're paying to own it – either all at once or through finance. 

Why do people like leasing EVs? For starters, the tech changes fast. Today's amazing range will seem ordinary in a few years. When you lease, you can just swap for a newer model when your contract ends. 

You also don't have to worry about the car losing value. EVs can depreciate quickly as newer models with better features come out. With a lease, that's not your problem. 

Running costs are where EVs really shine. Charging at home is much cheaper than buying fuel. EVs also break down less – fewer moving parts means fewer problems. Many leases include maintenance too, so your monthly cost covers pretty much everything. 

But buying has its perks, especially if you're thinking long-term. The big one? Eventually, you stop paying. Once your finance is paid off, the car is yours with no more monthly bills. Over many years, this often works out cheaper than leasing forever. 

There's also freedom. Lease agreements limit how many miles you can drive. Go over, and you'll pay extra. Own your car, and you can drive as much as you want. 

Life changes too. Getting out of a lease early can be expensive. When you own, you can sell whenever you need to. 

It's worth knowing that some electric cars (especially high-end ones) hold their value better than expected. If you buy one of these and sell after a few years, you might not lose as much money as you'd think. 

So what's the bottom line? For most people, leasing an EV works out cheaper in the short run – lower monthly costs, protection from depreciation, and predictable expenses. 

But if you plan to keep your car for 5+ years after paying it off, buying might save you more overall. 

It really comes down to your life. Do you like having new tech every few years? Lease. Plan to keep your car for a long time? Consider buying. 

Still not sure? Give us a call. We can look at the numbers for cars you're interested in and help figure out what makes the most sense for you. Either way, you'll be driving cleaner and quieter – and that's a win! 

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