Should You Lease or Buy an Electric Car? 

So you're thinking about going electric? Great, but then comes the big question - lease or buy? I've been there myself, and trust me, it's not as complicated as it sounds once you break it down. 

Leasing vs Buying: The Basics 

Leasing is pretty much just long-term renting. You pay monthly for a few years, then hand the car back. Simple as that. 

Buying means the car's yours - either by paying the full whack upfront or through monthly payments. Once it's paid off, you own it outright. 

Why leasing an electric car might work for you 

1. Easier on your wallet to start with 

You won't need to cough up as much cash at the beginning. When I was looking at my first EV, this was a massive plus for me. 

2. No headaches about losing value 

Electric tech is moving ridiculously fast. My mate bought an EV two years ago and already feels like it's outdated! With leasing, who cares? It's not your problem when the latest model makes yours look ancient. 

3. No faff with tax and warranty 

The road tax is usually sorted in your lease, and you're covered by warranty for the whole time you have the car. One less thing to worry about! 

4. Fancy a change? No problem 

Battery tech keeps getting better. You might lease your first EV with a 150-mile range, and a year later, the new one does over 300 miles. Leasing lets you upgrade without the hassle of selling your old car. 

5. No surprise repair bills 

You can usually add maintenance packages that cover pretty much everything. 

Why buying might be more your cup of tea 

1. It's yours to keep 

If you're like my granddad (sorry if that makes you feel old) who kept his cars until they practically fall apart (10+ years), buying could save you money in the long run. 

2. Drive as much as you fancy 

I've got a friend who does sales and drives 30,000 miles a year (he has a company car though). Leasing would cost him a fortune in excess mileage charges! 

3. Make it your own 

When you own it, you can do whatever you want with it. 

4. No payments forever 

Eventually, you'll pay it off and have no monthly costs except charging (which is way cheaper than petrol anyway). 

Bottom line 

If you're anything like me and fancy driving something new every few years without the hassle of selling, leasing is probably your best shout. Most of my mates who've gone electric have started with leasing for this exact reason. It is also a good way to try an EV for a couple of years to see if you like it before committing to something longer term. 

But if in fact you are more like my granddad who sees cars as a long-term relationship, buying could save you money over time. 

Either way, going electric is a no-brainer these days - your wallet will thank you at "charging time" versus "filling up time"! 

What are you leaning towards? Happy to share more about my own experience if that helps, just get in touch.