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Buying vs. Leasing Your EV

Green Car Reports has outlined the benefits of both owning and leasing an electric vehicle. The benefits of leasing include:

  • The Federal income tax credit is built into the monthly payment so the overall monthly payment is lower and you don’t have to wait until tax time to see the benefit.
  • You’re protected against any permanent loss of battery capacity.
  • You’re protected against potentially low resale value of your electric vehicle.

The benefits of purchasing include:

  • You have an asset that you own once you are finished with payments.
  • You may not experience any issues with losing battery capacity, especially if you live in a temperate climate and follow proper battery care.
  • If your commute or travel plans contain too many miles, you may not find a lease to cover that type of travel.
  • The maintenance costs are very few in electric vehicles, so electric vehicles are inherently less expensive than vehicles that use gasoline.
  • For more information on leasing or buying an electric vehicle, click here.