Thursday 2 March 2023

Electric Vehicles: Buying or Leasing in 2023

**Collaborative Post**

AD: Electric vehicles are all the rage as of late. They are increasingly popular, in part because they represent cutting-edge technology and also because they represent a step in the right direction in terms of the fight against climate change. A lot of people are contemplating whether or not they should go for an electric vehicle; however, they can be pricey, which is why there is often a debate on whether buying or leasing makes the most sense.

Read on to find out.


Leasing and renting are arguably synonymous, the main difference being the length of the term. Leasing tends to have a longer term than renting. For the duration of the lease, you have to make monthly payments just as you would during a rental period. Leasing, unlike financing, does mean that at the end of the term, you will be expected to return the car in a similar state to how you received it. If you finance a vehicle, then you do tend to own the car at the end of the repayments.  

In terms of electric vehicles, leasing might be the best option for most people. This is because electric vehicles are newer and, therefore, more expensive. This means that they are simply out of most people's budget. In this respect, leasing can help to make an electric vehicle more accessible. If you are wondering: what sort of electric can I lease? The answer will depend on a myriad of personal factors, including your preferences and your financial situation too. Luckily, LV ElectriX has a few great resources, including a guide on leasing an electric vehicle which is really illuminating.  


Buying an electric vehicle can take several different forms. This is simply because buying means that you will own the vehicle; it doesn't necessarily mean buying outright. If you have the money to buy outright, then this is likely easier than the other options. However, you could still choose to take out a loan or finance the vehicle because this will still mean that at the end of the term, you will own the vehicle.  

If you are considering buying, then there are a few things that you should think about beforehand. Firstly, buying is obviously more of a commitment than leasing, so you need to think about whether or not you will be happy with that car in the years to come. Does the vehicle or its battery have a warranty? What are the charge time and mileage range for the battery? However, it is also worth pointing out that electric vehicles are still fairly new, and they are likely to be improved upon in the future with better ranges, and further refinement, which means locking into a model now could be a mistake.  

In Summary 

When it comes to an electric car choosing to buy or lease is a difficult one. For the most part, buying outright is often the best choice, but it might not be in this case. This is because the technology is still advancing, and today's top-of-the-range electric vehicle might be rendered obsolete by further advancements. Leasing allows you to experience an electric vehicle without being tied down to any one specific make or model. Obviously, the final choice is up to you, so be sure to do your research to learn more before you make any commitments. 


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