Are you considering buying a new car, maybe even an electric car? Have you thought about leasing one instead? Choosing to lease an electric car can have many benefits including giving you access to newer EV models and being cheaper.
Data from the Retail Motor Industry Federation shows that on average cars can drop anywhere between 15 – 30% in value as soon as it hits the road. After a year, you’ve automatically lost 40% of the car’s value – and this decline in value has nothing to do with the car’s mileage or any damage to the vehicle.
Let’s run through whether you should choose to lease an electric car, rather than buying one outright!
WHAT IS LEASING?
Leasing an electric vehicle is similar to when you choose to purchase any vehicle using finance. It is no different to leasing anything else.
If you rent a flat, you pay a deposit and then agree to pay a set monthly rate with your landlord. Once the contract ends, you can potentially extend it, otherwise the property reverts back to the landlord.
When you choose to lease an electric car, you will usually pay a deposit upfront and then agree to a payment plan with your leasing company. Within this, you usually also have to agree how many miles you will be driving the car per day, week, month or year – depending on how long you lease the car for.
At the end of the contract, you will not own the electric vehicle. However, you will have the opportunity to extend the lease agreement or start a new one. You could also swap your electric car in for a brand new model!
SHOULD I LEASE AN ELECTRIC CAR?
If you’re on the fence about whether to lease an electric car over buying one – we say lease! When you lease an electric car, there are some big advantages over buying one.
Go for an upgrade!
The biggest benefit to choosing to lease an electric car, rather than purchasing one, is the huge amount of choice on offer! If you’re looking for a new car, the chances are you probably want one which is noticeably better than the one you already have.
However, when you limit yourself to buying something within your price budget, it can sometimes be tricky to achieve that. With the help of a trade in, you might only be able to stretch to a newer version of the car you already own.
Whereas, car leasing companies have full access to the best deals from major dealerships. Meaning you have full access to newer, top tier vehicles!
High tech and great reliability
When you lease an electric car, your worries of your vehicle potentially breaking down at any point are near to non-existent. Electric cars are known for their reliability as they have less moving parts to break in the first place – this also makes them much cheaper to repair!
If you’re leasing an electric car, it’s likely that you’ll be driving a pretty new model, which also improves the reliability. It also means you can benefit from high-quality, modern technology and features. Tesla is known for its impressive and innovative tech, and this year was presented with the WhatCar? 2021 Technology Award.
The newest Tesla Model 3 has brilliantly designed features to improve the drivers safety, including an autopilot system which slows the car down as it approaches a roundabout. It can also bring the car to a stop to prevent it from going through a red traffic light.
Although we hope you wouldn’t have an accident in the Tesla Model 3, it is now fitted with technology to film and replay footage from inside the car during an accident. Tesla experts are able to use this to develop new safety features for future models.
As well as safety technology, there are also some fun features. Most Teslas are jam-packed with entertainment technology, for when passengers want to chill out and stream their favourite shows!
Wave goodbye to unexpected costs
When you sign up to lease an electric car, you have an agreed understanding with your leasing company of how much money you’re going to be paying out every month. Your agreed monthly payments will not change over the course of your rental term, whether this be a few months or three years.
This means you have a great picture of how much money the EV will cost you per month and year. From this, you’re able to better plan your financial situation in case of any unexpected maintenance or breakdown costs.
As you know, electric vehicles are extremely reliable and their maintenance costs are generally a lot lower than conventional vehicles. However, let’s say you did want to cover your rented electric vehicle in case of any accidents.
You could add a maintenance package to your total costs, meaning it would be included in your monthly payments. This would avoid you having to find extra cash to replace expensive parts such as timing belts or air-con units during the lease period.
HOW DO I LEASE AN ELECTRIC CAR?
Look no further! We are an electric vehicle rental company dedicated to helping you find the right EV for you! From Teslas and BMWs to Renaults and Kias – we have plenty of choice to tick the boxes you’re looking for.
Another great thing about leasing an electric car is that there is always an ever growing amount of choice! As more electric vehicles are designed, EV rental companies will grow their choice of models available. We have both the Vauxhall Mokka-e and the Kia EV6 joining our fleet very soon.
To get started, just check out our full list of available electric vehicles, here.