These days, we have a lot more options when it comes to purchasing a vehicle. If you’re someone who is environmentally conscious and you also want to save money, leasing an electric vehicle could be a good choice.
Electric vehicles, also known as EVs, are a popular choice, particularly for those who don’t want to commit to long-term ownership. However, there are pros and cons, and it’s vital to be informed before making a choice. To help you do just that, we’ll cover everything you need to know about leasing electric vehicles in this guide.
The world of electric vehicles can be confusing at first, but careful research shows how beneficial they can be. EV leasing simply means renting an electric vehicle for a set amount of time, usually between 2-4 years. This arrangement is a contract and therefore legally binding. However, during this process, you do not own the vehicle and will need to return it at the end of the arrangement.
The benefits of an electric vehicle lease are quite clear: you can utilise the latest models without the financial commitment of purchasing a regular vehicle. Another welcome benefit is that electric vehicles are far kinder to the environment, therefore lowering your carbon footprint.
The two types of EV leasing are Personal Contract Hire (PCH) and Business Contract Hire (BCH). Understanding both of these types will help you make an informed decision.
Personal Contract Hire is ideal for people who are looking to hire an electric vehicle for personal use. On the other hand, Business Contract Hire is designed for people who will use the vehicle for their business/work needs.
The bones of the e-car lease are similar, including low monthly payments and the ability to choose from up-to-date models. The main difference is that each contract is tailored to each specific need. For that reason, choosing carefully is key.
Compared to regular vehicles, an electric lease offers much lower monthly payments. While there may be a small upfront cost involved in some cases (not all), this is considerably lower than those involved in purchasing a standard vehicle.
EV leasing is ideal for anyone who wants to manage their money every month but who still wants the benefits of an up-to-date vehicle.
When exploring electric cars to lease, you’ll see a range of features, all involving sophisticated technology. EV leasing allows you to rent the latest models without the huge initial cost. We know that technology develops quickly, and with a short-term lease such as this, you can choose to upgrade your vehicle after a few years. As a result, you get the latest technology and the best quality vehicles.
The majority of electric car leasing contracts include warranty and maintenance, which gives extra peace of mind. This means EV leasing offers reduced maintenance costs compared to regular vehicles. In most cases, brake checks and oil changes are also included within the agreement. Additionally, electric vehicles don’t have the same number of moving parts compared to regular cars, which cuts maintenance costs drastically.
Before you make a decision, it’s important to do your homework and research electric vehicles. This step will help you choose whether an EV is for you in the first place. Then, you need to research and compare the market to look for the best EV leasing deals.
EVs are becoming extremely popular, which means there are plenty of choices out there. It’s a good idea to use a car leasing comparison site, like Leaseloco, so you can see everything in one place. This also allows you to view the average cost, giving important information on the type of prices you can expect. Remember to look at important aspects before making a decision, such as any additional fees, limits on mileage, and how long the lease is for. Checking the small print will save you trouble later on.
Take some time to think carefully about your needs before you decide to lease an electric vehicle. It’s very easy to have your head turned by an attractive offer, but consider your budget and driving habits. Otherwise, you may find yourself locked into a contract that doesn’t serve you well.
Having a clear picture of your personal needs will help you choose the best EV leasing option before you even start delving into specific features. However, think ahead and start considering what features suit your needs so you have a clear idea when you start shopping around.
Electric vehicles are extremely popular and that means many EV leasing companies have appeared on the market. It’s vital you take the time to choose a reputable company and don’t just opt for the first one or two you see. Look at how many reviews the company has and how many are positive. You need to select a leasing company with a high-quality reputation above all else.
Companies like Silverstone Leasing are a good choice as they help guide you towards the best deal for you, offering the most competitive rates on the market. Everyone has different needs, and a personalised approach will ensure you’re happy with your choice at the end of the day.
Before signing a contract, make sure you’re crystal clear on any upfront costs involved and exactly what the monthly payments will be. This can vary from company to company, so clarity is key.
The deposit for an EV can vary wildly, and can be anywhere up to six times the monthly payment. Understanding this first payment will ensure you can budget effectively and you won’t have any nasty surprises.
The monthly payment is another strong variable and is based on many factors, including the duration of the lease and expected mileage. As this is a recurring payment every month, it’s vital to budget accordingly, so you know you can meet the cost of your electric car lease without any issues.
Many electric car lease deals include additional costs and fees, and this is another reason why it’s vital to be clear on what you’re signing up for. Examples of potential additional costs include wear and tear, mileage over the expected amount, and if you choose to terminate the lease early.
To mitigate some of the costs of EV leasing, you can sign up for a maintenance package that covers your vehicle’s regular maintenance costs. This is a good add-on to consider and can help you save money and keep your vehicle in the best condition.
Before signing a contract, be sure to read the document carefully, including the small print. This will ensure you are clear on everything that is expected of you and there are no surprise fees further down the line.
Let’s delve further into how to choose the right EV model from the get-go. The first step is to think carefully about what you need versus what isn’t so vital for you. Start by considering your budget and lifestyle. How much can you realistically afford to pay every month? Then, think about your driving habits. Remember, the monthly payment to lease an electric car will take into account the expected mileage, so be realistic about how much you will use the vehicle.
Take the time to research the availability of charging stations in your general area. You need to be close enough to a station either at home or work, to ensure your usage isn’t disrupted. So, it’s time to think about the specific features you would like your EV to have. For instance, what safety features do you need? What about infotainment systems? Assessing your needs will help you shortlist specific EVs.
Just as you would compare laptops before purchasing one, you need to do the same with different EV models. As these vehicles gain even more popularity, your choices widen, so dedicate enough time to comparing EV models.
First, look at the specifications of the models that call out to you. Consider battery life as one of the most vital elements, the features it has, options for charging, and the range. It may help to create a comparison table for your EV leasing options so you can cross-reference more easily.
Remember to check reviews for useful information about the vehicle, especially when it comes to reliability and performance. It’s also a good idea to dedicate some time to test-driving a few models, giving you a realistic sense of what it’s like to drive each vehicle.
Ultimately, there are countless electric cars to lease on the market, and taking your time will allow you to arrive at the right choice for you.
Once your electric vehicle lease is over, you will return the vehicle to the company. There are different procedures for returning the vehicle, so make sure you understand the end-of-lease arrangements for your specific vehicle. Failure to follow these instructions could lead to additional fees.
The most basic requirements include returning the vehicle to the company in good condition. Any excess wear or tear could lead to a charge. Additionally, if you record any excess mileage beyond that stated on your lease, you can also incur a fee.
To avoid these issues, check your vehicle carefully as the lease comes to an end. If you need to make any repairs, you will then have the time to do so, before having to return your EV in less-than-ideal condition.
Depending upon the terms and conditions stated in your EV leasing contract, you will have a few different lease-end options. The easiest is to return your EV and leave it at that. If you don’t feel the need to rent another vehicle, the simplest route is for you. However, you can also lease another EV model, or, in some cases, you can choose to purchase your current vehicle at its current value.
Think carefully about what you would like to do before the end of your lease. There are advantages and disadvantages to all options, so consider these carefully. If you choose to walk away from EV leasing, you will obviously no longer have access to the vehicle. However, if you don’t get the expected benefit from it, it’s a more sensible option.
If you choose the option of leasing an EV again, make sure you gained the right amount of benefit the time before. If not, you’re simply adding extra expenses. In terms of purchasing your current EV, if it’s in good condition, that’s a plus point. If not, it is more expensive to keep it as you’ll end up having to pay for repairs.
Whatever your decision, make sure it fits your needs and budget.
We’ve talked a lot about usage and cost, but there is another aspect to consider – the environmental benefits of EV leasing. It’s unsurprising that electric vehicles are a lot more environmentally friendly than regular cars. They reduce air pollution considerably because they emit zero tailpipe emissions. By opting for an EV, you’re cutting your carbon footprint drastically and doing your bit to fight climate change.
In the battle to become more environmentally friendly, it’s vital to look toward renewable energy sources, both in our home and working lives. As EVs become more popular, charging sources for these vehicles have also become ‘greener’, therefore impacting the planet positively once more.
In fact, more people are looking to use EVs both for budgetary reasons and to combat climate change. According to the IEA, electric car registrations in Europe increased by 20% in 2023, compared to the previous year.
So, when looking for electric car deals, don’t just think about features and cost, also consider your contribution to combating climate change.
For those on a budget, leasing an EV offers many benefits. Firstly, compared to petrol, electricity is cheaper, so you’re saving on powering your vehicle from the start, and this will compound over time. In some cases, there are tax incentives to EV leasing, which is another of the rewarding economic advantages to choosing an electric vehicle.
New developments in the EV world are also ongoing. One of the most recent is a partnership between Mufin Green Finance and Roadcast. This arrangement will make use of top-quality technology to monitor three-wheeled EV usage remotely. The result is an expected decrease in lease defaults due to excessive usage.
Shopping around for the best electric car lease deals will ensure you benefit from these advantages as well as a price that suits your budget.
EV leasing is usually a cheaper option. In this case, you don’t need to pay out a large amount of money at the start, monthly payments are low, and maintenance is included. However, when looking at whether it’s cheaper to lease or buy, you do have to consider that over the long term, an outright purchase could be more cost-effective if you’re planning to keep your EV for several years.
It’s important to think carefully about your budget and your driving habits before deciding on an electric lease or outright purchase. Also, consider how long you intend to keep the EV; if it’s only a short-term need, leasing is the better option.
When you lease an electric car, you need to return it at the end of the contract period. Check your paperwork carefully for specific instructions on what to do, however, you generally have a decision to make. You can choose to return the EV and end your lease, or take out a new EV leasing arrangement for a different vehicle. If your agreement allows, you can purchase your current EV at its current value.
As you approach the end of the lease term, consider your budget and needs to help make the right decision for you.
As governments look to increase sustainable energy use, rebates and tax incentives become available for those looking to lease an EV.
It’s certainly worthwhile exploring incentives, including charging equipment grants, tax credits, and lower BIK (benefit-in-kind) rates. These options make EV leasing a cost-effective and even money-saving option.
With the increased popularity of electric vehicles, it’s not surprising that you want to learn more. To help recap everything we’ve covered, here are the main points to remember:
We all need to think about becoming ‘greener’ and looking towards renewable energy sources, and there are many ways you can do that. Within your home, solar panels are a great option, with cost-saving measures to help you along the way, such as solar battery grants. However, while you’re on the go, leasing an electric vehicle is certainly worth considering.
With lower monthly costs, access to the latest models at a fraction of the price, and the ability to reduce your carbon footprint, EVs are a popular route. There is a lot to consider before agreeing to a lease, but researching and comparing deals will help you choose the right option.
If you decide that an EV is for you, Soly Energy can help you keep cash in your pocket when charging your vehicle at home. Additionally, you can use Soly battery storage to sell back energy to the grid, keeping your electric bills low.
When looking to help the environment, saving money is certainly a pleasant side effect, and electric vehicles tick both boxes.
