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To Buy an EV or to Lease an EV?

To Buy an EV or to Lease an EV?

That is the question. So, you’ve been reading our various blogs. You’ve done
all this research, determined that you’re ready to bring an electric vehicle
into your life. You’ve decided on the model, whether it’s a PHEV (Plug-In
Hybrid Electric Vehicle) or a full BEV (Battery Electric Vehicle). The next
question is whether you want to buy the model you’re looking at or lease it.
Full disclosure, I lease my Bolt EV, and it is our hope that my experience can
help you answer this question for yourself. Most of our team are EV drivers,
and so for this article, I’m going to discuss my decision process, and the
reasons why I chose to lease instead of buy. Keep in mind, when I signed the
lease for my Bolt EV, it was the end of 2019. 

WHY A LEASE?

Let’s start with the great lease deals out there. It has been possible
in MA to lease:

  • Hyundai
    Ioniq Electric for $169 a month ($2,199 due at signing)
  • Kona
    Electric for $239 a month ($3,999 at signing)
  • Nissan
    LEAF Plus for $189 a month for (with $2,500 due at signing)
  • Chevy Bolt
    EV for $145 a month for a ($2,500 due at signing)

And because drivers who lease are also eligible for a $2,500 state MOR-EV
rebate, for many of these deals it’s like putting no money down.

Long story short, thanks to federal incentives, and growing competition, you
can find some seriously good deals out there to lease an EV. But how do I know
a lease is what works for my situation?

For me personally, the answer to this question is technologically based.
Electric vehicles have been around since the dawn of the personal car, but the
last decade has been the fastest level of electric vehicle advancement in the
history of the automobile. I expect to see that technology continue to advance
at an even faster rate as demand rises, supply chains evolve, and more
breakthroughs are made for battery technology. Normalization of the electric
car so-to-speak.

For a small example, my 2019 Bolt EV, which I leased in 2019, had its range
increased from 239 miles to 259 miles for the 2020 model. There were several
factors at play at the time, which is why I signed a lease in fall of 2019
instead of waiting. But knowing the change was coming, I managed to get a
better deal on the model I was looking at, because of the coming range bump. I
also utilized the Green Energy Consumer’s Alliance “Drive Green” deals to find
the best deal I could get on my lease (contact us for more information on how
to leverage GECA’s Drive Green Program!)

Ultimately, I chose to lease instead of buy my Bolt because of the
significant jumps when a new “generation” of EV comes to market. These jumps
could mean: increases range and performance, variation in models and brand
choices, faster outputs and consumption of fast charging (the Bolt still tops
off at 50kw of charging, compared to other models that are 80kw and up to
350kw, although there are almost no fast charge stations that can put out 350kw
to charge an EV, yet!) All these possible technological
advances were why I took a 36-month lease, because come 2022, the EV market is
supposed to have a drastic increase in choice, options, and competition.

FINAL THOUGHTS

Again, this isn’t designed to tell you the reader that a lease is better
than a purchase. Many EV models are retaining their value at astonishing rates,
as they just don’t break down as much thanks to less moving parts (you’ve
probably heard this one a hundred times from us). Two other members of my team
are EV owners and have no regrets on their purchase!

At the end of the day, here at the Norwood Drives Electric program we’re here
to help you answer all your questions, and my lease experience is designed to
provide you with my personal thought process for why I landed on leasing rather
than buying. There isn’t a perfect answer, as everyone’s situation is
different. Among our EV support staff are EV drivers who purchased their EV and
who have owned the same EV for over 8 years.

So feel free to email us at NorwoodEV@norwoodlight.com
and we will happily help you think through which option fits your needs best!

Let us know your thoughts in the comments below!

 

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