Why to Lease or Not Buy Am Electric Car

Dec 22, 2023 By Susan Kelly

The number of people purchasing electric vehicles in the UK is rising rapidly. By year's end, more than half (58%) of zero-emission vehicles were electric. Since electric vehicles have several advantages, this proportion is expected to rise yearly.

But what exactly are those advantages? Exactly what are the advantages of having one? Specifically, why would it be a good idea to lease one? Keep reading as we highlight some of the benefits of leasing an electric vehicle...

Cost-effectiveness

Electric vehicles are more costly than their gas or diesel counterparts since they are still in their infancy and their technology is still developing. A SEAT Mii with an electric motor will set you back over £20,000, which is a lot more than the price of a Volkswagen Up! priced close to $13,000, identical to the Mii in all respects except for badging, powerplant, and cosmetics.

Many motorists still can't afford to switch to electric vehicles, despite the government's subsidy of £1,500 (down from £2,500). On the other hand, leasing allows you to drive an electric vehicle while making fewer monthly payments than buying one outright.

Versatility, Number Two

Leasing an electric vehicle also ensures you stay abreast of the latest innovations in a quickly developing field. Value for used electric cars is decreasing rapidly as newer, better models flood the market. When you lease an electric vehicle, you can avoid having your cash stuck in the vehicle.

By doing this, keep up with the times and drive the most advanced and comfortable vehicle possible. Electric car ranges are now expanding rapidly, allowing for longer trips between recharges. When your contract for a leased electric vehicle expires, you can trade it in for a brand-new model.

Lower Operating Expenses

Let's move on to the advantages of electric cars as a lease option. The reduced operating costs are a major plus. Filling up the battery of an electric vehicle is far more affordable than filling it up with gas or diesel. Driving an electric automobile one mile can be three to four times less expensive than driving a gasoline or diesel vehicle.

If you have access to off-road parking, charging your electric car at home is the most convenient and cost-effective option. Your car will be fully charged in the morning if you keep it plugged in overnight. In addition, the government can reimburse you for up to 75% of the cost of installing a quicker charging port in your home (up to a maximum of £500).

Where do Americans get the most out of their climate-altering pollution? Transportation. We must ensure that all vehicles on the road are as environmentally friendly as possible to combat the climate crisis successfully. If we want to avoid the worst effects of climate change, we have only a decade to alter our energy consumption patterns.

Duke University previously highlighted the health costs, finding that consumers can expect to pay up to $3.80 in health and environmental costs per gallon of gas. For every gallon of diesel used in heavy trucks and farm machinery, society pays an extra $4.80 in health and environmental costs.

Low-upkeep

Leasing an electric vehicle also has the added benefit of being low maintenance. The cost of repairs is proportional to the complexity of a car's mechanical systems. Compared to a standard internal combustion engine (ICE), the motor in an electric automobile is simpler, meaning there are fewer moving parts and less potential for damage.

This excludes the metal-on-metal wear that occurs, for example, in a conventional automobile's clutch system and which necessitates periodic replacement for proper vehicle upkeep. Electric vehicle upkeep is typically confined to:

Although there are fewer moving components, it's important to remember that the ones that still need attention are highly specialized. For example, electric motors are something other than something that car lots can repair themselves, and batteries are still mostly uncharted territory in this emerging industry. The cost and inconvenience of replacing batteries that have degraded with use and charging cycles is a real possibility.

Better for the Earth

The government actively encourages us to buy electric automobiles to protect our planet. Since they don't release as many greenhouse gases as gas and diesel vehicles, electric automobiles are a great way to lessen your environmental impact.

However, they do not produce zero emissions at present. The majority of the electricity in the UK is generated by burning coal and gas. Therefore electric cars are not completely emission-free. The gradual decrease in this is due to the fact that we are switching to cleaner forms of electricity.

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