Leasing an Electric Car: A Comprehensive Look at the Pros & Cons
16 Mar 2023 • 4 mins to read
The Good: The Pros of Leasing an Electric Car In the current climate of fossil fuel prices and global warming, electric cars are becoming increasingly popular. But, are electric cars a viable option for those of us who are on a budget? Let’s take a look at the pros of leasing an electric car!
- Environmentally Friendly: Electric cars emit zero harmful gases, compared to petrol cars which pump out greenhouse gases like carbon dioxide, nitrogen oxides and hydrocarbons. This makes electric cars a more eco-friendly option.
- Cheaper to Maintain: Electric cars are much cheaper to maintain than petrol cars, since they don’t require regular oil changes, exhaust system repairs and other parts that are needed for petrol cars. Electric cars also tend to depreciate at a slower rate than petrol cars.
- Tax Benefits: Electric cars can qualify for various tax benefits, such as federal and state income tax credits which can offset costs significantly.On top of that, electric cars also tend to have lower registration and insurance costs.
- Lower Fuel Costs: One of the biggest advantages of electric cars is their lower fuel costs. Electric cars have significantly lower fuel costs than petrol cars, and some electric cars even come with free charging.
- More Space: Electric cars don’t require a bulky engine, so they tend to have more space in the cabin, which makes them more comfortable.
The Not-So-Good: The Cons of Leasing an Electric Car
Now that we’ve gone over the pros of leasing an electric car, it’s time to take a look at the not-so-good: the cons. Let’s dive in.
- High Upfront Costs: Electric cars tend to be more expensive than petrol cars, and this can be a significant barrier for people on a budget. On top of that, electric cars also require specialised insurance, so that’s something to consider as well.
- Limited Range: Electric cars tend to have limited range, so they may not be suitable for long trips. This can be a major disadvantage for people who need a car to drive long distances.
- Slow Charging: Electric cars need to be charged frequently, and it can take several hours to fully charge them. This can be inconvenient if you need to drive the car frequently.
- Infrastructure Issues: Electric cars require specialised infrastructure, like charging stations, in order to be used efficiently. This is an issue in some places, as there may not be enough charging stations available.
- Resale Value Low: Electric cars tend to have lower resale value than petrol cars, so it’s important to take this into consideration when leasing an electric car.
Leasing an electric car has its pros and cons, and it’s important to consider both before making a decision. Electric cars tend to be more expensive than petrol cars upfront, but their running costs are usually lower in the long run. Electric cars also tend to be more eco-friendly than petrol cars, and they qualify for tax benefits as well. However, electric cars also tend to have limited range and slow charging times, so it’s important to consider these factors before leasing an electric car.
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