Electric Car Leasing vs Buying: Which is Best?

Electric Car Leasing vs. Buying: Which Option is Right for You?

When it comes to getting behind the wheel of an electric vehicle (EV), you have two main options: leasing or buying. Each option has its own set of pros and cons, so it’s important to weigh them carefully before making a decision. Let’s take a closer look at the key factors to consider when choosing between leasing and buying an EV.

EV Incentives

One of the biggest advantages of leasing an electric car is that you may be eligible for various EV incentives. These incentives can include federal tax credits, state rebates, and other perks that can help offset the cost of leasing an EV. Keep in mind that these incentives may vary depending on where you live, so be sure to research what’s available in your area.

On the other hand, when you buy an electric car, you may also qualify for EV incentives, but they are typically applied at the time of purchase rather than spread out over the lease term. This can result in a larger upfront cost when buying an EV, but you may be able to recoup some of that cost through incentives.

Lease Mileage Limits

One factor to consider when deciding between leasing and buying an electric car is lease mileage limits. When you lease a vehicle, you are typically restricted to a certain number of miles per year. If you exceed this limit, you may incur additional fees at the end of the lease. This can be a drawback for those who have long commutes or frequently take road trips.

Buying an electric car, on the other hand, gives you the freedom to drive as many miles as you want without worrying about exceeding any limits. This can be a significant advantage for those who plan to use their EV for daily commuting or traveling long distances regularly.

Buyout Price

Another important factor to consider when choosing between leasing and buying an electric car is the buyout price. At the end of a lease term, you typically have the option to purchase the vehicle at a predetermined buyout price. This price is often lower than the market value of the car, making it a potentially attractive option for those who want to own their EV at the end of the lease.

When you buy an electric car outright, you don’t have to worry about a buyout price because you own the vehicle from the start. This can be a more straightforward option for those who prefer to own their cars long-term and don’t want to deal with the complexities of leasing.


Ultimately, the decision to lease or buy an electric car comes down to your individual preferences and circumstances. If you value flexibility, lower upfront costs, and the potential for incentives, leasing may be the right choice for you. On the other hand, if you prefer to own your vehicle long-term, drive unlimited miles, and avoid buyout prices, buying an electric car outright may be the better option. Consider these factors carefully before making your decision, and you’ll be on the road to eco-friendly driving in no time!