Car and DriverElectric vehicles aren’t quite ubiquitous, but with an increasing number hitting the market all the time, it’s understandable to be curious whether one is right for you. Perhaps you were put off by range anxiety or the lack of public charging infrastructure. Or maybe you were waiting to see if this whole battery-electric thing would stick. Regardless of your personal motivations, EVs are here, and they’re landing on more buyers’ consideration lists.Shop for Electric Vehicles on the C/D MarketplaceWe’ve assembled this guide to help shoppers like you navigate these changing waters and understand the pros of EVs, whether to buy or lease, what kinds of incentives are available, and a little about financing and insurance.Jump to:
- Why Consider a New EV?
- Buying vs. Leasing
- ➡️ Skip the lot. Let Car and Driver help you find your next car.
- Available Incentives
- Financing and Insurance
Why Consider a New EV?EVs are at least part of our collective motoring future. They’re an interesting and quickly evolving sector of the new-car landscape. And they have both performance and efficiency benefits compared to internal-combustion and hybrid cars. Plus, recent advances have all but nullified the dreaded range anxiety; there are affordable options that offer 300-plus miles of range, and charging speeds have stepped up enough that a recharge stop won’t add much to trips that fall farther afield from home.So whether you’re a hardcore environmentalist, a lover of new tech, or just someone interested in the latest the auto industry has to offer, there’s probably an EV that suits your needs and wants. And depending on which model you select and what kind of deal you can find, an electric vehicle can even save you money over time.Althom|Getty ImagesBuying vs. LeasingThere are plenty of important considerations when deciding between buying and leasing a vehicle, many of which have nothing to do with the type of powertrain it uses. For that, we have a separate guide on buying or leasing a new vehicle that should answer the important questions. As for EV-specific factors, many tip the scales in the direction of leasing. As we’ve said, the EV landscape is changing rapidly. A lease is a good way to avoid feeling FOMO as battery and motor technologies continue to evolve and improve across the industry. Or at least there’s likely to be less FOMO, as your technological commitment will be limited to the length of the lease term.➡️ Skip the lot. Let Car and Driver help you find your next car.Shop New Cars Shop Used CarsOne slightly selfish advantage of leasing is that you don’t have to worry much if at all about the battery pack’s health. If you own an EV outright, you might be inclined to avoid fast-charging or fully topping off the cells for fear of shortening the battery’s life, but issues like that aren’t likely to crop up during a three-year lease. Being able to turn in the car after the lease is up with no thought about the battery (which is probably fine, anyway) can eliminate a source of worry as you use the vehicle.Leasing can also get you a better deal thanks to incentives, which we’ll discuss in the next section. All that said, some people prefer owning their vehicle for the long haul, and there’s nothing wrong with going that route. Your financial situation and personal preferences will guide you.PATRICK T. FALLON|Getty ImagesAvailable IncentivesIn addition to an EV’s lower running costs compared to internal-combustion vehicles, there is often money on the table to entice prospective buyers.The federal government still offers tax credits to new-EV buyers of up to $7500, but they’re set to disappear after September 30, 2025, so you’ll need to act fast to take advantage. Not all vehicles qualify, as their MSRP, assembly location, and battery content come into play. High-income individuals are also ineligible, but that stipulation goes away if the vehicle is leased; in that case it’s the leasing company that gets the incentive, which is usually passed on to the consumer in full, reducing the lease cost. There are also state and local incentives available, so be sure to research what’s offered where you live.Soft demand for EVs has led some automakers to discount their wares to try and move stock. And occasionally, the stars will align, allowing a dealership or automaker to offer a screaming deal on an electric model, either for purchasers or lessees. We can’t promise a $0 EV lease like the one your author took advantage of, but there are definitely deals to be had.Ajax9|Getty ImagesFinancing and InsuranceShould you choose to buy instead of lease, the same financing options are available to EV buyers as those purchasing cars with engines onboard. Financial institutions don’t discern between them, and a loan’s a loan.Note, however, that EVs tend to be more expensive to repair, which may push your insurance premium higher than on the non-electric you’re replacing. As always, it’s best to price out insurance coverage before committing to a new vehicle.More Shopping Advice
- How to Buy or Lease a New Car
- How to Buy a Used Car
- Your Guide to Buying a Used Electric Vehicle
Source: caranddriver.com
