As much as I love testing out all of the best electric cars on the market, there’s still one thing that makes a lot of people (myself included) hesitant about buying one — their cost. EVs are obnoxiously expensive and I often argue how hybrids and PHEVs are better alternatives.
For the past year now, I’ve been debating on what car I should buy next, but it doesn’t help when the average EV costs $56,910 according to the latest data from Kelly Blue Book. I was curious to know how much I’d have to pay if I were to finance that cost, which this auto loan calculator determines to be about $1,016/month for 60 months.
That’s an obscene amount of money, and I just can’t fathom ever paying that each month for just my car, let alone having to deal with other expenses like my mortgage, cell phone plan, and more.
At this point, I’m unlikely to ever buy an EV — so I plan to lease one instead. Here’s why I think it’s the smarter way to go.
You’re likely to have a lower monthly payment
After checking out the calculations on what I’d have to pay to finance an EV that costs $56,910, it really adds more even more stress to the shopping process. Even though I’ve been tempted by some of the more affordable EVs on the market, like the Chevrolet Equinox EV, Hyundai Ioniq 6, and Tesla Model 3, you’re still looking at prices around $40,000.
I’ve been looking through some EV lease deals and I have to admit they’re attractive. Instead of shelling out close to $1,000/month, you’re looking at paying a fraction of that. Of course, it’s all contingent on your credit score, but that’s the case too when you’re financing a vehicle.
Considering how price continues to be a major roadblock for EV adoption, these lease deals open EVs up to more people because you’re spending much less for a brand new electric vehicle. Here are just some of my favorite EV lease deals right now for cars that I've personally tested.
Don’t have to pay for regular maintenance
When you lease a vehicle, you typically don’t have to pay for maintenance services because they’re usually covered by the manufacturer’s warranty. You’re probably used to getting oil changes every 10,000 miles, but that’s not a concern for EVs. Instead, the stuff you’d have to replace on an EV are your windshield fluid, coolant system, and the cabin filter.
Meanwhile, the regenerative braking system incorporated in many EVs helps to reduce wear on traditional brake components. That’s why I always recommend trying to use their one-pedal driving to get acquainted with how they handle, which will go a long way to reduce wear and tear. Since most lease agreements go from 2 to 3 years, it’s unlikely that the braking system and tires would need to be replaced.
Practically getting a new car every time
The last reason why leasing an EV is better than buying one is that you could be getting a new vehicle every few years. Most car dealerships offer you the chance to buy your lease vehicle at the end of the lease period, but I would probably opt to lease another one — hopefully at close to the same cost.
Regardless, you’re practically getting a new vehicle and that’s a good thing. I know that it means that you won’t ever own an EV, but the thought about having a new toy every few years does sound exciting, much like getting a new phone in the same span. Newer models could also come with more features, like how ADAS (Advanced Driver Assistance System) continues to evolve and be more reliable.
Bottom Line
I can’t deny how these lease offers are much more conducive to my budget, plus this is one way of making EVs accessible to more people — including those who are still apprehensive about these kinds of cars. Leasing an EV gives you the opportunity to see if an EV is right for you, since you’re not paying for the full cost of the vehicle.
Even though the EVs I recommended above are modest options all under $50,000, some of the pricier ones are still attractive under lease deals. Take one of my favorite all-electric pickup trucks, the 2025 Ford F-150 Lightning XLT, which costs a whopping $65,540. I’m looking at a monthly cost of $738/month for 84 months according to Ford’s listing. As much as I’m shocked by the first figure, it’s the second one that puts a dagger through my chest.
In contrast, it’s a $324/month payment with a 24-month lease and $6,878 down. Yes, that last number is a bit too rich for what I’d like to shell out for a down payment, but that $324/month rate looks much more appealing than $738.
Leasing isn’t for everyone, but if it’s something that fits your lifestyle and budget, I’d suggest you consider leasing one next.
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