They make for affordable and economical transportation.
Leasing has become popular in recent years as an alternative to buying and financing a car outright. It’s especially prevalent in the electric vehicle market, where reports suggest nearly 80 percent of all EVs are leased. Leasing an EV not only helps make down payments and monthly expenditures more affordable, it enables EV enthusiasts to keep up with the latest technology without enduring the hassle of having to sell what could become an outdated car after several years down the road.
For starters, with the notable exception of the Tesla models, used electric cars generally suffer low resale values. While that’s bad news for original owners, it means most used EVs are eminently affordable. This is due in large part to the one-time $7,500 federal tax credit granted to EV buyers and lessees, compounded by less marketplace demand and the aforementioned limited range on a charge with older models.
The biggest downside to buying a used electric car is their operating ranges tend not to be up to current levels. Models like the Chevrolet Bolt EV, the Kia Niro EV and the recently introduced Nissan Leaf Plus can run for over 200 miles on a charge. Most models from 2016 and 2017 go for around 80-125 miles. That’s still more than enough to cover the average commute, which the U.S. Department of Transportation says is 15 miles each way.
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