benefits of either leasing or buying an electric car

Benefits of either leasing or buying an electric car

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With the growing pollution, it is high time that we as responsible citizens take some strict steps to help our future generation get free of this growing pollution. Through our little steps, we can save the environment from further degradation and let the future generation to lead a healthier life. Do you know that causes air pollution the most? Yes, you are right! Cars! Conventional cars run by petrol or diesel releases thousands of harmful gases that pollute the air. But cars are something that has become a necessity. You just can stop using them. Then how will you stop this growing pollution? Choosing an electric car over a conventional car will do the job.

Electric cars are far better than conventional cars. In the last few years, a lot of car brands have introduced electric cars in the market and over 30% of the population till now have shifted to buying or leasing an electric car. Not only do these cars reduce pollution but they also offer a smoother driving experience compared to conventional diesel or motor car. You can either lease or buy an electric car.

This article focuses on electric car benefits.

What are the benefits of buying an electric car?

Buying an electric car comes with lots of benefits that can give you the edge. Here are the chief reasons for buying an EV over conventional cars:

The overall running cost is quite low- One of the major reasons why electric cars are more preferable by buyers is the mileage that the car provides. the running cost of an electric car is less than 1$ per km. This means the electric car is 80% cheaper than normal diesel and petrol cars. So these cars are cost effective.

Let others follow- Electric cars are made with the latest technology. When you are driving an electric car that means you are showing the way to your future generation. Buying an electric car involves pollution control. So whenever you are buying a car keep that in mind how many toxic gases your car is going to leave in the environment.

Electric Cars are low maintenance- though electric cars are expensive than conventional cars, but once you buy one maintain it is much cheaper. In compared to two thousand moving parts of a conventional vehicle, an electric car comes with only twenty moving parts. So you can easily imagine the difference in the maintenance cost. It’s almost negligible.

It produces zero emission so it’s absolutely pollution free- The increasing pollution level is well known to everyone. The conventional petrol or diesel car triggers the growth of air pollution to about 80%. So it would always be a better choice to buy an electric car which produces zero emission. Just imagine if each one of us shifts to electric cars, the air pollution level will decrease up to 80%.

Charging is super easy- We all are well known to the increasing fuel prices. Electric cars are not run by diesel or petrol. You can charge it any time anywhere you want. All you have to do is plug the car in a 16AMP source and you can drive it all day. That’s how simple it is to maintain an Electric car.

Smoother driving experience- Compared to conventional cars, Electric Cars are super easy to drive. The hurdles of driving on roads with bumpers are well known to everyone. Electric cars have direct drive transmission, which means it is equal to an automatic transmission. Conventional cars do not come with automatic transmission.

Connected cars- these advanced technology cars can be controlled by Smartphone apps they are telematic enabled. So you can operate and see the car settings even from your home. You can check charge status and also per-cool the car. You can do this all from your home and hence your car is completely ready for a wonderful drive.

Acceleration Depreciation reward for businesses and self-employed- An EV is a great opportunity to save your Income Tax. How? In the very first year, you can show almost 40% depreciation of the vehicle to your company. The depreciation for conventional petrol or diesel car is only 15%.

Noiseless cars- Electric cars are specially designed so as to enable noise cancellation. Though conventional cars these days also provide the same service, once you sit in an electric car you can feel the difference. Electric cars are completely silent, so one can enjoy music to the fullest even when stuck inside horrible traffic.

A better environment for the next generation- By switching off to an electric car, we are basically making the lives of the next generation easier. An electric car eliminates the production of almost sixteen thousand kgs of carbon dioxide, which means basically you are planting sixteen hundred trees.

Can I lease an electric car?

Well, now that you are convinced about buying an electric car over conventional cars, the next question that arrives is whether you should buy an EV or lease it? Leasing an electric car is not that easy but if you can do so you are making the smartest choice. As told earlier leasing a car is not for everyone. For beginners, the best leasing deals are only limited to those who have excellent credit.

Now, let’s see what benefits you can get from leasing an electric car.

Benefits of leasing an electric car

Leasing conventional cars are getting popular with each passing year which has made up to 30% of all the new vehicles sales. Surprisingly 80 % electric cars that are sold are actually leased. Here are the reasons why experts recommend leasing electric cars:

You will get faster technological upgrades- EVs are made up with modern technologies. This means with each passing year, new technology will be added or replaced to an older one. As years go by, Electric Cars will go through a lot of up gradations. So it will obviously be a smart choice to leases a car wherein you can upgrade a new technology car every 2 to 3 years. The upgrades may include battery durability, lesser parts, range, mileage etc.

Battery depreciation is not your problem anymore- Electric Cars are run by Lithium-ion Batteries. As these cars are new in the market, there is actually no evidence on how long these batteries will last and what mileage they will provide in the long run. Leasing anyway has nothing to do with battery life since you after three or four years you are going to give it back. You do not have to think about the depreciation of the battery.

No steep depreciation – As told earlier, within the first year the car goes through 40% depreciation. So when you are going to sell the car after one year the value will depreciate dramatically. To avoid such circumstances its better you lease an electric car. Though cars that depreciate quickly are not good for leasing, the EV’s lease payment is calculated on the basis of car depreciation + fees. The more the depreciation the more is the monthly lease payment. But you don’t need to worry about that since all these car companies are offering huge cash incentives.

You can get loyalty bonus- Most electric car makers are offering conquest as well as loyalty bonus so as to retain customers and bit their competition in the market. The bonuses offered by the car companies are higher for leasing Electric Cars compared to leasing conventional cars. So once your leasing period ends, you can actually negotiate with your current brand or switch over to a competitor who is offering better rewards. In either way, the leaseholder is an incomplete benefit.

Your incentives will increase rapidly- Do you know the State, as well as the Federal government, is giving rewards to Electric Car owners for supporting clean energy. EVs are incentive magnets. In California, the government is giving twenty-five thousand dollars to those who have leased an Electric Car plus you can get two separate leases which mean a total of five thousand dollars back! On an overall basis, this reward system is actually reducing your monthly lease payment by up to 30%.

Final thoughts

As you can see, there is a lot of benefit from buying or leasing electric cars, which you would never get buying conventional cars. Electric Cars are encouraged to buy because these are pollution free and it will help construct a healthier and better environment. So when you are having an electric car instead of conventional petrol or diesel car, you are actually contributing to clean the environment. Even the government is paying rebates to you for such a gesture. Note that electric cars are new in the market, so people who are buying it now will get more rebates and offers compared to ten years later. So make a smart choice and get the maximum benefit of owning an electric over conventional cars.

You can check out several car brands and what kind of loyalty bonus they are offering. Comparing them choose the one from which you can get the maximum incentives and rebates.

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