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Should you lease or purchase an electric vehicles? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare information for free - so that you can make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our loan products, such as mortgages and home equity, and other home lending products. This compensation, however, does affect the content we publish or the reviews that you read on this site. We do not contain the vast array of companies or financial offerings that could be available to you.

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6 min read published 23rd September 2022

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase the car they want.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers to manage their finances through providing clear, well-researched facts that break down complicated subjects into digestible pieces.

The promise of the Bankrate promise

More information

At Bankrate we strive to help you make better financial choices. While we are committed to strict journalistic integrity ,

this post may contain the mention of products made by our partners. Here's an explanation for how we make money .

The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long track record of helping people make smart financial choices.

We've maintained this reputation for more than 40 years by making financial decisions easy to understand

process, and giving people confidence about the actions they should do next. process and gives people confidence in the next step.

You can rest assured that we're putting your interests first. Our content is authored in the hands of and edited by

who ensure everything we publish is objective, accurate and reliable. The loans journalists and editors focus on the points consumers care about the most -- various types of loans available and the most competitive rates, the most reliable lenders, the best ways to repay debt, and more -- so you can feel confident when making a decision about your money.

Editorial integrity

Bankrate has a strict policy standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial decisions. Our main principles are that we respect your confidence. Our mission is to provide readers with reliable and honest information, and we have standards for editorial content in place to ensure that this happens. Our editors and reporters thoroughly fact-check editorial content to ensure that the information you're reading is correct. We have a strict separation between advertisers as well as our editorial staff. Our editorial team doesn't receive compensation directly by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our goal is to provide you the most relevant information to assist you in making wise financial choices for yourself. We follow strict guidelines to ensure that our editorial content is not affected by advertisements. Our editorial staff receives no directly from advertisers, and our content is thoroughly verified to guarantee its accuracy. So, whether you're reading an article or review, you can trust that you're getting credible and dependable information.

How do we earn money?

If you have questions about money. Bankrate has answers. Our experts have been helping you master your money for over four decades. We are constantly striving to provide our readers with the professional guidance and tools required to succeed throughout life's financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our information is trustworthy and accurate. Our award-winning editors and reporters create honest and accurate information to assist you in making the best financial decisions. The content we create by our editorial staff is factual, objective and uninfluenced through our sponsors. We're open regarding how we're in a position to provide quality information, competitive rates and useful tools for you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and, services, or through you clicking certain hyperlinks on our website. This compensation could influence the manner, place and in what order products appear within listing categories, unless the law prohibits it for our mortgage, home equity and other home loan products. Other factors, like our own website rules and whether the product is available in your area or at your own personal credit score can also impact the way and place products are listed on this site. While we strive to provide an array of offers, Bankrate does not include information about every credit or financial product or service.

The market has seen a dramatic increase over the past year, EVs and hybrids made up 4.5 as well as 6.6 percent of new registrations from January through June 2022, according to a 2022 second quarter market trend report by . However, even as alternatives other than Teslas and Toyotas expand, jumping with both feet into a new model of vehicle isn't easy. In addition, with an average cost of more than $66,000 on the table for an electric vehicle the options are endless economically and logically. If you're in the category of curiosity , not confidence, an EV can help you decide whether an eco-friendly car is right for you, while is best for drivers willing to commit. Lease versus purchasing an EV

A lease on an electric vehicle could provide you with hands-on experience of an otherwise expensive car however, it could cost you more in the long run , if you exceed the limits or at the end of the lease.

Do you prefer to lease or buy electric cars? When it comes to the issue of whether or not to it is fairly simple to figure out which is best for you and your pocket. If you plan to change up your vehicle every few years and can handle the limitations on mileage, then leasing could be a great option. If you're looking to have the flexibility of ownership purchasing is the best most suitable option. However, the field of electric vehicles is in its infancy, even with EV sales increasing every year. So signing off on the long-term ownership of a vehicle which is not yet on the market can feel risky. To decide which is the best option for you consider the benefits and drawbacks of each. Leasing an electric car Pros to leasing an EV Vehicle guarantee Lower monthly payments Newest technological features

Cons of leasing an EV The speedier depreciation of the vehicle Inability to sell the vehicle

Benefits of leasing an electric car advantages to an electric car are based on the added security through a comprehensive which means fewer trips to the mechanic -and a lower monthly price and access to the newest technology. Warranty for the vehicle generally, leases run for 24 or 36 months. During the course of time, your vehicle could have technical issues. When it comes to EV upkeep, the requirement to replace the battery is the most frequent issue you might encounter. If you lease, however the vehicle, it will remain covered under warranty. This gives you the potential to save thousands of dollars. A lower monthly cost A car you lease gives you to use the car for a predetermined amount of time, paying every month. It often costs less each month than a car payment for the same vehicle. In addition to having a lower cost per month it also costs less upfront and will likely quit the dealership without any money down. Leasing costs less

The monthly average cost of leasing a new car for the quarter ending in 2022's fourth quarter was $440, compared to $667 for buying, according to .

Latest tech features Although model changes year over year for conventional vehicles are not dramatic, the EV field is advancing at a much faster rate. Leasing gives you the opportunity to stay on the cutting edge in terms of available technology, rather than being stuck with last year's additions. The Hyundai Kona for example received some notable upgrades from 2021 to 2022 models which include a modernized infotainment system and new driver assistance technology. The drawbacks of leasing an electric vehicle While leasing an electric vehicle can give you the opportunity to experience the thrill of driving electric, it does come with some downsides. Primarily the challenge of lease approval, inability to quit the lease, and vehicle restrictions. Lease approval to lease the vehicle could be much more difficult than an auto loan -- particularly for those with low credit scores. Even if you are eligible to lease a car even without having a perfect credit score, it could lead to a more expensive monthly payment. Think about your credit scores of those leasing new cars during the first quarter of 2022- 736 -- which falls above the average 729 score for a loan as per Experian. Inability to sell the vehicle leaving a lease on a car isn't simple or cheap. If you do end up not being satisfied with the vehicle you are leasing, you could be entangled in the lease or be expected to pay hefty penalties to get out of the . Based on the terms of your lease and the terms of your lease, you could be required to pay for the residual value in addition to remaining lease payments and fees. Car restrictions when signing to a lease there are several key things to be aware of including mileage, maintenance, and modifications to the vehicle. If you lease an electric vehicle you'll likely be restricted to driving between 12,000-15,000 miles per year. You could also be required to pay for maintenance and cannot customize the vehicle. The benefits of buying an electric car to leasing an EV Full ownership No vehicle restrictions The tax incentive and credit

The disadvantages of leasing an EV Costly upfront, rapidly changing technology Out-of-pocket repair costs

The advantages of buying an electric car The main appeal of not leasing is the joy of ownership. You can do whatever you want with your car without having to limit what the leasing company has available or worrying over fees. As an owner of an electric vehicle, you can also take the full benefit of tax incentives and credits that would otherwise be given to the lender. You can own the vehicle completely based on where you stand financially purchasing an electric vehicle can let you go at your own speed and give you complete control of your vehicle. You'll have a clear knowledge of your total costs before you start worrying about potential wear-and-tear charges which can mount up after the expiration of the lease. No restrictions on your vehicle If you think that freedom and the open road shouldn't be restricted, then purchasing an electric vehicle could be the best option for you. It means you won't be held captive to the odometer on your vehicle and you can take advantage of the road. Other than the ability to drive at your own pace the full ownership gives you the ability to add any bells and whistles you think will fit your preferences to create a unique vehicle. Incentives and credit buying an EV you will take advantage of a variety of financial incentives. One of which, the , can be worth up to $7,500 dollars. A lot of states provide rebates to help lower the cost to purchase a climate-conscious vehicle. These incentives are available only to the owner of the vehicle, which means when you lease it, you would not benefit from them. The disadvantages of purchasing an electric car The EV space has expanded, and more budget-friendly alternatives are appearing but they still tend to carry costs that are higher than a conventional option. The higher prices are also associated with rapid technological advancements and increased maintenance costs. Expensive upfront cost tend to be much more expensive than conventional cars, with the average being $66,997, according to Kelley Blue Book June 2022 data. EV drivers also tend to carry almost identical credit profiles as those who finance luxury vehicles and paying , according to a . This could make getting approval more of a challenge for those who have less than perfect credit scores. Shop and save Borrowing money for an electric vehicle requires the same approach as one would take to get a lower interest rate on a conventional loan Check out the options and then apply for a loan and be prepared to leave. Rapidly changing tech Innovation in the electric car field is fast, and this is especially true as legacy brands, such as Ford with Mustang Mach-E and Chevrolet's Bolt, Mustang Mach-E and Chevrolet's Bolt are able to enter the market. But this growth also means that you'll have to live with the latest technology that is in the car you purchase. Although the latest developments may appear minor to the naked eye, if a flashy technology serves as a main attraction look into leasing to keep on top of the latest fashions. Repair costs out of pocket As with any vehicle under your ownership you are responsible for any required maintenance required during the ownership. But with the electric vehicle, this maintenance may be more expensive than typical trips for a mechanic. While the warranty on the battery will probably be extended for five to 10 years, EVs require replacement for other expensive repairs such as screens as well as advanced system updates. The main point is that it's best to approach the question of leasing versus purchasing an electric vehicle in the same manner as you would with a traditional car. For some, the benefits of the latest technology could outweigh the inconvenience of full ownership -- while for others, taking the wheel of a vehicle with confidence and incentives makes more sense. If you choose to purchase an EV be aware of the extra costs that come with ownership and to take advantage of . leasing an EV, contrary to what you might think will require the same care as it would typically. Check out a few leases and fully understand the contract prior to signing a lease.

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of using loans to buy the car they want.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing clear, well-researched facts that break down complex subjects into digestible pieces.

Auto loans editor

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How the car buying process has changed in 2023 Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and compare data for free - so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on the site, such as, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home lending products. This compensation, however, does not influence the information we publish, or the reviews appear on this website. We do not include the vast array of companies or financial offerings that could be open to you.

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5 min read Published January 26, 2023

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of borrowing money to purchase an automobile.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He believes in clear reporting that helps readers easily get deals and make most appropriate choices regarding their finances. He specializes in auto and small business loans.

The Bankrate promise

More info

At Bankrate we strive to help you make smarter financial decisions. We adhere to the highest standards of journalistic integrity ,

This post could contain the mention of products made by our partners. Here's an explanation for how we earn money .

The promise of the Bankrate promise

Founded in 1976, Bankrate has a proven track record of helping people make wise financial decisions.

We've maintained our reputation for more than four decades through simplifying the process of financial decision-making

process and giving people confidence in which actions to take next. process that is rigorous and precise.

so you can trust that we're putting your interests first. All of our content is authored in the hands of and edited by ,

who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. We have a team of loans reporter and editor concentrate on the areas that consumers are concerned about most -- the various kinds of loans available, the best rates, the most reliable lenders, how to repay debt, and many more. So you'll be able to feel secure when investing your money.

Editorial integrity

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and reporters provide honest and trustworthy content to help you make the right financial choices. The key principles We appreciate your trust. Our aim is to offer readers truthful and impartial information. We have standards for editorial content in place to ensure this happens. Our reporters and editors thoroughly check the accuracy of editorial content to ensure the information you're reading is true. We maintain a firewall between our advertisers and our editorial team. The editorial team of Editorial Independence Bankrate does not receive compensation directly from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our aim is to provide you the most relevant advice to help you make wise financial choices for yourself. We adhere to strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no any compensation directly from advertisers and all of our content is fact-checked to ensure accuracy. Therefore, whether you're looking at an article or review, you can trust that you're receiving trustworthy and dependable information.

How we make money

If you have questions about money. Bankrate has the answers. Our experts have helped you understand your money for over four decades. We continually strive to provide our readers with the professional guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our content is truthful and reliable. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the right financial choices. The content created by our editorial team is factual, objective and uninfluenced from our advertising. We're transparent regarding how we're able to bring quality content, competitive rates and useful tools for you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products andservices or when you click on certain links posted on our website. So, this compensation can affect the way, location and in what order products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other factors, such as our own proprietary website rules and whether or not a product is available within the area you reside in or is within your personal credit score can also impact the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include details about each financial or credit item or service.

Cars are the second most expensive purchase that people make during their lives. It was historically a unpleasant experience that was accompanied by and on the dealer lot. However, with the change in normal the pandemic brought, many dealers are embracing the and creating a more seamless buying experience. Car purchasing in 2023 is a hazard and supply chain challenges that are keeping costs up. As consumers, it's essential to make use of the shift in the car buying process in your favor. Consider the following ways that the buying process for cars could look different over the coming year for both the buyer as well as the vendor. What to expect when buying a car this year As we approach 2023, it's difficult to avoid news of and the possibility of a recession. Economic experts believe that the economy has an 85% chance of entering a recession this year, as reported. Although the likelihood of a recession is not directly related to a customer's experience on the lot, expensive prices at the dealer could cause additional discomfort when purchasing your next vehicle. The month of December saw yet another record-high average cost for new cars of $49,507 as reported by . But the future is not negative dealers have already noticed the erratic macro-environmental trends. Bankrate interviewed Dave Thomas, director of content marketing as well as an automotive industry analyst at CDK Global, for insight on the upcoming trends for this year. Vehicle price remains paramount If you're shopping for a vehicle for this coming year, you -like 48 percent of buyers, as per the may use price as your primary focus. Although the commitment to time for buying a car is a factor for the remaining half of surveyed consumers, price is most important. This year might be a bit of a rollercoaster for drivers, Thomas says. Thomas. "For consumers, the primary concern will be about those rates of interest and finding one that fits your budget" Thomas explains. This "could create a bit harder than it was before the lower inventory." If you are shopping, make sure to consider you should consider a variety of financing options to make sure that you are getting the best deal, even with higher prices and higher interest rates. Bankrate tip

Consider the entire of what you'll need to pay , and not only the month-long expense.

The inventory is low. When people head to a dealer they have an idea of the type of vehicle they are interested in buying. But many drivers have found lots empty of their dream vehicles. Over the course of CDK's six months , "the number of shoppers finding the car they want available has not exceeded 50," says Thomas. In addition, inventory is down in comparison to the year prior. Even though conditions are improving inventory remains low, according to J.D. Power. In addition, the lack of inventory has led to an increase in customers who do not visit the dealership at all. "Some brands are seeing inventory returning, but almost all have a distinct number of cars are in stock," Thomas says. This "led to an increase in people buying cars from the factory , with the process being handled at dealerships." There are more options for buying online are growing. The standard car purchasing experience hasn't seen an overhaul in the last few years, and customers are used to the lengthy process of getting a new or used car from a dealer. This move to purchasing cars online isn't an entirely new concept. Lots of local dealers have had online marketplaces available to customers who want to browse options prior to visiting the lot. However, the online shopping experience has become more in-depth recently. The time away that many motorists had to take from the buying process due to the cost can also mean that they require more information when they shop. While online shopping is increasing, Thomas explains that "76 percent of the people we interviewed indicated that they were willing to take their time to understand all of their options" this is an increase from 70 percent in 2021 in accordance with the report for 2023 . If you were one of the motorists who remained on the sidelines in the past year because of the high cost you can take comfort in the flexibility of this market. Dealerships will continue to operate. While the traditional dealership isn't going to go out of business anytime soon, but it has experienced shifts following the outbreak. Many drivers are making use of online shopping as well as when local dealers have empty showrooms. Even so the majority of buyers did not go through the traditional process when purchasing a car during the last year, according to CDK's survey. It is also interesting to note that those 9 percent of motorists that did complete their car buying experience completely online didn't rate the experience highly. In this light, it's a good idea not to overlook the hands-on experience it offers. But many dealerships are offering the best of both approach with the option to go online first and then end at the location. Thomas explained this change. A lot of automakers from the past are "streamlining the online process and attempting to make the switch from doing a portion of the process online to seamless experience at the showroom." Drivers are benefiting from the ability to crunch the figures from the comfort of their at home, yet still have a driving experience before signing the documents. Four ways to make use of online car shopping to your advantage Online car shopping is new and takes some time to master. Although some of the advice is in line with traditional car shopping, consider these suggestions when you're not on the showroom floor. 1. If you are able to research in person, or not, researching to find is the initial step to buying a car. Take note of the factors that are most important to you such as the size of the vehicle, fuel economy or even the style and color. Although you might not be able explore your new vehicle personally, YouTube car tours are a great resource to see the particulars of what a vehicle can offer. 2. Set a budget After you decide on the type of vehicle you're looking for, it's crucial to determine how much you're willing to spend and . This requires extra effort but is simpler without the pressure of a salesperson hounding you. Enjoy your stay at home and consider all the factors that affect you, such as your salary, fuel, insurance and additional vehicle costs. 3. Check local inventory Another benefit of shopping for your car on the internet is the ability to check local inventory before going to look in person. This can be accomplished in a few ways. Look at certain dealers in your region -- search by, for instance "Toyotas available near me" or look up websites such as Edmunds and TrueCar. This can also assist in because you'll better grasp the price landscape for the car you want to buy. 4. Chat online with salespeople . Negotiation is often one of the most daunting aspects of car buying However, when you're behind a computer screen it's much easier to bargain for the price you're entitled to. The majority of online marketplaces that you come across will offer chat. Use this as a space to ask the right questions. Make sure to be firm and then share the information you have gathered in your research of local inventory to determine different pricing options. The bottom line It's clear the buying experience for cars has changed for both the dealer and the buyer over the past few years because of a mix of factorsincluding global pandemics inflation, global pandemic as well as supply chain issues, and growing technology. It is crucial to keep in mind that a change in the market is taking place, and it is bringing increased accessibility and transparency to the buyer. Therefore, even though it's unlikely that car lots are going to disappear entirely, you should consider shopping online to potentially save time and money.

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to purchase an automobile.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He values the clarity of his reporting, which helps readers easily land deals and make the most appropriate choices regarding their finances. He is a specialist in small and auto loans.

Other Articles Related to Auto Loans 4 minutes read Mar 03, 2023.

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or when you click on certain hyperlinks on our site. Therefore, this compensation may influence the manner, place and in what order products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other factors, like our own rules for our website and whether a product is available in your area or at your self-selected credit score range may also influence the manner in which products are featured on this site. We strive to offer the most diverse selection of products, Bankrate does not include details about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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