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SEARCHQ4 data show they figure largely in the transactions with their significant cost savings.
The difference between the average monthly loan and lease payments was $175 in favor of leasing.
Pexels/distel APPArath
With new-vehicle prices still inflated, buyers are looking for every way they can to make acquiring one more affordable, and for electric vehicles, leasing continues to be the go-to option for many.
A fourth-quarter report by Experian shows that 50% of new-EV acquisitions in the quarter were via leases, and EVs made up almost 20% of new-vehicle leases in the quarter, up from 2% four years earlier.
“Leasing offers consumers the opportunity to buy an EV without worrying about the potential resale value down the line,” said Experian Head of Automotive Financial Insights Melinda Zabritski in a press release on the report.
“With many EVs set to come off-lease in the next few years, it will be interesting to see how the used EV market unfolds.”
The cost of leasing an EV compared to buying one is significant considering today’s prices. The difference between the average monthly loan and lease payments was $175 in favor of leasing, according to Experian. The difference was even more for non-luxury EVs, whose lease payments were $205 lower than the average loan payment.
EV leases have also enjoyed exemptions from limits on federal EV tax credits, though the Trump administration has vowed to end the credits.
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