Should You Lease or Buy an Electric Car in Canada?

If you are thinking about leasing an EV in 2022, you may be on to something. While leasing has a bad rap, getting an EV is probably the best decision you can make, especially with soaring gas prices. So, the question once again comes down to this; should you lease or buy an electric car?

 

Leasing is Not Like Renting a Car

One of the biggest misconceptions out there is that leasing is just renting a car. This is not even remotely accurate; while you do keep the car for a predetermined amount of time and return it, that is the only comparison with renting; everything else is pretty much the same as buying.

 

A major reason why people lease instead of buy is if you are looking for lower monthly payments; traditionally speaking, leases come with a lower monthly price than what you would pay if you were making installments towards owning the vehicle outright.

 

 

Another compelling reason why some consumers lease the car is for the tax benefits. We are not tax experts, and each person has their own unique circumstances.

 

But speaking in generalities, if you buy a car, you cannot write off the payments as a business expense. If you lease a car, then the lease payment can be written off.

 

Reasons to Switch to a Hybrid or EV

There are two options; you can either get a hybrid or an EV; in either case, you are spending less money on fuel which is going to make your wallet happy!

 

If you were to make a pro and con comparison of EVs versus gas-powered vehicles, it would become abundantly clear that EVs are a better option.

 

• EVs only have a few moving parts when compared to gas-powered vehicles. With fewer moving parts, there is less maintenance and a lower risk of things breaking down.
• EVs are less likely to suffer theft; right now, there is an epidemic of gas-powered vehicles having their catalytic converters removed by criminals. Since EVs do not have these components, thieves will not give your vehicle a second thought.
• The government is offering rebates to help offset the upfront cost of purchasing an EV. When EVs first hit the market, they were expensive, but you can now get an EV that is priced similarly to what you would pay for a comparable gas-powered car.

 

Securing the Best Financing on a Hybrid or EV

You should make sure your credit score is as high as it possibly can be; this is going to help you qualify for the best terms whether you lease or buy an electric car.

 

 

While having a good credit score is important, to get the best terms, you need to work with a dealership in your community.

 

The dealership can access financing terms that are just not available to the general public. These dealerships know how to negotiate on your behalf and can help you find the perfect vehicle for your budget.

 

You should contact your local dealership today and start test-driving their full lineup of EVs and hybrids.