In the ever-changing world of electric vehicles (EVs), deciding whether to buy or lease has become a bit of a head-scratcher. It's crucial to understand the current scene and figure out what suits you best for your Philadelphia ride. Let's take a peek at EV financing options and the key factors in play with the team at Holman Lincoln Mount Laurel.
Lease or Buy an Electric Car: Leasing Advantages
Leasing an electric car used to mean a smaller monthly bill compared to buying, attracting those keen on keeping up with tech changes without a long-term commitment. But things have shifted due to supply chain hiccups and more folks going electric. Less availability of cars for leasing incentives is noticeable, with the leasing proportion dropping from one in three in 2019 to less than one in five by mid-2022.
Buy vs. Lease EV: Quality, Range & Price
The EV world has transformed a lot. Manufacturers are now dishing out more models with better quality and longer ranges for Cherry Hill drivers. By the end of 2023, the U.S. is set to see four times the number of available EV models, according to Kelley Blue Book.
Even though the average new EV price in February 2023 hit $58,385 (higher than regular cars), there's a growing number of options below $40,000. Pricing dynamics are changing, giving potential EV buyers diverse choices.
Buy vs. Lease EV: Changing EV Technology
The tech leap in EVs has been impressive, significantly improving their range and quality in a short span. But it begs the question: will today's tech still be cool in a few years? Surveys say more than a third of Americans are holding out for EVs with a 500-mile range before they think about buying. People are playing it safe with the fast-paced world of EV tech.
Lease or Buy an Electric Car?
Choosing to lease or buy an electric car depends on the wheels in question. Established brands with a good track record might be better for buying, while less proven ones or those with potential tech upgrades could be perfect for leasing.
With battery tech evolving fast, leasing might be a smart move. The next-gen batteries expected in about three years match up neatly with the standard lease duration for Philadelphia shoppers. That way, leasers can stay in the loop with cutting-edge tech without being tied down for too long.
Explore EV Financing Options at Holman Lincoln Mount Laurel Today!
Picking between EV financing options is a bit like choosing your favorite flavor. Look into the model specifics, consider what you like, and factor in the ever-changing EV scene. Whether you're into the flexibility of leasing or the long-term commitment of ownership, the expanding EV market has choices to fit your style. Explore wisely in Mount Laurel, and for any questions or guidance on EV financing options, just contact our team at Holman Lincoln Mount Laurel.