When leasing an electric vehicle, avoiding these common pitfalls can save significant costs and hassle:
1. Not comparing leasing offers
Failing to compare providers can lead to overpaying. Key criteria include:
- Monthly payments and upfront costs
- Mileage allowances (e.g., 12,000–15,000 miles/year) and overage penalties (often $0.15–$0.35 per extra mile)
- Included services like insurance, maintenance, or roadside assistance
- Contract duration (typically 24–48 months) and early termination fees
2. Ignoring actual usage needs
- Underestimating mileage: Exceeding the cap can cost thousands (e.g., 4,000 extra miles ≈ $1,000).
- Overlooking required services: Ensure maintenance, charging infrastructure, and insurance match operational needs.
- Mismatched contract terms: Longer leases may lock you into outdated EV technology.
3. Overlooking excess wear-and-tear costs
Lessors often impose subjective standards for vehicle condition. Minor scratches or interior damage may trigger fees. Review the lease’s wear policy upfront.
4. Neglecting equity and flexibility
- No ownership: Leasing provides no equity, limiting options for future purchases.
- Early termination penalties: Exiting a lease early often requires paying remaining payments in full.
By prioritizing these factors, businesses and individuals can secure EV leases aligned with their budgets and operational requirements.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/what-are-the-common-pitfalls-to-avoid-when-leasing-an-electric-vehicle/
