By subscribing we will send you emails containing offers. You can read our privacy policy here.

10 Things To Consider When Leasing An Electric Vehicle

 Published 18th March 2024
Electric Vehicles 

In a world where technology meets sustainability, a new breed of eco-warrior is emerging. They are armed not with weapons, but with the most advanced electric vehicles known to man. As we look at the dangers that threaten our planet, not the Independence Day alien-types, but global warming and greenhouse gas emissions, the decision to lease an electric car becomes a mission, not just a mere choice.

In this blog, we will navigate the futuristic world of electric vehicles and the main things to consider before signing that lease agreement. From understanding the nuances of lease terms to unravelling the mysteries of battery life and refuelling as well as the incentives of tax savings and charging infrastructures to power your journeys – we’ve got it covered.

So buckle up and prepare for a trip through the essentials of leasing an electric car – a choice that could define your driving experience and impact on the planet for future generations.

1. Lease terms

Delving into the lease teams is like working out the rules of a complex board game, and it’s important to understand them so you’re not caught out. You’re usually committing to a fixed-term agreement for anything from two to four years and you must ensure you know your mileage limits, monthly payments, initial rental payment and end of lease options as not holding up your end of the agreement can cause you more inconvenience than a ‘Go to Jail’ card in Monopoly – resulting in fines and hassles. Make sure you also know what the early termination policy entails in case any unforeseen circumstances occur. Checking the terms of your lease will lay the groundwork for your leasing journey and ensure there are no nasty surprises down the road.

2. Battery life

The battery is the heart of an electric vehicle, pumping the lifeblood of power throughout the car and keeping it humming happily for miles of smooth travel. However, as with all batteries, they have a lifespan and when you’re considering an electric car lease, it’s vital to ask about the longevity of the model you’re looking at and what the agreement says about battery degradation. If the performance dips, does the lease cover replacement or repair? You need to know your electric steed will remain efficient and active for the duration of the agreement.

3. Charging

Knowing you’ll be able to recharge whenever you need to is essential, so checking the charging infrastructure in your area, or along frequently travelled routes, is essential. Is there a charging station at your work or will you need a home charging setup? How long does it take to fully charge, or at least 80%? Many workplaces have taken advantage of the government’s incentives to install chargers for their employees and the government is investing £20 million to boost the installation of electric car charging points. The convenience of being able to charge your vehicle quickly and easily will impact the usability of your car, and if it’s not easily achieved you’ll quickly become frustrated.

4. Cost

The cost of an electric car lease isn’t only the monthly lease payment and you’ll need to calculate the total costs for the whole lease period. Leasing will require an initial rental payment, monthly payments, insurance costs as well as maintenance. Electric cars generally have fewer running costs due to fewer moving parts and are cheaper to power than petrol or diesel vehicles. However, insurance rates can vary and it’s important to get a quote beforehand. Adding up all of these costs will help you compare the lease with other financial options or vehicles to make certain it aligns with your budget.

5. Tax incentives

It is worth factoring into the cost of hiring an electric car, the possible incentives and rebates which are available for electric vehicles (EVs). There are funding schemes to help with the installation of an EV charging point at home and electric cars are exempt from paying road tax and congestion and ULEZ (Ultra Low Emission Zone) charges in many major cities – meaning a great saving over a year for those who drive in those cities frequently. Those considering leasing an EV for work purposes can enjoy a significant saving with benefit-in-kind tax rates offering substantial tax savings over a year.

6. Residual value

The residual value of a vehicle is what it’s expected to be worth at the end of the lease. The higher the residual value, the lower the monthly payments. Electric cars can have different residual values compared to conventional cars due to evolving technology and changing market demands. Understanding this can help you gauge whether the lease deal is favourable and how it compares to purchasing the vehicle outright.

7. Maintenance and warranty

One of the biggest perks of an EV is the fact they have reduced maintenance needs as they have fewer moving parts than combustion engines. However, it is still essential that you maintain the vehicle in line with the terms and conditions set out in the finance agreement. Standard manufacturer warranty comes with every leased EV which covers mechanical issues and defects, for a set period or mileage limit. A maintenance plan can be added to your finance agreement for an extra monthly cost.

8. Range and efficiency

The range of an EV, meaning how far it can travel on a single charge, is a vital factor to consider. Ensure the car’s range meets your daily needs, factoring in your commute, daily errands and any regular trips. Efficiency also plays a role in the range capacity of your EV, as factors such as driving habits and weather conditions can influence the actual range of the battery. When considering an electric car lease, opt for one that offers a comfortable buffer over your average mileage to avoid range anxiety.

9. Model and features

Choosing an electric car lease isn’t just about the practicality – it’s also about enjoying the ride. Compare the models and their features – from interior comfort to technological amenities and driving performance. Where possible, aim to test drive your selected vehicle to ensure it performs as well on the road as on paper and to make sure your chosen vehicle aligns with your preferences. There are so many different electric car makes and models with various features, whether you’re looking for a sporty ride or a spacious family vehicle it’s important to make sure the leased vehicle meets all your needs.

10. Environmental impact

By selecting the lease of an EV you’re already making a statement about your commitment to reducing environmental impact. Electric vehicles offer the promise of zero emissions, meaning that by driving one instead of a combustion engine, you’ll be contributing to cleaner air for all and a reduction in greenhouse gas emissions – joining the movement towards sustainable transportation and aligning your values with your actions. Choosing an electric vehicle to lease will reflect your commitment to the environment and a greener future.

Start your journey into a more sustainable future

As we’ve navigated the landscape of EV leasing it’s clear the future of driving isn’t just about getting from A to B, it’s about making a journey that matters. Whether you’re intrigued by the cost savings, drawn to the cutting-edge technology or inspired by the environmental benefits, your electric leasing adventure is about to take off and Gateway2Lease is here to help co-pilot it with you. We also have loads more information about electric car leasing on our blog page for you to research.

The experts at Gateway2Lease can help you explore your electric vehicle leasing options and head out on a journey that promises more than simply a destination. Embrace the drive of tomorrow and allow us to help you pave the way for a cleaner, greener planet for generations to come.

The key to the future awaits, so get in touch with our team today.

View our latest blog posts