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Why Early EV Adopters Prefer Leasing—By Far

April 1, 2019

Gone are the days when the purchasers of vehicles favored purchasing their cars and other means of transportation, owing to the various benefits that ownership has got to offer. However, with electric vehicles, this does not appear to be the case.

Jeffrey Jablansky, a freelance journalist, is one of the very first people who adopted savvy electric vehicles. Jeffrey chose the Chevrolet Bolt as his electric vehicle, owing to the metric of his choice: electric range per dollar. However, a thing to note is that Jeffrey has not purchased the Chevrolet Bolt; rather he has leased the vehicle for $220 per month.

One of the major reasons that Jeffrey, along with countless other early adopters of electric vehicles, gives is that the technology of electric vehicles is developing continuously. Jeffrey suggests that he will be laughing one day at the fact that they needed to plug cars for almost eight hours or so for charging. He added that in about three years or so, people will be surprised at how far the technology of electric cars will have grown.

Other Reasons behind the Rationale

When you consider how the market for electric vehicles is still in the development stage, with experts still unsure on how well the cars will age, it is a fact that people purchasing electric vehicles are as much early adopters as people purchasing them in 2011 were. Here are some of the reasons why leasing is preferred in this regard:

  1. Picking up on the fact that electric vehicles are developing continuously, similar to mobile phones, the idea that technology is becoming redundant and obsolete regularly should come as a no-brainer. However, unlike mobile phones, electric vehicles do not have a thriving secondary market. What this means is that as the newer models of electric vehicles come into the market, the owners of the older models will be unable to adopt these models owing to how they will not have access to a thriving secondary market for selling their existing models of EVs. Bearing that in mind, it is much more logical to simply lease an electric vehicle rather than purchase it.
  2. On top of that, electric cars have been known to decrease in value, over the course of time, faster than their combustion counterparts. For instance, electric cars sold in 2014 are only worth 23 percent of their original value today, while combustion engine cars are worth 44 percent. Bearing that in mind, it is logical to conclude that electric cars do not make good investments, owing to how they diminish in value, thus buttressing the cause for leasing them.

When you take it all into perspective, the fact that early adopters have chosen to lease EVs, on average, should not come as a surprise. There is always the option of purchasing that comes at the end of the lease term, in case you wish to make things permanent, right?

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