Why U Should Lease An Electric Vehicle
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- čas přidán 19. 06. 2024
- In this video I explain why you should lease an EV instead of purchasing one. While leasing may not be the best option for a gas car there are many benefits to leasing an Electric car, and In this video I explain why.
#rivian #carleasing #carlease #electricvehicle #electriccar #carleasing #carbuyingadvice - Auta a dopravní prostředky
lease/buy dont matter, enjoy life because we aint taking this stuff with us when we die
Very good point!
Lease is definitely the way to go if you want to swap out your car for newer car every few years or if you can’t afford to put at least 50% down on your purchase. With high depreciation on EVs, if you need to finance a newer vehicle it’s possible you will be underwater on your loan when you go to trade-in or sell.
Edit: typos
My motto is if you want a "new" vehicle every few years, lease. When I was young in the 1970s, the cool parents leased vehicles for that reason. My family had cars until the wheels came off but Dad always had a nice company vehicle that was leased by his company. My eldest brother used to like the newest vehicles back in the 1980s and 1990s so he leased. I agree that battery tech is changing so fast that leasing is especially apropos for electric vehicles.
There are some good use cases for leasing Vs buying. I have never leased a vehicle, but in the case of the Rivian R1S, that was an awesome deal that they gave me on the lease. Plus there is a buyout option too.
Thanks for commenting!
But you have no money and no car when it's over. Nothing to trade in to get the next vehicle. Growing up, my folks always changed vehicles every 1-2 years, but they traded in and never had a payment. It sucks to owe people.
@@manmythmenace135 I 100% agree but remember, many aren't as financially savvy as your folks were. Many people are driving around underwater on their loans. They have no equity come trade in time so owning doesn't matter.
I purchased my 2024 Cadillac Lyriq Sport 3 AWD with a $11,500 discount. No monthly car payment and interest rate. Possible over the air software updates.
That sounds like an awesome deal!
I am a buyer. The less time in a dealership the better. Having to worry about getting screwed over every 2-3 years is too much for me. If I feel the technology is good enough for me now, it should be good enough for more than 2-3 years. Upgrading just to upgrade for better tech isn't my style. I know a couple of Leaf owners who still love them. End of day, to each their own. You only live once.
I don't like Dealerships either. That's why I got another Rivian. I was able to do everything at home in less than 2 hours. No price haggling or any of the other dealership nonsense. But if you plan on keeping you vehicle a long time purchasing is the way to go.
Thanks for sharing!
Resale will be crap on today's EVs because they are getting better quickly. That alone will make buyers of EVs sorry that they didn't lease instead.
Ive never leased but Rivian is making me consider it. Their deals are just so enticing, and EV tech is just moving too fast.
My 2018 Bolt is a dinosaur. Sure it goes to work and back as well as it ever did, but the new vehicles have 5x faster charging, access to Tesla chargers, SuperCruise, and 25%-50% longer range. All that in 6 years.
@@santiagohills3997 Sure but how much of that do you need vs want? Cars will always get better, it's just about where people are willing to say this is good enough. If I could afford it, I would probably lease forever as well. Why not.
Well sure. I guess even then, if I moved closer to work I wouldn’t even needa car at all. I have 96k miles on my Bolt and other than some cheap interior bits it’s just getting started. But it’s limitations show up about 120 miles away from home. So we road trip in the PHEV.
Agree 100%, EVs are essentially computers on wheels and that technology advances and depreciates at an astounding rate. I'd compare Buying an EV to buying/financing a laptop. My new, loaded, "top of the line" Apple Macbook Pro cost me nearly $4k in 2020. Today, the cheapest MacBook available (from $999) could beat it on nearly every performance benchmark. Similarly, any features, range and performance specification that the highest caliber EVs are boasting today (Cybertruck, Model X Plaid, Rivian R1, BMW i Series) will eventually trickle down into every Hyundai, Kia and VW EV over the next few years. I don't know why anyone would want to finance a high-ticket EV, pay $1800 a month for 5-6 years only to be left with an outdated brick that they've dropped over $110k into.
That same argument is more applicable to gas cars since they don't get updated after you purchase it. Whereas my Rivian has been updated with new improvements and features every month I've owned it. So, I strongly disagree with the outdated technology argument for EVs. Batteries will likely be cheaper in the future, but that makes them easier to replace.
@@thedukeofmanville I hear what you're saying, and love the fact that we can keep improving software via updates, but would you be OK shooting your videos on an iPhone 6 or first gen GoPro? How well would your editing application run on a windows 7 machine? It's the rate of hardware innovation (Batteries, cameras, processors) and versioning that the software updates eventually leave for dead because the best/latest stuff simply isn't backwards compatible. All the software updates in the world won't bring Self Driving to a Tesla manufactured in 2018 or earlier. I trust that my R1S will be a solid daily driver for the duration of my lease, but can you tell me that you own (and rely on daily) a laptop, phone or smart appliance that is over 5 years old? I think for me, it might be my Nest Thermostat, but that's something I don't even interact with more than a handful of times a year. I'm glad to be ditching ICE cars and making the jump to EVs, but at the same time, I had to do so by walking away from the notion of financing to OWN a car, building equity, eventually being payment-free, or heaven forbid passing something down to my kids. I can't even get them to take a 5 year old apple watch because it "can't do anything."
@@ericschlotzer1670 I rely on my car to do car stuff. So a better comparison would be to another car. I kept my first car for 30 years, and it was still able to do car stuff without any upgrades. As long as my Rivian can get me from point A to B I don't understand your comparison to other forms of technology.
@@thedukeofmanville I agree on getting from point A to point B being a minimum requirement. We still own and occasionally drive a 31-year-old Honda DelSol, so I'm not disparaging the idea of keeping things simple or driving for pleasure.
I also remember people making the exact same type of statements about only needing their PC to do "computer stuff" in the 90's and only needing their phone to do "telephone stuff" in the 2000's. While I understand what you meant by "Car Stuff", I suspect someone in their teens and 20's might have a very different definition of what that means and it's being rewritten a lot in recent years.
Yeah with EVs I am going to lease and hopefully (Looking at you GM) I am looking to pull the trigger to get the Escalade IQ EV in June 2026. Two model year generations after the first gen version so that GM can work out the bugs....
Did you lease or finance your R1T? Sorry I may have missed that video. The depreciation is good for someone like me who only buys used cars at least 2-3 years old. So many good prices on used Teslas, I may just snag one up lol
I purchased the R1T, and I plan on keeping it for a long time.
Do you recommend buying the Rivian level 2 charger? Or could a level 2 Chargepoint or even a level 2 Tesla charger with an adapter will suffice?
I have a Rivian level 2 charger, and it works well with the vehicle, but any charger should be fine.
Would leasing be a good idea if you drive over the mileage that is allotted per year for the vehicle?
Generally no, unless the lease has a purchase option.
What about leasing to buy to get then tax credit up front? Seems like a good discount to have applied if you are going to buy after your lease? Unless it doesn’t work like that? Anyone?
Thats a great point!
I'm on a few seconds in this video and I'm going to tell you right now if you're going to do anything with a high-end vehicle or electric vehicle lease is your better option you do not want to be stuck with that depreciation asset significantly and the cost of repair is enormous lease it for a few years get out of it get you a new one
Thanks for commenting!
Leasing is price protection, and with an EV right now, it’s the only option I’d look at.