EV Lease Resource Information from Fruia Cadillac
Your Guide to Leasing an Electric Vehicle From Fruia Cadillac
More drivers in the Brownsville area are considering making the switch to an electric vehicle (EV). If you're interested in driving an EV but aren't sure if you want to commit to buying one, leasing can be a great option to explore. Fruia Cadillac is here to be your resource for leasing an electric vehicle. Our Cadillac dealership in Brownsville has a wide selection of EVs available for lease. Here's what you need to know about EV leasing.
What is Leasing?
When you lease a vehicle, you're essentially renting it from the dealership for a set period of time, typically 24-48 months. You make monthly payments during your lease term and return the vehicle to the dealership at the end of the lease. Many drivers in McAllen prefer leasing because it allows them to drive a new vehicle every few years without the long-term commitment of buying.
When is it Better to Finance or Lease an EV?
The decision to finance or lease an electric vehicle depends on your individual circumstances and preferences. Financing an EV purchase with an auto loan can make sense if you plan to keep the vehicle for many years and want to build equity. However, if you prefer driving the latest EV models with the newest technology and features, leasing could be the better choice. Harlingen drivers who lease EVs also tend to have lower monthly payments compared to financing.
Can You Lease a Used EV?
While leasing is most commonly associated with new vehicles, it is sometimes possible to lease a used electric vehicle. Certified pre-owned EVs may be available for lease at some dealerships. However, used EV leases can be harder to find than new EV lease offers. If you're interested in leasing a used electric car, truck or SUV, the knowledgeable team at Fruia Cadillac in Brownsville can help you explore your options.
Can You Negotiate the Lease Price of an EV?
Just like when buying a vehicle, it is often possible to negotiate the price of an EV lease. Before starting negotiations, research the market value of the EV you're interested in leasing so you have a baseline. Discuss your budget and preferences with your salesperson to see what lease deal can be worked out. Before you know it you'll be driving your EV back to Edinburg.
Are Tax Credits Available for EV Leasing?
There are federal tax credits available for new electric vehicle purchases, but the rules are a bit different for leasing. In most cases, the company that owns the leased vehicle (typically the manufacturer or a financing company) will be able to claim the tax credit and may choose to pass those savings onto the lessee in the form of a lower monthly payment. When leasing an EV in San Benito, ask your Fruia Cadillac representative about whether you'll benefit from the available tax incentives.
Should You Buy Your EV at the End of the Lease?
Most EV leases give you the option to purchase the vehicle at the end of the lease term for a predetermined price. Whether buying your leased EV makes sense for you depends on a variety of factors, including how much you enjoyed the vehicle, its residual value, and your future driving needs and preferences. If you love your EV, buying it at lease end can be a convenient way to make it officially yours. However, if you're eyeing a newer model or your driving needs have changed, you may prefer to turn in your leased EV and start a new lease or purchase.
Visit Luke Fruia Motors
The EV experts at Fruia Cadillac in Brownsville are here to answer all your questions about leasing an electric vehicle. Visit us today to view our current EV lease specials and take a test drive. We look forward to helping you make an informed decision about your next electric vehicle.
