One More Look at Why Leasing is the Way to Go With Today’s Plug-In Vehicles
D. Abraham Ringer, a Certified Financial Planner practitioner and columnist at the Milford Daily News, recently tackled the subject of leasing versus buying plug-in vehicles.
And while we strongly suggest that you read the article in its entirety (link at bottom of post), the gist of Ringer’s article is that leasing is the right way to go.
Here are a few graphs from Ringer’s Milford Daily News article:
“As a Certified Financial Planner practitioner, I would normally recommend buying a car outright rather than leasing it. However, in this case I believe that leasing represents a better value, because the tax credit is applied entirely to what you owe on the lease. In the case of the Leaf, the $7,500 is applied to the approximate full lease cost of $16,664 rather than the full purchase price of $28,800.”
“By leasing an electric car and using it as our primary car, I estimate that we can save around $200/month on gas. According to fueleconomy.gov the cost to drive the Nissan Leaf 25 miles is 87 cents in electricity charges. The cost to drive my SUV 25 miles is $6.68. The monthly savings on gas alone covers the entire lease payment on the Leaf. There are, of course, other costs associated with leasing a car, such as sales tax, the Massachusetts excise tax, insurance and registration. However, it certainly makes the marginal cost to add a second car incredibly reasonable. Maintenance costs on an electric car are also very reasonable and most often less expensive than a normal car due to fewer moving parts. You’ll never need an oil change!”