Is it better to rent an electric car?

Is it better to rent an electric car?: If you care about saving the environment and saving some money on gas, you may want to consider buying an electric car. Electronic vehicles – or EVs – are an exciting option these days. However, according to Bloomberg, more than three-quarters of all EVs are leased rather than purchased directly. Compare this to overall car sales, where the relationship is the opposite, about 27 percent of cars are being rented, and you will see that there should be a good reason why people choose to rent their EVs.

There are many reasons why renting an electric car is a good idea. If you prefer this approach, this article will give you a list of some of the main benefits, so feel free to read more.

Stay up to date with technical updates

Compared to the standard car, the EV is evolving much faster and at a more significant pace.

For example, when it debuted, the Nissan Leaf had a battery with an estimated range of 73 miles. However, today many models like the 2021 Chevrolet Bolt and Hyundai Kona EV can go up to 250 miles on a single battery charge.

The aforementioned Nissan Leaf has also received some significant upgrades – not only has its mileage and charging time improved, but it also comes with the Propilot Assist feature, which offers semi-autonomous driving features.

When you decide to rent a car, you will find the best and latest model every two years. Once your lease expires, it’s easy to swap your vehicle for a newer and better model. And there is no place in the world of electronic cars that is more significant than these improvements.

Avoid serious exclusions

Depreciation is the internal loss of value that affects everything as you buy it. However, it is not the same for everything. For example, most estimates say that a regular car loses twenty percent of its value when it leaves the dealer’s lot.

According to some sources, the situation is more difficult for any electric car that is not a Tesla – a year later, most EVs cost less than half their original price.

Once again, you can avoid this problem by renting an EV. To overcome this problem car dealers offer lower interest rates on electric cars or increase their residual value (how much is the car after the lease expires)

Another curious advantage of this issue is that if you choose to buy a used electric car, it will be much cheaper than its standard counterpart.

Don’t worry about battery damage

Lithium-ion batteries power electronic cars. In short, these batteries are not much different from your phone’s batteries.

This means that the same problems that damage your phone’s battery can also damage the car’s battery – it can lose its full charge capacity or lose power faster than that, and so on. Since this is still a relatively new technology, we do not know its advantages and disadvantages. At the moment, things aren’t so great as GM warns that the Chevy Bolt EV could lose up to forty percent of its battery power during its eight-year warranty period or one million miles.

However, one thing turns out – if you rent an electronic vehicle, this is no longer your problem. Most leases last for three years, so you won’t experience any long-term side effects of battery deterioration.

Plenty of incentives and bonuses

When it comes to electric cars, the competition is even more intense than regular cars.

Because of this, car manufacturers will offer you various incentives and bonuses to urge you to remain loyal to their brand. So as soon as your lease expires, you will become the upper hand in negotiations. You can switch to a competitor or stay loyal to your current manufacturer and get rewarded for your loyalty.

In addition, regardless of where you live, there are a number of programs set up by your local government or state-wise that offer different incentives to eco-friendly car drivers. For example, some locations, such as the state of California, offer a cash discount of up to two thousand dollars.