EV Lease vs Buy Calculator

How It Works

Leasing an EV can make sense if you want to upgrade frequently as battery technology improves, or if you want lower monthly payments. A key advantage of leasing is that the dealer claims the $7,500 federal tax credit and passes it through as a lower payment, even if you personally do not qualify for the credit. However, buying is usually cheaper long-term because you build equity and can drive the car beyond the loan term with no payments. EV depreciation has historically been steep, but this is improving as the used EV market matures. Consider your driving habits: leases typically cap mileage at 10,000-12,000 miles per year.