I’ve been leasing for the past 20 years, but I’m thinking of buying a car that will last me a long time as I transition to retirement. I’ve heard mixed things about buying an EV, since the tech is always changing. I’d love to save on monthly payments but also don’t want to end up looking again in 3 years, especially since my income will go down in retirement. Is there any truth to the idea that leasing makes more sense with EVs? Would love to hear your thoughts. Thanks!
You might want to wait for the 2025 EV6 refresh coming up soon or buy a used one. Prices and tech change so fast right now.
EV tech is always moving forward, so that’s not gonna change anytime soon. If you find a car you like, go for it. There’s an updated EV6 coming soon if you want to wait, but don’t get stuck in an endless cycle of waiting.
I’ve heard of good lease deals on the EV6 right now. I bought mine used, though, and it’s been great.
@Ronald
Thanks, leaning towards used based on what people are saying.
kwame said:
@Ronald
Thanks, leaning towards used based on what people are saying.
Yeah, used EVs have already depreciated a lot compared to gas cars, and fewer moving parts means they’re generally cheaper to maintain. If you go used, have the dealer run all recalls on it – a few of them are pretty important to get taken care of.
kwame said:
@Ronald
Thanks, leaning towards used based on what people are saying.
If you find one for under $25k, you might qualify for the used EV tax credit.
@Ronald
Tech always evolves, but maybe not as fast as it used to. Think about smartphones: in the early days, they were outdated in a year, but now most people keep them for 3-4 years without much change. EVs might get there soon.
I’m also retired and chose to lease my EV6 in Sept 2023 for 3 years. Lower payments, and I want to see what’s out there by 2026 before making a long-term purchase.
I retired from the Army and bought a used EV6 GT-Line with about 30,000 miles for $29,000. If you’re going to buy, used can save you a lot.
sorphia said:
I retired from the Army and bought a used EV6 GT-Line with about 30,000 miles for $29,000. If you’re going to buy, used can save you a lot.
Thanks!
I’m retired too and went with a 36-month lease. I’m glad to have a warranty and avoid dealing with repairs. Makes things easier.
Have you looked into the EV3? It has some newer features like a capacitive steering wheel that senses if your hand’s on it and a higher trunk, but slower charging. Just an idea. Personally, I’d lease for at least the first few years to see how the market evolves.
@diallo
I’m in Chicago. Not sure if the EV3 will be here soon, but the EV6 has been a dream car.
A used purchase or lease is a smart way to go. Lease deals on the EV6 are looking good, and you can always buy it at the end of the lease if you really like it.
Because of your username, I’d say you have to buy a new 2024 over MSRP! We Are!
But seriously, leasing or buying used is probably the way to go.
jabali said:
Because of your username, I’d say you have to buy a new 2024 over MSRP! We Are!
But seriously, leasing or buying used is probably the way to go.
Hahahaha!
One thing about leasing – dealerships can pass along the $7500 federal tax credit for EVs on a lease. The EV6 doesn’t qualify for that credit if you buy it because it’s an import, but it works for leases.
I leased mine a month ago, and I have to say, it feels like a very modern car. It’s hard to imagine it feeling outdated anytime soon. Charging tech is also getting better, and CCS vs NACS ports shouldn’t be a dealbreaker since adapters will be easy to find.
If you plan to DC charge often, the NACS might be worth considering, but otherwise, both types should be fine long-term.
Not retiring anytime soon, but I did buy an EV6 for the long term. I switched from a 2009 Camry with 156k miles to a 2022 GT-Line AWD with 15k miles. It’s not going to last forever like my Camry did, but I’m happy with it so far and hope to get 5-10 years out of it.
If you’re set on an EV, there’s no huge downside to buying, but leasing might save you money upfront. You can often get the $7500 federal credit through a lease, and I got about $15k in incentives on my EV6 lease recently – not something you’d likely get with a purchase.
For long-term reliability, a gas car like a Honda Accord or CRV might be the safer choice. We have a 2003 CRV that still runs great with just basic maintenance. I like EVs too, but I’m not convinced they’re as reliable for 15-20 years yet.