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However, some experts say its not as financially sound as it seems.
I would buy it outright and I would buy it used.
I would not lease it, said money expert Jade Warshaw on a recentepisode of The Ramsey Show.
Here are four reasons why Warshawdoes not recommend leasing an electric car.
You may not even receive the full federal tax credit.
According toEdmunds, leased electric vehicles from dealerships are considered commercial vehicles under IRS regulations.
Because of this, the $7,500 tax credit goes to the company that leased it to you.
They can choose to pass the savings along, but its not a requirement.
Electric Vehicles Depreciate Faster
Electric vehicles also depreciate faster than gas-powered ones.
A vehicles depreciation rate also impactsmonthly lease paymentsbecause it affects how much the lessor will recoup their investment.
When leasing, the depreciation is factored into the lease payment during the lease term.
The higher the rate of depreciation, the more youll likely pay in monthly lease payments.
Mileage Limitations
Mileage limits are common with lease agreements.
Going over this limit means youll have to pay a per-mile charge for every extra mile.
If you go over the cap by 4,000 miles, thats an additional $1,000 due at lease termination.
However, Warshaw said theres more to charging than meets the eye.
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