this post was submitted on 17 Oct 2024
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[Dormant] Electric Vehicles

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Nearly 80% Of New EVs Are Leased: Dealer Data (insideevs.com)
submitted 1 month ago by MyOpinion@lemm.ee to c/evs@lemmy.world
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Leasing has swiftly taken over the electric-vehicle market. Nearly 80% of new EVs bought at dealerships are now leased, according to Edmunds data cited by The Wall Street Journal.

That’s up from 16% at the beginning of last year, per Edmunds. And it’s at least triple the industry average, which sits around 20%. One caveat: since we’re talking about EVs bought at dealerships, these figures exclude direct-to-consumer EV makers like Rivian, Lucid and (most importantly) Tesla. Tesla tends to push leases less than many conventional brands, too. Since it makes the three best-selling EVs on sale, the full-market figure is likely considerably less than 80%.

Still, the rise of leasing is among the strangest dynamics in today’s EV market, and the long-term impacts could be immense.

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[–] OminousOrange@lemmy.ca 8 points 1 month ago

It really made the most sense for me. Essentially long term rent a car and when the term is up, either technology has progressed to where the features of a new model are vastly superior, so give it back to the dealership, or there is still limited supply (I'm in a small EV market in Canada) and tech is more or less the same, then I buy it out.

Seemed like a fairly significant reduction of risk in getting an EV and a win win either way.