Should you buy or lease an EV?

by Dec 14, 2021Electric cars0 comments

Thinking of going green with buying or leasing an electric car? While EVs have a higher purchase price than their gas counterparts, you may be wondering is it better for you to buy or lease an EV?

Should you buy or lease an EV? Whether you choose to lease or buy an electric vehicle, making the right decision is entirely based on your personal needs and situation, and both options come with a different set of advantages and disadvantages. 

buy or lease an EV

There are some key differences between buying and leasing an EV. Read this brief guide to help you make a decision that works for you the best.

The main reasons to lease an EV:


EVs depreciate fast. If you take a look at the used prices for Nissan leaf or BMW i3, you will find they are more affordable in the resale market. Overall, most EVs tend to depreciate faster than their comparable gas-powered vehicles. This is because the older models suffer from an accelerated depreciation rate while the manufacturers upgrade these models every few years with better battery range and performance.

Lower Monthly Payment

With leasing, you are locked into a fixed residual which is set by the auto manufacturer based on estimated resale value. Therefore, you are paying for the EV’s expected depreciation. But if you are financing an EV, you can owe more on your loan than what your vehicle is worth due to the fast depreciation. You can expect your monthly payments to be lower than if you chose to finance the same EV.


Leasing an EV gives you the option to enter into a new lease and change with a brand new electric vehicle that has a fresh battery. While we all know that the battery of an EV can be degraded from every charging and usage, leasing not only gives you access to a new battery but also to the latest features and upgrades.

Mileage Restriction

Since EVs have a limited range compared to conventional vehicles, it’s unlikely you’ll exceed the mileage restriction in your lease contract.

Purchase incentives

By buying a new electric vehicle priced at $50,000, you can claim the full $5,000 federal rebate and recover 10% of the purchase price. While leasing the same electric vehicle for 48 months with an estimated residual value of 30%,  that makes the recovery increased to 14.2%.

The main reasons to buy an EV:

The only and the most beneficial reason to buy an EV is that it gives you maximum flexibility. Although you may face a depreciation hit, no one will penalize you for damage, mileage restriction, or modifications to your EV. Also, if you don’t like your new EV, you have the flexibility to sell it or trade-in for another car. In addition, if you own a business, there’s a zero-emission business tax write-off for zero-emission vehicles including electric cars, hybrid-electric cars, and hydrogen fuel cell cars. Canadian businesses can write off 100 percent of the purchase price in the year the car goes into service, up to $55,000.

In the end, you’ll need to crunch the numbers and figure out the best for yourself. While leasing offers protection from long-term depreciation and benefits from the incentives, buying gives you more freedom to control how long you want to own the car.

Learn more about the benefits of buying from Carnex. We believe that all clients deserve to know the good and bad of what they’re buying. Because we wanted to know these when we bought cars. That’s why at, we will proudly display every detail every step of the way. Browse all the best cars, automobile buying tips, auto insurance, young drivers, driving techniques, auto industry trends from Carnex Blog.

Should You Buy or Lease an EV in 2023

Should You Buy or Lease an EV in 2023 By Carnex If you are thinking of getting a new electric vehicle in 2023, you may be faced with multiple...

What Are the Important Steps to Buy a Car?

Are you looking to buy a vehicle recently? Do you know what are the important steps to buy a car? When it comes to investing in a vehicle, we...

The Best Electric Vehicles for Summer Road Trips

The Best Electric Vehicles for Summer Road Trips Summer is just around the corner, and a road trip is a great way to make the upcoming summer...

7 essential tips for buying an electric car

Thinking of buying an electric car? In this post, we share things you need to know about EVs. Electric vehicle options are gaining in popularity...

12 Effective Tips To Make Your Car Last Longer

How to make your car last longer? As the miles add up, you would like to make sure your car is reliable and safe to last you as long as possible....

Is Buying a Used EV a Smart Investment for Your Wallet and the Environment?

Electric vehicles have come a long way since their introduction to the market. However, many people are still hesitant to invest in an EV due to its...

7 essential tips for buying a used electric car

Buying a used electric car can save you money, especially when the cost of new EVs is much higher than their traditional counterparts. But if you...

A Guide to Buying a Used Car in Canada

Buying used car can be a great way to get on the road and cut some numbers off the price tag of the car that you want. In addition, it will save you...

Buying a Used Electric Vehicle: Pros vs Cons

People shopping for a used vehicle and hoping to find the one that is inexpensive to purchase, easy to maintain, and can be efficient on fuel. In...

Who is Carnex?

Carnex is an online EV dealer built for Canadians to buy and sell electric vehicles. Our mission is to provide Canadians with an alternative and transparent way to buy and sell used electric vehicles and to accelerate the transition to a sustainable green future. is Canada’s first e-commerce platform for used Electric Vehicles. Carnex is the leading Online Car Dealership in Ontario, with the company’s headquarters located in Toronto, Ontario.
Carnex is the fastest and cheapest way to buy a car online. We deliver to your door and collect your old car without extra charges. Buy Now-Pay Later Financing is available.

Why buy from Carnex?

Carnex is trusted by over 18 million buyers to find amazing discounts on used EVs and new EVs in their neighbourhood. Carnex specializes in electric vehicles, and we make the effort to make sure your EV purchase from us will be worry-free. Our skilled EV technicians perform a comprehensive diagnostic on all of our electric vehicles at Carnex because your satisfaction is very important to us. will help you find the best EV bargains among the listings across Canada, and we’ll provide you with the vehicle history and comprehensive reviews for each EV.

Why Choose Us

We choose to only sale quality and zero-accident used vehicles. We are so confident in our cars that we will shamelessly show you all the perfections and imperfections of the vehicle – from the Chasis pictures to chipped paint spots.

We also offer a 9-day no question asked return policy and an 100-day in house mechanical warranty to make your purchase risk-free.

Get In Touch

13 + 12 =