Leases for plug-in electric cars may offer big savings | Albuquerque Journal…

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Toyota prius(plug-in) lease

Leases for plug-in electric may offer big savings

PUBLISHED: November 17, 2013 at 12:05 am

have sweetened deals in months for plug-in electric in a bid to boost sales and move the off dealer lots as the end of the year

General Motors knocked or 13 percent, off the sticker price of the Volt this summer. in the year, Nissan dropped the of its electric Leaf, helping its sales. It’s now offering a lease at $199 a month.

You can around in a plug-in hybrid for to nothing if you already were $200 a month on gas, John O’Dell, a senior at auto site .

For enticed by the possibility of dramatically their reliance on gasoline, the on plug-in electric cars – when leasing – are worth

But owning an electric car has limitations may not make them a wise for many drivers, nor ultimately into big savings.

Here’s a of factors to consider:

1. Do you fit the profile? The immediate potential cost can stem from avoiding gasoline prices.

But electric have limits on how far they can go they need to be recharged. For the Leaf, that’s 75 miles. If you to drive more than a day, without access to a charging station, it’s not to do you much good. (One to locate battery recharging is on )

Plug-in electric which have a gasoline that can kick in when its run down, offer more

For all electrics, you need to have to a power outlet, and ideally a charger, which can cut the time it to recharge electric car batteries to as as four hours. That means being a homeowner, as tenants may not have the means to in their car overnight.

“These cars are really for people driving 40 miles or in their daily commute,” says. “The more you go pure electric range, the attractive these vehicles

2. Know the car types. If you haven’t closely at fuel-efficient and electric before, the process can be confusing and with technical jargon.

But the different types of cars is in determining whether one will be for you.

Generally, there are categories:

Hybrids run on a gasoline but use a battery-driven motor to assist at such as from a standstill. The recharges the battery.

Plug-in cars have electric that run on battery power from an electrical outlet. their charge runs the car switches over to a gasoline-powered

Full-electric cars only on electric power.

Try this calculator on the U.S. Department of page on fuel economy to fuel cost savings for models: .

3. Lease, buy. Although leasing gets a bad rap, when it to electric cars, it’s the way to go – the typical 10,000-12,000 mile per limit fits your

A big reason is electric car technology is That means if you own a car for several your trade-in value be limited because of the availability of efficient and advanced models.

there is concern that car batteries will degrade time and charge at diminished after several years. for three years, for example, you to avoid this issue

Toyota prius(plug-in) lease

It’s also a good to lease, says Jesse senior analyst for auto portal

“We’re of in the middle of a perfect storm for he says, citing low interest and the more aggressive lease by electric-car manufacturers.

For a $28,000 Nissan is offering a 36-month for $199 a month with a payment of $1,800.

Chevrolet is a $299 a month lease for 36 on a 2014 Volt priced at Those terms require upfront.

There are often fine-print restrictions on such but like any lease transaction, can try to negotiate better terms.

4. potential tax incentives. The federal and some states offer tax to electric car buyers. If you lease, the is generally used to lower the cost.

At the federal level, a tax credit of up to $7,500 for cars after Dec. 31, 2008. The depends on the size of the battery. The is applied against your tax or as a refund, provided you have at the equivalent amount in tax liabilities.

Here’s a list of all the tax incentives, by .

5. Consider timing. the best time to buy or lease a car is August and October, Toprak That’s when dealerships still have a big enough of cars to choose from, but have to become aggressive making deals to make for newer models.

“This (November) is still a good of great deals and good Toprak says.

6. Avoid used. This summer, the Automobile Dealers Association a report saying it expected of used plug-in electric to tumble 30 percent this – the highest depreciation of all vehicle

The association cited the cars’ range and array of incentives lower the price of new cars but apply at resale.

NADA estimates that a electric vehicle worth in 2012 will lose of its value by the end of 2014. Similarly gasoline and hybrid vehicles the same period are expected to $5,573 and $6,455, respectively.


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