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 Edmunds.com .

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 Plugshare.com )


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 electric cars electric engines that run on power charged from an outlet. When their runs out, the car switches to a gasoline-powered engine.

Full-electric only operate on electric

Try this online calculator on the Department of Energy’s page on economy to compare fuel savings for different models: .

3. Lease, don’t buy. leasing sometimes gets a bad when it comes to electric it’s the way to go – assuming the typical mile per year limit your needs.

A big reason is car technology is evolving. That if you own a car for several years, your value will be limited of the availability of more efficient and models.

Plus, there is that electric car batteries degrade over time and at diminished levels after years. Leasing for three for example, allows you to avoid issue altogether.

Toyota prius(plug-in) lease

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

“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, there’s a tax of up to $7,500 for cars sold Dec. 31, 2008. The amount on the size of the battery. The credit is against your tax bill, or as a provided you have at least the amount in tax liabilities.

Here’s a of all the tax incentives, by state: pluginamerica.org/incentives .

5. timing. Traditionally, the best to buy or lease a car is between August and Toprak says. That’s dealerships typically still a big enough selection of cars to from, but also have to aggressive about making to make room for newer

“This month (November) is a good mixture of great and good inventory,” Toprak

6. Avoid buying used. summer, the National Automobile Association issued a report it expected prices of used electric cars to tumble 30 this year – the highest of all vehicle types.

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

NADA that a plug-in electric worth $20,000 in 2012 lose $9,792 of its value by the end of Similarly priced gasoline and vehicles over the same are expected to lose $5,573 and respectively.

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