Why Drivers Overwhelmingly Choose To Lease Hybrid And Electric Cars Instead Of Buying
Good morning! Welcome to The Morning Shift, your roundup of the auto news you crave, all in one place every weekday morning. Here are the important stories you need to know as electric vehicles slowly take over the news cycle.
From article, (Most U.S. car owners just aren’t buying hybrid and electric cars, and they have good reasons for it. It goes along with the general leasing trend in the U.S. right now, as a lot of owners think it doesn’t make sense to pay off a financed car anymore: If it takes eight years to pay the car off, the technology in it will be older than that keyboard-having Blackberry you still keep in the nightstand.
Bloomberg’s research shows that drivers in the U.S. lease almost 80 percent of EVs and 55 percent of plug-in hybrids, but it’s still a small group we’re looking at—about 1 percent of the global market is electric.)
Me, "This actually makes sense. For people who do not worry about how many miles they are allowed to put on their car a year, leasing works great for electric cars. Since, the electric car technology is still improving, people want to leverage their money, until the technology improves. With leasing you're basically renting a car for a number of years and then returning it. With buying a car, you are making the assumption that you can drive the car as much as you want, are not worried about damaging it and the headache, of eventually reselling it.
Once, you have mass adoption of Electric cars and people feel comfortable with the technology, then buying electric cars makes sense.
What is great about leasing for a car company is that at some point the leased car is returned, spruced up, new technology added and a new battery and is either sold as a used car or re-leased. The car company wins and so does the car renter."
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