With current market, why lease a new EV instead of buying used?

Ask the Hackrs
,
1

With the significant drop in prices of used EVs, is leasing still the optimal choice despite tax incentives? For instance, in my area (WA), I’ve observed:

  • A 2023 ID.4 Pro S AWD with 16k miles priced at $29.5k (1 owner).
  • A 2021 Tesla Model 3 LR with 22k miles priced at $29.5k (1 lease owner).

Suppose I secure a favorable ID.4 lease deal at $450 monthly for 3 years, totaling $16.2k. This suggests that the used car price would need to plummet further to $13,500, which seems improbable.

I’m left wondering if there’s something I may have overlooked in my assessment.

2

Changing technology, battery health concerns, and who knows future market will be on EVs (it’s already turned quickly just in the last year).

3 Likes
3

You’re at ~$33k OTD.

And for most people the math has to account for financing it at todays used car loan APR. let’s say after some down payment your financing cost is $2k.

So a $16k total lease cost would break even against the used car with it being worth $19k in 3 years.

And you can probably lease a Io5 or Ariya for less.