Lease EV Trucks: Costs, Benefits and Tips for Choosing the Right Model
Electric vehicle (EV) leasing can be a great option for drivers looking to enjoy driving electric vehicles without having to pay the full price of the vehicle. Leasing means that you can take advantage of the latest EV technology. Whether it’s for business, commuting or transporting equipment, you can easily upgrade to a newer model at the end of your lease term.
With more and more people looking to reduce their reliance on fuel, electric trucks are becoming a popular option for drivers who want the durability of a pickup but with reduced fuel reliance. However, there are a number of factors you should consider when leasing an Electric Truck.
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Why Lease an Electric Truck?
Leasing can be a good option for drivers who don’t want to commit to buying a vehicle. With leasing you pay for the vehicle over an agreed period of time.
A key benefit of leasing an Electric Truck is the flexibility. As EV technology improves and EV battery performance, charging and range improvements are made you will have the opportunity to drive a newer model.
Potential Benefits of Leasing
Potential benefits of leasing:
- Less initial expense – You don’t have to pay as much initially.
- Fixed monthly payments – Payments are usually fixed within the agreement.
- Upgrade to a new model – At the end of your lease agreement you can upgrade.
- No long term commitment – You usually return the vehicle.
- Modern features – Many electric pickups come with state-of-the-art safety features, digital screens and smart technology.
However, it doesn’t always mean you’ll save money. It really depends on the vehicle, lease length, interest charges, mileage allowance and other associated costs.
Things to Consider Before Leasing
Consider what you’re going to use the truck for. An Electric Pickup can be used for personal use or by a construction company/delivery business.
Driving Range
One of the most important things to consider is the range.
The range can vary depending on a variety of factors:
- Weather
- Speed
- Surface
- Vehicle weight
- Towing
- Heating and AC usage
For example, if you’re driving short distances between job sites you may not need as much range as a contractor who drives between cities regularly.
Check how far the manufacturer says it can go but also consider your daily driving. If you regularly take heavy equipment or trailer then ask your dealer how this could impact battery performance.
Payload & Towing
Electric pickups are designed for different purposes. Some are designed for daily use while others have features for tough jobs.
Before deciding on a model check the maximum payload, towing, bed size, storage and trailer attachment features.
Not all electric trucks will be able to cope with the same workload of a traditional petrol pickup. It really depends on your requirements.
Costs to Consider
While monthly payments are important there will be various other costs involved in leasing an EV.
Upfront & Monthly Cost
Most leases will require you to pay some kind of deposit. This can include a down payment, acquisition fee, registration fees and more.
Your monthly payment will be based on:
- Agreed price
- Length of lease
- Estimated value
- Interest related finance
- Down payment
- Taxes and fees
Make sure you know how much you will be paying overall.
Charging & Power Costs
Lease EV Truck need to be charged regularly so make sure you know where you can charge your battery.
If you have a suitable place to park and charge your vehicle at home this can be a convenient option. There are also public charging stations.
Consider:
- Cost of home charging kit
- Installation costs
- Electricity rates
- Public charging costs
- Potential subscription charges
If you have a number of EVs in your business you may want to consider installing charging stations at work.
Choosing the Right Electric Truck
Not all electric pickups are designed for everyone. Some will have greater passenger space while others are designed for transporting, towing and tech.
Compare Available Electric Pickup Models
There are a number of Electric Pickup models available to buy. The Ford F-150 Lightning has been designed to be similar to a traditional full-size pickup. The Chevrolet Silverado EV is another full size electric option. The Rivian R1T has a different mix of features for utility and adventure.
Important Features to Compare
Consider:
| Feature | Consider |
| Range | Will it cover your usual routes? |
| Towing | Can it tow your trailer or equipment? |
| Charging | Are there charging stations in the area? |
| Passenger space | Is there enough room for passengers? |
| Storage | Is there enough space for your tools? |
| Tech | Do you need the safety and convenience features? |
Also make sure there are leasing options available from the manufacturer/dealership for the model and trim you want.
How to Find a Good Lease Deal
To find a good deal you will need to do some research. Check the manufacturers website and authorised dealerships. Many manufacturers will have online tools to help you find vehicles and financing options.
Check the Mileage Allowance
Most leases will have a set mileage allowance each year. If you go over this you may be charged extra.
If you drive between multiple work sites everyday you may need a higher mileage allowance than if you were driving mainly at the weekend.
Work out how much you drive in a year.
Understand Lease End Options
Most standard leases will give you a few options. You can usually return the vehicle, extend your lease (if allowed) or buy the truck (if allowed).
Ask about:
- Excess wear and tear
- Inspection
- Early termination fees
- Buy options
- Where you need to return the vehicle
Having everything in writing can help avoid any confusion.
Should I Lease or Buy an Electric Truck?
It depends on your budget and how long you want to keep the truck.
If you like to change vehicles every few years, want predictable payments or don’t want to deal with long term ownership then leasing could be best for you.
If you are planning to keep your truck for a long time, don’t have any mileage restrictions or want to build the value of the vehicle then buying could be a better option.
Consider how often your business uses their vehicles. If they have predictable routes and regular replacements then leasing could be a convenient option. However, if they rely on their trucks for heavy work they may prefer to buy vehicles they can maintain.
It’s worth comparing both options.
Common Mistakes to Avoid When Leasing
Leasing can look like a good option as you may get a low monthly payment. However, you should make sure you consider all the details in your lease agreement.
Things You Shouldn’t Overlook
Don’t:
- Forget about charging – Make sure you have a realistic charging plan.
- Choose the wrong range – Consider your usual routes and working conditions.
- Forget about mileage – Work out how much you’ll be driving in a year.
- Forget about towing – Ensure it can tow your equipment.
- Don’t read the details – Make sure you read through the full agreement.
- Forget about insurance – Get an insurance quote for the exact model.
- Forget about returning – Know what damage and excess charges could apply.
Take your time to ensure you’re not getting a lease that isn’t right for you.
Final Thoughts on Electric Truck Leasing
Leasing an Electric Pickup can be a great option for individuals or businesses who want modern transport without full vehicle ownership. With leasing you can get a newer electric vehicle, predictable payments and upgrade to a new model at the end of your agreement.
However, there are a number of factors to consider. Range, battery performance, towing, charging, mileage and lease end options.
Compare a few vehicles and ask for full quotes from the dealerships. Once you know exactly what the costs will be and what is required in the lease agreement you can choose an Electric Truck that will help you with your daily needs and fit your budget.