Leasing an electric vehicle (EV) for ride-hailing or rental services sounds like a great idea. It’s cost-effective, environmentally friendly, and gives you access to the latest EV models. But is it really possible? Many business owners and drivers ask this question, and the answer depends on lease agreements, mileage limits, and commercial use restrictions.
Let’s break it down so you can make an informed decision. Plus, we’ll show you how EVFY’s electric vehicle leasing services support your commercial operations seamlessly.
TL;DR – Key Takeaways
Yes, but check the lease terms. Not all lease agreements allow commercial use, so read the fine print.
Mileage limits can be restrictive. Exceeding them may result in additional fees.
Leasing offers lower upfront costs. You get access to the latest EV models with minimal financial commitment.
Charging infrastructure is key. Ensure you have reliable access to fast chargers.
EVFY offers tailored leasing options. Contact us here to find the best EV for your business.
Can You Use a Leased EV for Ride-Hailing or Rentals?
What to Check in Your Lease Agreement
Before signing any lease, verify if commercial use is allowed. Many standard EV lease agreements are structured for personal use only, meaning:
Ride-hailing (Grab, Gojek, TADA, etc.) may be restricted.
Car-sharing and rentals might be explicitly prohibited.
Mileage caps can limit earning potential.
Wear-and-tear clauses could lead to extra costs.
EVFY offers commercial-friendly leasing agreements without unnecessary restrictions. Check out our available leasing options here.
Mileage Caps – A Dealbreaker?
Most leases come with annual mileage limits ranging from 10,000 to 15,000 km. Exceeding these limits can result in steep penalties, which is a concern for high-usage ride-hailing drivers.
In Singapore, full-time Grab drivers easily cover 50,000 to 80,000 km per year. If your lease agreement has a strict mileage cap, it might not be the best fit.
At EVFY, we offer higher mileage allowances to support commercial EV users.
Insurance Considerations for Leased EVs
Rental operations require specialized commercial insurance, which differs from standard personal car insurance. Some leasing companies may not allow modifications to the insurance policy, leaving you at risk.
With EVFY, we help streamline the insurance process, ensuring your leased EV is properly covered for commercial use.
The Pros of Electric Vehicle Leasing for Rentals
Leasing an EV has distinct advantages over buying, especially if you’re just getting started in the industry.
Lower Upfront Costs – No large down payment required compared to purchasing.
Access to Newer Models – Stay ahead with EVs that have the latest battery technology and features.
Lower Maintenance Costs – EVs have fewer moving parts, reducing servicing expenses.
Government Incentives – Singapore offers rebates and incentives for EV adoption.
Sustainability & Brand Appeal – Businesses using EVs attract eco-conscious customers.
Challenges of Leasing an EV for Commercial Use
Even though leasing an EV has advantages, you should also be aware of the potential downsides:
Limited Lease Terms for Commercial Use – Some providers don’t allow ride-hailing or rentals.
Mileage Caps – Can restrict your ability to maximize earnings.
Charging Infrastructure – Fast charging access is critical for uptime.
Battery Degradation – High usage may affect long-term performance.
Higher Insurance Costs – Commercial EV insurance is pricier than personal policies.
EVFY helps you navigate these challenges by offering customized EV leasing options for commercial drivers.
EVFY’s Top Electric Vehicles for Lease
EVFY provides a range of EVs designed for commercial use, including ride-hailing and rentals. Here are some top models available:
BYD T3 – Best for Urban Deliveries
Max Payload: 780 kg
Range: Up to 300 km
Charge Time: AC 7.6h / DC 1.3h
DFSK EC35 – High Cargo Capacity
Max Payload: 1100 kg
Range: Up to 331 km
Charge Time: AC 5.9h / DC 1.0h
Golden Dragon XML5036 – Heavy-Duty Transport
Max Payload: 1730 kg
Range: Up to 250 km
Charge Time: AC 7.6h / DC 1.3h
DFSK EC31 – Compact Yet Powerful
Max Payload: 1280 kg
Range: Up to 280 km
Charge Time: AC 5.9h / DC 1.0h
SRM T3 – Higher Payload, Long Range
Max Payload: 1625 kg
Range: Up to 300 km
Charge Time: AC 8.1h / DC 1.3h
Why EVFY is the Best Choice for Electric Vehicle Leasing
EVFY specializes in EV leasing for commercial use, making it easier for drivers and rental operators to switch to electric.
Here’s why businesses trust us:
Flexible Lease Agreements – Ride-hailing and rental-friendly terms.
Higher Mileage Allowances – More room for commercial operations.
Comprehensive Maintenance Packages – Hassle-free servicing and repairs.
Access to Charging Networks – Solutions for convenient charging.
Competitive Pricing & Incentives – Maximizing savings with government rebates.
Simplified Insurance Solutions – Tailored for commercial EV use.
Final Thoughts: Should You Lease an EV for Ride-Hailing or Rentals?
Leasing an EV for rental services is a smart, cost-effective choice, but only if the lease terms support commercial use. EVFY’s electric vehicle leasing solutions are designed with businesses in mind, offering flexible contracts, higher mileage limits, and a seamless leasing experience.
Ready to electrify your business? Contact us today to find the perfect leased EV for your needs: EVFY Contact.