When considering an electric vehicle (EV), leasing often seems like the most cost-effective option. But are you truly saving money in the long run? Many drivers focus solely on the monthly lease payments without accounting for the total cost of ownership (TCO). Understanding TCO is essential for making an informed decision—one that maximizes savings while ensuring a seamless EV experience.
At EVFY, we specialize in providing transparent, cost-efficient EV leasing solutions that take the guesswork out of ownership expenses. In this article, we will break down the components of TCO and show you why choosing EVFY ensures the best value for your money.
TL;DR / Key Takeaways
TCO matters: The total cost of ownership (TCO) in EV leasing goes beyond monthly payments—it includes maintenance, insurance, charging, and incentives.
Lower maintenance costs: EVs have fewer moving parts, reducing maintenance expenses compared to traditional vehicles.
Charging vs. fuel savings: Electricity is cheaper than fuel, but costs depend on charging infrastructure and access to discounts.
Leasing advantages: EV leasing with EVFY includes transparent pricing, inclusive maintenance, and exclusive charging benefits.
Best value with EVFY: We maximize incentives, minimize costs, and provide tailored leasing solutions to help businesses go electric seamlessly.
What is Total Cost of Ownership (TCO)?
TCO refers to the complete financial impact of leasing an EV over its lifetime. It goes beyond just the lease payments and includes factors such as maintenance, insurance, charging costs, incentives, and residual value. Understanding these elements can help you determine if leasing an EV truly aligns with your financial goals.
Key Components of TCO in EV Leasing
1. Lease Payments and Residual Value
The most obvious cost of leasing is the monthly lease payment. This is influenced by:
Residual Value: The estimated worth of the vehicle at the end of the lease term. A higher residual value means lower depreciation, reducing your monthly lease cost.
Money Factor (Interest Rate Equivalent): The financing charge applied to the lease.
Upfront Costs: This includes down payments, security deposits, and acquisition fees.
EVFY Advantage: We offer flexible leasing terms with competitive residual values, ensuring you get the best deal possible.
2. Maintenance and Repairs
EVs have fewer moving parts than internal combustion engine (ICE) vehicles, leading to lower maintenance costs. Key savings include:
No oil changes
Fewer brake replacements (due to regenerative braking)
Reduced engine-related repairs
However, battery health is a concern. While most EV leases cover battery warranties, you must ensure your lease agreement includes protection against unexpected battery degradation.
EVFY Advantage: Our leasing packages include comprehensive maintenance coverage, minimizing out-of-pocket expenses.
3. Insurance Costs
EV insurance can sometimes be higher than ICE vehicles due to higher repair costs and specialized parts. However, discounts and specialized EV insurance plans can help mitigate these costs.
EVFY Insight: We partner with top insurance providers to offer EV-friendly policies at competitive rates, reducing your overall TCO.
4. Charging Costs vs. Fuel Savings
Electricity is significantly cheaper than gasoline, but your actual charging costs depend on:
Charging at home vs. public stations
Peak vs. off-peak electricity rates
Availability of free charging stations
A home charging setup may require an upfront investment, but over time, the savings on fuel costs can be substantial.
EVFY Benefit: We provide exclusive charging station partnerships and discounts, making at-home and public charging more affordable.
5. Incentives and Tax Benefits
Many governments offer rebates, tax credits, and incentives for EV leases, reducing the overall cost. However, incentives vary by location and may not always be passed on to lessees.
EVFY Commitment: We ensure that all applicable incentives are incorporated into our leasing deals, maximizing your savings.
6. Depreciation Considerations
While depreciation affects owners more than lessees, it still plays a role in TCO. The rapid advancement of EV technology can lead to quicker depreciation, affecting residual values.
Why EVFY? Our leases factor in depreciation trends, ensuring you don’t overpay for a rapidly evolving market.
EVFY’s Electric Vehicles for Leasing
Choosing the right EV for your business is crucial. At EVFY, we offer a range of fully electric vehicles tailored to different logistics and delivery needs:
BYD T3
Max Payload: 780 kg
Cargo Volume: 3800 L
Range: Up to 300 km
Battery Capacity: 50.3 kWh
Charge Time: AC 7.6 h / DC 1.3 h
A cost-effective, zero-emission delivery van perfect for urban logistics.
DFSK EC35
Max Payload: 1100 kg
Cargo Volume: 4800 L
Range: Up to 331 km
Battery Capacity: 38.7 kWh
Charge Time: AC 5.9 h / DC 1.0 h
Ideal for businesses that require larger cargo space and a longer range.
Golden Dragon XML5036
Max Payload: 1730 kg
Cargo Volume: 6500 L
Range: Up to 250 km
Battery Capacity: 50.2 kWh
Charge Time: AC 7.6 h / DC 1.3 h
A heavy-duty electric van for large-scale delivery operations.
DFSK EC31
Max Payload: 1280 kg
Cargo Volume: 3500 L
Range: Up to 280 km
Battery Capacity: 38.7 kWh
Charge Time: AC 5.9 h / DC 1.0 h
A compact truck with excellent maneuverability for urban deliveries.
SRM T3
Max Payload: 1625 kg
Cargo Volume: 3500 L
Range: Up to 300 km
Battery Capacity: 53.6 kWh
Charge Time: AC 8.1 h / DC 1.3 h
A high-capacity, long-range electric truck for heavy-duty transport needs.
Why Leasing an EV with EVFY Makes Sense
At EVFY, we go beyond just offering competitive lease rates—we provide a complete ecosystem that enhances your EV experience. Here’s how we stand out:
Transparent Pricing: No hidden fees, ensuring you understand your total cost upfront.
Inclusive Maintenance Packages: We cover routine maintenance, making EV leasing hassle-free.
Exclusive Charging Perks: Access to discounted home charging installations and public charging networks.
Tailored Insurance Options: Specially curated EV insurance plans for added protection and savings.
Maximized Incentives: We handle all rebates and tax credits so you get the most value.
Conclusion: Make the Smart Choice with EVFY
Understanding the total cost of ownership in EV leasing is crucial to making a financially sound decision. With EVFY, you not only get an affordable lease but also a comprehensive package designed to maximize savings and convenience. Ready to lease your next EV with EVFY? Contact us today!