Everything EV Thread

Tragic Bronson

Tragic Bronson

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Almost Half Of All New EVs In The U.S. Are Leased​

The $7,500 federal tax credit and low interest rates played a role in making leasing the preferred option for getting a new EV.​

  • Leasing overtook financing as the preferred way to get behind the wheel of a new EV in the second quarter.
  • 48.7% of new EVs in the United States were leased in Q2, up from last year.

Leasing has become the preferred way for Americans to get behind the wheel of a new electric vehicle in the second quarter of this year, according to data from S&P Global Mobility and TransUnion.

This is different from the same period last year, when financing was the primary way of getting a new EV in the United States, with a rate of 44.6%. That has changed now, with leasing accounting for 48.7% of sales, while financing went down to 34.7%, followed by cash with just 16.6%.

leased-evs-q2-2024

The shift toward leasing is a market-wide trend, but the EV sector saw the biggest change in this direction. In Q1 of this year, the auto loan volume for the entire industry was 1.68 million, down from 1.75 million year-over-year, while leasing went up from 539,000 to 714,000. The percentage of leases attributed to EVs in Q2 2024 was 16.5%, while in Q2 2022 it was 11.0%.

“Consumers are once again returning to leasing as an attractive and affordable alternative to financing new vehicles. This allows them to have the features they want at a subscription-like payment model they have become familiar with across products and services today,” said Jason Laky, executive vice president and head of financial services at TransUnion.

When it comes to EVs, the proliferation of more budget-oriented models, higher inventory levels and the fact that the $7,500 federal tax credit can be applied to any EV when leasing, not just American-made ones, were the main factors at play.

That said, there are fewer people out there who are willing to take the leap and sign the contract for a lease for the first time. According to the data, the rate of first-time lessees has gone down from 33% in 2019 to 30% currently.

In the case of German luxury EVs, almost all of them are leased, as we found out last month thanks to an Automotive News report quoting J.D. Power data. That piece of news showed that roughly 9 out of 10 customers who got a new Mercedes-Benz, BMW or Audi EV chose to lease, not purchase.
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ssun30

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The bad EV adoption in North America mainly comes from three charging standards existing at the same time. Format wars hurt consumers.

CCS is the worst standard in terms of plug design but has fastest rate. ChaDeMo is a middle ground but the lack of support from Japanese manufacturers inherently put it at a disadvantage (the biggest ChaDeMo user is actually China). NACS has the best plug design but is not scalable to 300kW+ yet. This means there is a lot of redundant infrastructure investment that will become obsolete in 2-3 years. Fear of not having the correct type of charging station makes range anxiety worse.

There needs to be a global charging standard so manufacturers don't have to build multiple variants of the same car. USB-C was the greatest digital invention of the 21st Century because it unified all kinds of connection standards to just one plug.
 
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Flagship1

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If you dont mind driving a gm, 3560 onepay 2 year lease for it's ultium twin equinox.

Are mfgs competing against themselves as to when to unleash the full flood gates incentives load?

Bz4x national offer (absolute highest one should be paying and excluding dealer disc)
$219 4k down
msrp 47309
$15250 incentives

Rz450
419 5k down
msrp 56215
$18500 incentives
 
Kelvin2020

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Kelvin2020

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ssun30

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This is my favorite Chinese BEV of this year, the Geely LECV L380. Within a length of 5380mm (similar to SWB versions of Sequoia/Expedition/Tahoe) it could fit 4 rows of seats. The cabin length is 3980mm, almost 1/3 longer than traditional MPVs of similar size (Alphard cabin is 3005mm long). The 3-row model has business class seats in both 2nd and 3rd row. In standard layout the cargo space is 1100L. The 2nd row could be rotated backwards to create a lounge. The panoramic roof is over 2m long. This product truly shows the packaging advantages of BEVs. For some weird reason they were really stingy with AC (only 3 zones) and audio (only 13 speakers).

Battery is 140kWh. Two motors with 200kW each. 0-100km/h in 5.5s. Max range is 800km CLTC (~650km WLTP/330mi EPA). Supports charging up to 260kW. Price is about ¥‎440k ($60k).

 
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mediumhot

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ssun30 said:
It's not a Mazda 6. It's a rebadged Changan Deepal SL03.
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Its one of the better rebadges I've seen. Very hard to tell its Deepal SL03, mainly because the original is butt ugly. Very good job by Mazda, they turned turd into something sexy.
 
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carguy420

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theedgemalaysia.com

VW CEO: Chinese automakers should be allowed to avert tariffs by investing in EU

The CEO of German carmaker Volkswagen said the European Union should consider adjusting planned tariffs against China-made electric vehicles to make allowances for investments made in Europe.
theedgemalaysia.com theedgemalaysia.com

I bet VW is saying this because they're scared that their presence in China will get ripped to shreds, considering how much they rely on China to buy their unreliable crapboxes.
 
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Flagship1

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mikeavelli said:
Bye Bye EVs….

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Prepare for the ministry of doge veto on that or whatever they can do.

Thinking out loud, the auto industry ramifications are plenty on the legacy side who primarily need the credit to the move the ev metal. They will have to offset losses through ice production, while on the non legacy side, those who can trim fat through rapid engineering will probably come out on top (almost all of them seem to be geared this way) or get extra funding from foreign investment ie lucid.

The external side effects of course will be all those new development projects that southern states like Georgia and south Carolina got might be put on pause effective immediately.
 
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