End of Lease Electric Cars

What are your options at the end of an electric car lease?

When your electric car lease comes to an end, you have several options to choose from:

• Return the Car: The most common option is to simply return the electric vehicle (EV) to the leasing company. After the car has been inspected for any excess wear and mileage, you can walk away without any further obligations.
• Extend the Lease: If you’re happy with the car and not ready to commit to a new vehicle, you may have the option to extend the lease for an additional period, often on a month-to-month basis or for a fixed term.
• Upgrade to a New Lease: Many leasing companies offer the opportunity to upgrade to a newer electric vehicle, allowing you to enjoy the latest technology and improved driving range without the hassle of selling or trading in your old car.

Each of these options provides flexibility, allowing you to choose the solution that best fits your needs.

What are the lease return conditions for electric cars?

When returning an electric car at the end of the lease, the vehicle will be inspected to ensure it meets the return conditions outlined in your agreement. Common lease return conditions include:

• Mileage: You’ll need to ensure that the car is returned within the agreed mileage limit. Exceeding this limit can result in excess mileage charges.
• Vehicle Condition: The car should be in good condition, accounting for normal wear and tear. Any significant damage, such as dents, scratches, or interior wear beyond the expected level, may result in repair fees.
• Accessories: All original accessories, such as charging cables, keys, and manuals, must be returned with the car.

Ensuring the vehicle is in good condition and adheres to the return conditions will help you avoid any unexpected charges.

What fees are associated with returning an electric car?

When returning an electric car at the end of the lease, there are a few potential fees to be aware of:

• Excess Mileage Charges: If you’ve exceeded the agreed mileage limit, you’ll be charged a fee per additional mile. This rate is specified in your lease agreement.
• Excess Wear and Tear: Any damage beyond normal wear and tear, such as dents, scratches, or interior damage, may incur repair costs. It’s a good idea to address any minor repairs before returning the vehicle to avoid higher charges from the leasing company.
• Missing Accessories: If the car is returned without essential items like charging cables, keys, or manuals, you may be charged for replacements.
• Early Termination Fees: If you decide to return the car before the lease term ends, you may be liable for early termination fees. These fees are often based on the remaining payments due under the lease.

By carefully maintaining the car and staying within the mileage limits, you can minimise the risk of incurring additional fees at the end of your lease.