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The Ramsey Show Highlights

Should I Lease an Electric Car?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 27 September 2024

⏱️ 9 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Brought to you by the Every Dollar app. Start budgeting for free today.

0:06.6

I actually live in Canada, where everything is quite a long ways away. I live in the northern

0:11.5

region of Canada, and I drive about 7,000 to 8,000 kilometers per month. And I was wondering,

0:19.7

should I be looking at maybe leasing an electric

0:23.3

vehicle or keeping my current gas SUV? Okay. Is there anything you want to add to that?

0:32.2

You seem like you're going to say something else. I was just going to say because the amount I spend

0:36.2

in gas each month is roughly $200 less than an electric car lease with the extra kilometers for $80,000 per year.

0:46.8

So that's why I thought, I'm usually very against leasing, but I thought, I don't know, is this the one time that there's an exception here?

0:54.2

I'm not 100% sure.

0:55.6

Well, I think there's two, it sounds like there's two issues here.

0:58.8

One is the affordability of your gas and if you want to lower your gas bill.

1:03.6

And the other issue is if you choose to change vehicles, can you afford it?

1:08.7

And you do have the cash to buy the vehicle.

1:10.6

So let's look at it kind of separately for that purpose.

1:13.7

First off, for your gas SUV, what are you spending now?

1:18.2

How many dollars are you spending a month to fill it up and do all that?

1:23.2

About $1,280.

1:26.1

So that's the average in the past three months I looked at.

1:28.8

Okay.

1:29.1

And you're saying that with an electric vehicle,

1:30.9

you could lower that by $200?

1:33.8

No.

...

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