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Thinking about purchasing an EV? Don't forget about depreciation

November 19th, 2023

Thinking about purchasing an EV? Don't forget about depreciation

A significant worry for many people considering an EV purchase is the rapid pace of technology advancement. This is exciting - but it also means that technology might be made obsolete faster. That could potentially lead to reduced value for certain EV models in the future - in other words quicker depreciation rates compared to traditional vehicles.

We completely understand this worry. The EV sector is fraught with conflicting information and volatility making it really difficult for anyone to know whether making a purchase is the best option for them.

The Depreciation Dilemma

When you buy an EV, you're making a long-term bet on the value of the technology at that moment as well as future market dynamics. However, with the speed at which EV technology evolves, today's state-of-the-art features quickly become tomorrow's standard issue, affecting the vehicle's resale value. The financial implications of this depreciation can be a sore point for owners looking to sell their vehicle after a few years.

How DriveFree Alleviates Depreciation Worries?

This is where the value of a DriveFree EV from Octopus EV really shines through. By opting to lease instead of purchase, you're essentially sidestepping the depreciation concern without sacrificing the benefits that come with EV driving. You’re having your cake and eating it too! Here’s how:

1. No Long-term Depreciation Risks: with DriveFree, you're not holding onto the car and worrying about its market value declining due to technological advancements or market dynamics. At the end of your lease, you simply return the vehicle to us.

2. Flexibility to Upgrade: Leasing with DriveFree allows you to always have access to the latest EV technology without the burden of selling a depreciated asset. Every few years, you can choose a newer EV that fits the latest trends and technologies, ensuring you're never behind the curve.

3. Financial Predictability: Depreciation can make the future value of an EV uncertain, affecting your financial planning. DriveFree's leasing model offers a predictable monthly payment without the surprise of a vehicle's value dropping more than expected. You are free to leave that risk and number crunching to us!

A Quick Reflection on Removing Depreciation Concerns

Reflecting on our journey creating DriveFree, the relief that customers can enjoy from removing depreciation concerns from their car purchasing decision stands out as a key benefit. The peace of mind knowing that you can enjoy the latest in EV innovation without fretting over resale value or technological obsolescence can feel liberating. After all, it's not just about driving a great electric vehicle; it's about unlocking affordable and convenient driving for everyone.

To sum up, DriveFree doesn't just offer you a way to avoid the depreciation trap; it offers you a convenient way to continuously embrace the evolving landscape of EVs. For anyone keen to find the intersection between sustainability, technology, and affordability; it's a perfect match.