I am not sure how you are getting to $250 monthly gas savings. 30 mile electric range + 30ish mpg (likely less in real world driving)

Hyundai/Kia Plug-in hybrid values drop like a rock after purchase, so you are really paying the depreciation. I believe that you would pay less on a lease of a full electric (bigger tax credit+state tax credit if you lease from dealer in Maryland or other state with EV state credit)

Don 't get a fleece. Buy.

I would buy.

Worst time possible for leasing unless your doing it as a business deduction. We would need more data points, including —

1. money factor

2. residual

3. mileage cap (and per mile fee for exceeding)

4. warranty/maintenance plan (you don’t want to pay for service and repairs on a lease)

5. What financing rate can you qualify for through the manufacturer, your bank, or better yet, joining a credit union.

Putting $3700 down is generally not a wise decision. Also, bear in mind that purchasing the vehicle will allow you to build equity. In other words, you can sell the vehicle

Never put any money down on a lease. If you total it coming off the lot, poof that money is gone.

Leasehackr is a great resource. The general rule of thumb pre-pandemic was you want your payment to be 1% of the purchase price with 0 zero - so a $40,000 car would be $400/month. Not sure if that's still the case during these crazy times.

Plug your numbers in here, OP!

https://leasehackr.com/calculator

I don’t think you factor in gas savings. You’re weighing buy versus rent, not keep your current car vs. EV

So you really should be looking at cost to buy versus rent. The rental is almost $600 a month with the downpayment factored in and the purchase should be similar or a little more only you end up with a car that’s presumably valued over the payoff at the end of 48 months

I was planning on buying an EV in the next few years but once the House signs the Inflation Reduction Act, we will no longer be eligible for the tax rebate due to income limits. There is a small window (like this week!) before the house passes the bill, to place an order for a new EV to be delivered this year or next, provided you have a sales contract.

I'm hesitant to pull the trigger on an EV now because I believe range and charging tech is going to improve immensely during the next few years and we typically keep our cars for 10 years or more. I understand that dealers pass on ev credits in their leases and I'm considering leasing a Hyundai Santa Fe plug-in hybrid to hold me over for a few years. The published available lease is $3,699 down plus $485 per month for 48 months. This totals $26,979. If I were to buy the car at this trim level it would cost about $42,000.

If I factor in potential gas savings - conservatively $250 per month, it seems like a good deal and would buy me time to go fully electric. Thoughts? Should I just buy the car or would a lease make sense in this case?

Thanks!