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Leasing An EV, PHEV, Or HEV

Centennial Leasing & Sales - Auto Broker

Article by Nick Pranger

Photography by Nick Pranger

Leasing An EV, PHEV, Or HEV 

Switching from a car powered by gasoline to one powered by electricity can be a big leap. At first glance, people may be reluctant to switch because of range anxiety, performance, or concerns about charging infrastructure. While these are reasonable fears, a lot has changed since the early days of electric vehicles (EVs). In the past decade, EVs have become more efficient, affordable, and popular. If you’ve been thinking about ditching your gasoline-powered internal combustion engine (ICE) for an EV, there are several compelling reasons to do so. In this blog, we will examine the different types of EVs, the benefits of switching, and how to get the most out of your new EV. 

EV, PHEV, HEV: Explaining the Alphabet Soup

Acronyms are everywhere. Although they make a topic easier to talk about, they can be intimidating for newcomers. Before we dive too deep into the specifics of each vehicle type, we’ll need to define what each jumble of letters means. 

  • Electric Vehicle (EV): An electric vehicle (EV) is an automobile powered by a rechargeable battery. An EV can be charged using special power supply equipment or with a standard power outlet equipped with an adapter. 

  • Plug-in Hybrid Electric Vehicle (PHEV): A plug-in hybrid vehicle (PHEV) combines a traditional gasoline-powered engine with an auxiliary battery. The vehicle uses the battery as its initial energy source and switches to gasoline once the charge becomes insufficient. 

  • Hybrid Electric Vehicle (HEV): A hybrid electric vehicle (HEV) is similar to a PHEV but has one big difference: You don’t plug it in. Instead, the battery is charged using a generator powered by regenerative braking

Which Vehicle is Right for You? 

Picking the right vehicle comes down to several key considerations: cost, range, size, and lifestyle. Cost is often a significant factor, with EVs generally having higher upfront costs due to their advanced technology, while PHEVs and HEVs offer a range of options at varying price points. Range is another critical factor, with EVs typically offering longer ranges on a single charge compared to PHEVs and HEVs. However, PHEVs and HEVs provide added flexibility with their ability to switch to gasoline power when needed or through regenerative braking systems that charge the battery while driving. 

Size is also an important consideration, as it affects both practicality and comfort. Whether you need a compact car for city driving, a spacious SUV for family trips, or a versatile truck for work purposes, there are EV, PHEV, and HEV options available to suit your needs. Additionally, lifestyle factors such as daily commute distance, access to charging infrastructure, and environmental considerations may influence your decision. By carefully evaluating these factors and weighing the pros and cons of each vehicle type, you can make an informed decision that aligns with your priorities and preferences. In the next section, we’ll explore the specific benefits of each vehicle type to help you narrow down your options further. 

Electric Vehicle (EV) 

Pros of an EV 

+ Environmentally friendly 

+ Lower operating costs 

+ Ideal for stop-and-go traffic 

+ Infrequent maintenance 

Cons of an EV 

– Limited range 

– Higher upfront costs 

– Access to charging infrastructure 

– Cold weather drains battery  

Plug-in Hybrid Electric Vehicle (PHEV) 

Pros of a PHEV 

+ Good introduction to EVs 

+ Flexibility to use electricity and gasoline 

+ Reduced emissions 

Cons of a PHEV 

– Complex powertrain can lead to expensive repairs 

– Heavier engines  

– Higher upfront costs  

Hybrid Electric Vehicle (HEV) 

Pros of an HEV 

+ No charging required 

+ No range anxiety 

+ Reduced dependence on gasoline 

Cons of an HEV 

– Not as environmentally friendly as EVs and PHEVs 

– Electric components may reduce cargo and cabin space 

– Limited eligibility for tax credits 

CLS: Your Guide in Switching to an EV, PHEV, or HEV 

Switching from an ICE vehicle to one powered by renewable energy can be overwhelming. Manufacturers have improved their offerings in recent years, making the selection process for the right vehicle feel like a guessing game. Before you commit to one vehicle, you have to be sure that it will suit your driving habits and deliver all of the features that you need. If you are struggling to decide, the expert auto brokers at Centennial Leasing & Sales are ready to help. 

Our staff has a combined 500 years of industry experience, and we can help pair you with the perfect vehicle. We can also help guide you through available tax credits for leasing or purchasing an EV in Colorado. At CLS, we will give you your BEST automotive buying experience, helping you move forward confidently when switching to an EV, PHEV, or HEV. 

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