EV Ownership Trends: Tesla, Ford, and Chevy Buyers Prefer Financing Over Leasing
Recent market analysis by Experian has unveiled a fascinating divergence in the acquisition patterns of electric vehicles. While many assume that EV ownership is best pursued through leasing due to concerns about depreciation and technological obsolescence, a substantial segment of consumers, particularly those purchasing from Tesla, Ford, and Chevrolet, are defying this trend by choosing to finance or even buy their vehicles outright. This behavior stands in stark contrast to buyers of other EV brands, who overwhelmingly favor leasing arrangements. This disparity not only challenges prevailing assumptions about EV market dynamics but also underscores the varying comfort levels and long-term commitment consumers exhibit towards different electric vehicle manufacturers and their offerings.
The Experian data for Q2 2025 highlights a clear preference among buyers of top-selling American EV models for traditional ownership models. This includes a notable percentage of Tesla, Ford, and Chevy EV customers who are confidently investing in these vehicles for the long term, indicating a belief in their enduring value and a willingness to absorb potential risks associated with evolving battery technology and resale value. This trend suggests a growing maturity in the EV market, where certain brands have cultivated enough trust and perceived stability to encourage outright purchases rather than temporary leases.
Shifting Preferences in EV Acquisition
Experian's latest financial report on the automotive sector sheds light on an intriguing deviation from the often-repeated advice that electric vehicles are better leased than purchased. Contrary to this widely held belief, recent data indicates that a considerable number of consumers, especially those drawn to prominent EV manufacturers like Tesla, Ford, and Chevrolet, are choosing to finance their vehicles or acquire them directly through cash payments. This trend runs counter to the general inclination towards leasing, which is prevalent among buyers of other electric vehicle brands. The numbers demonstrate a compelling story of consumer confidence and strategic financial decisions within the burgeoning electric vehicle market, suggesting a nuanced approach to ownership.
For instance, in Q2 2025, approximately 70% of Tesla Model Y purchasers opted for financing or cash transactions, a marked increase from the previous quarter. Similarly, 42% of Model 3 buyers chose outright ownership. Even the Tesla Cybertruck saw nearly 74% of its customers shunning leases in Q1. This inclination towards financing extends beyond Tesla; roughly 38% of Ford Mustang Mach-E buyers and about 40% of Chevrolet Equinox EV customers also decided to finance or pay cash. This preference for direct ownership, particularly for American EV brands, signifies a belief in the long-term viability and value retention of these models, defying the conventional wisdom that advises against buying EVs due to rapid depreciation and technological advancements. These figures reveal that a significant portion of consumers are not deterred by the inherent risks often associated with long-term EV ownership, instead embracing a commitment to these specific models.
Leasing Remains Prominent for Other EV Brands
While some American EV brands are seeing a surge in financing and cash purchases, the leasing model continues to dominate for many other electric vehicle manufacturers. The data shows a stark contrast in consumer behavior, with a substantial majority of buyers for brands like BMW, Rivian, and Honda still gravitating towards short-term ownership solutions. This preference for leasing is often driven by practical considerations related to the inherent characteristics of electric vehicles, such as rapid technological evolution, the high cost of battery replacements, and fluctuating resale values, making leasing a more financially prudent and flexible option for many.
For instance, the Rivian R1S had a lease take rate of almost 70%, and over 70% of Nissan Ariya customers opted for leasing in Q2 2025. Even more striking were the figures for the Honda Prologue and BMW i4, with 84% and 89% of customers, respectively, choosing to lease. This widespread adoption of leasing among these brands underscores the continued relevance of this financial strategy in the broader EV market, particularly for models where long-term depreciation concerns are more pronounced or where consumers prefer to minimize financial risk and embrace the flexibility of shorter-term commitments. Despite the notable exceptions, the prevailing narrative that EVs are a "lease, don't buy" proposition largely holds true for a significant segment of the electric vehicle market, highlighting diverse consumer priorities and financial planning in the transition to electric mobility.