In real terms, JD Power data tells us the average lessee’s buyout cost stands at about $477/month, which is notably higher than leasing a new EV at $457/month. And here’s the catch: approximately 90%+ of EV drivers stick with EVs for their next ride, but brand loyalty is another ballgame....

When your first wave of EV lease customers returns, will you secure their second EV lease—locking in years of future revenue—or let them walk away empty-handed while a competitor wins their loyalty and their trade-in?

The Data Behind the Shift

EV leasing has exploded over the past few years. In 2022, leasing accounted for just 5–10% of EV sales. Fast forward to 2023, and that figure jumped to roughly 20–30%. 2024 saw leasing reach 40–50% of total EV sales. This trend is even more pronounced in the premium market. Luxury EV leases have a robust penetration rate—with discerning buyers demanding the latest tech and premium service, they’re not just leasing—they’re upgrading repeatedly.

Add to that the short-term nature of EV leases (typically 24 to 36 months), and you’re looking at a rapid cycle of customer returns. Every lease end represents a pivotal moment: a chance to secure customer loyalty, boost retention, and, ultimately, drive lifetime value and loyalty.

What This Means for Your Dealership

As our first real wave of EV lease returns rolls in from the EV boom of 2022 and 2023, dealerships have a golden opportunity. With buyouts becoming less attractive due to high residuals, most customers are poised to lease another EV. They’re looking for a seamless upgrade—preferably with little to no money down and similar, or even lower, monthly payments.

For premium customers, the expectation is even higher. These buyers demand exclusivity, top-notch service, and a personalized upgrade experience. If you can deliver, you not only retain these customers but also capture significant recurring revenue—turning a single lease cycle into a long-term relationship.

EV loyalty is strong, but brand loyalty in the EV era is up for grabs.

Actionable Tips to Retain EV Customers

Be the Expert on EV Upgrades EV customers aren’t just upgrading for a fresh interior—they want tangible improvements in range, charging speed, and efficiency. Train your team to highlight exactly how the new model outperforms their current EV. If their 2021 model had 250 miles of range, but the 2024 version offers 310 miles with faster DC fast charging, that’s a game-changer. Show them how their new EV can charge from 10% to 80% in nearly half the time, making road trips and daily commutes even more seamless. You can do this with Lectrium integrated into your Auto Group Parent or Child Website.

Capitalize on Short Lease Cycles With leases lasting only 2–3 years, you have frequent touchpoints with your customers. Build a robust follow-up pipeline to ensure you’re top-of-mind as soon as the lease nears its end. Faster turnover means more opportunities to engage and retain, turning every lease cycle into a chance for deeper customer relationships.

Proactive Lease-End Outreach Begin reaching out 3–4 months before the lease expires. A personalized call or message isn’t just a courtesy—it’s the first step in building an ongoing relationship. Think of it as setting the stage for their next upgrade before they even consider returning the keys.

Conquest Tesla Customers During Elon Controversy Elon Musk’s controversies and Tesla’s declining brand loyalty create a prime opportunity for dealerships to target Tesla lease-end customers who may be looking for alternatives. By offering better service, competitive lease deals, and a more personalized experience, dealers can attract Tesla defectors who are frustrated with Tesla’s no-buyout policy, service challenges, or Musk’s polarizing presence.

Become the Undisputed EV Leader with Lectrium ⚡

Dealers: your focus is on selling and servicing vehicles. You need tools to empower marketing and sales teams at least to the level of Tesla. Dealerships also need to tailor their marketing to their region and customer base. Do your buyers care more about Range? Savings? Charging?

• Luxury brands like BMW or Mercedes? Probably care more about Range (running out of charge could be embarrassing!)
• City customers? Probably worry about savings or where they can charge.
• Suburban customers? Make it easy for them to install a charger at home!
• Rural buyers? Defeat range anxiety showing them this vehicle works for their daily commute.

Book a video chat with Lectrium to understand how we can electrify your website and build trust with consumers around EV sales.