Spring Free EV

About Spring Free EV

Spring Free EV is a startup that operates in the electric vehicle (EV) leasing and financing market. The company's primary clientele are businesses looking to transition their vehicle fleets to electric. Spring Free EV offers a unique value proposition by providing lower upfront and overall ownership costs, making it easier and more cost-effective for businesses to adopt EVs.

The company's business model is based on leasing electric vehicles to businesses. Clients can get approved for a line of credit to quickly add vehicles to their fleet. The company claims to offer the lowest high mileage, closed-end lease in the industry. This means that the lease agreement has a fixed term and mileage limit, and at the end of the lease, the client can simply return the vehicle. This model allows businesses to avoid the depreciation risks associated with owning vehicles.

Spring Free EV also offers a path to purchase, giving clients the option to buy the vehicle at the end of the lease term. The more miles driven, the lower the buyout price, which incentivizes businesses to use their leased vehicles more.

The company generates revenue from the lease payments made by its clients. It also claims to help clients cut maintenance costs by up to 60%, which can result in significant savings over time.

In a comparison with a traditional lease for a BMW 330i, Spring Free EV's lease for a Tesla Model 3 showed lower total upfront costs, lower effective monthly payments, and lower estimated fuel/charging costs, resulting in monthly and yearly savings for the client.