Leasing a brand-new electric vehicle can save motorists over £10,000 compared to funding the same vehicle on a personal contract purchase agreement.
Following claims of a cooling in the popularity of EVs, Leasing.com researched the total cost of leasing 10 of the most popular EVs compared to the costs under a PCP agreement. Industry data shows that PCP is currently the most popular new car finance product. The car comparison website found that it was cheaper for motorists to lease 9 out of 10 of the chosen EVs.
Despite the cost-of-living crisis and interest rate increases, savvy consumers are seeking out online leasing offers to help manage their household budgets. Leasing.com saw a 32% increase in sales enquiries for electric vehicles in Q1 2023 compared to Q4 2022.
Dave Timmis, CEO of Leasing.com, said: “UK motorists are transitioning to electric vehicles during tough economic conditions. However, our research shows the big savings that people can make by leasing their first electric car instead of opting for PCP. Those savings not only help to make the transition to electric vehicles more affordable but help households to manage their budgets during the cost-of-living crisis.”
“Put into context, the average household energy bill for gas and electric is £208 a month[iii] and the average water bill at £37. By switching from PCP to leasing a Kia Niro or Renault Zoe, the average consumer could pay off those bills and have money to spare.”