New data from Leasing.com shows that leasing a battery electric vehicle is on average 18%, and potentially up to 31%, cheaper than funding a new vehicle on personal contract purchase.
According to 2022 pricing data across Leasing.com’s top 15 most popular BEVs, leasing was the cheapest and most cost-effective option on 87% (13) of those models. Across the list, the highest cost difference was 31%, with the average difference in cost being 18%. The highest saving came in at £9,108 for Audi’s all electric e-Tron, with the average saving across the board netting out at £2,313.58.
One key example used as a benchmark for the BEV market is the Tesla Model 3. The Tesla has a list price of £42,935, however, when leased over four years, the total cost comes in at £25,445.77. Compare that against a PCP cost of £30,384, and leasing will save drivers 19% over the life of the contract.
The largest saving overall though, was found when comparing costs for an Audi E-Tron. On PCP, the Audi works out at a total cost of £43,420.14 at the end of a 48-month contract. On lease, the same make and model comes in at a total cost of £34,311.50. A total saving of a significant £9,108.64.
This research comes at a time when many drivers will be looking to go electric as the UK approaches the 2030 Net-Zero Government deadline and fuel prices hit record highs of almost £2 per litre.
With the Finance & Leasing Association (FLA) reporting that the value of new car personal leasing grew 27% in the 12-months to January 2021, it appears that many consumers are already turning their backs on PCP and looking at personal leasing to fund their electric dreams and save thousands.
BVRLA Director of Corporate Affairs, Toby Poston, added, “Leasing is the perfect way to finance a new BEV. With so much economic uncertainty and technology changing so fast, it is not surprising that more and more people are using this fixed cost, affordable and hassle-free method to fund their leap to electric motoring.”