NEW data from Leasing.com shows that leasing a battery electric vehicle (BEV) is on average 18%, and potentially up to 31%, cheaper than funding a new vehicle on personal contract purchase (PCP).
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 and 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.
| Battery Electric Vehicle Cost Comparisons: Lease (PCH) vs Finance (PCP)
Identical term and mileage allowances |
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| Model
|
Total Lease Cost
|
Total PCP Cost (excluding balloon) | £ Difference
|
| Tesla Model 3 | £25,445.72 | £30,384 | £4,938.28 |
| Volkswagen ID.3 | £16,949.28 | £22,039.86 | £5,090.58 |
| Hyundai Ioniq Electric | £18,113.68 | £22,880.30 | £4,766.62 |
| Hyundai Ioniq 5 Electric | £22,294.80 | £28,689.29 | £6,394.49 |
| Hyundai Kona Electric | £17,312.16 | £19,107.44 | £1,795.28 |
| KIA E-Niro | £18,483.28 | £23,897.40 | £5,414.12 |
| Mini Hatchback EV | £15,534.40 | £18,250.25 | £2,715.85 |
| Nissan Leaf | £10,976.16 | £13,092.01 | £2,115.85 |
| Vauxhall Corsa-e | £13,519.84 | £15,282.20 | £1,762.36 |
| Renault Zoe | £14,630.36 | £14,060.00 | -£570.36 |
| MG Motor UK ZS EV | £17,768.43 | £23,266.83 | £5,498.40 |
| Volkswagen ID.4 | £18,838.28 | £23,506.74 | £4,668.46 |
| Jaguar I-Pace | £41,037.04 | £38,277.00 | -£2,760.04 |
| Lexus UX300e | £23,628.56 | £24,039.00 | £410.44 |
| Audi E-Tron | £34,311.50 | £43,420.14 | £9,108.64 |
