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.
There are now EVs available to suit the budget and lifestyle of every motorist.
New drivers and young professionals
Small enough for easy parking and with its timeless aesthetic, the Fiat 500 Electric is the perfect choice for new car drivers and young professionals alike. As one of the cheaper options, you could save £1,200 over a 36-month contract leasing the Fiat 500e, pocketing an extra £33 a month with the same car parked on the drive.
Growing families
For families looking for spacious interiors to comfortably house car seats, as well as a generous boot, the Kia Niro is the perfect electric motor for new families, ideal for long journeys or a short trip into town. Leasing a Kia Niro on a three-year basis can save customers an astonishing £10,166.72, with a monthly saving of £282.41 when compared to funding the same car on a PCP.
Retired couples
Those retiring with a generous sum can splash the cash on premium models whilst still making large savings through leasing. Financing the Jaguar I-Pace on PCP over a 48-month long contract would cost a total of £48,170. Leasing the same model would save consumers £104 per month, with a total cost of just over £43,159 over the same term.
Or if you’re looking for a better value motor, the Nissan Leaf is a standout choice. With potential savings of just over £6,250 in a 36-month period, compared to its PCP equivalent, and a 5-star safety rating to ensure a smooth, secure and comfortable ride.
Leasing.com Chief Executive Dave Timmis 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 and the average water bill at £37[iv]. 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.”
| Electric Vehicle | Saving (contract term) | Saving per month | |
| 1 | Kia Niro EV Estate | £10,166.72 (36 months) | £282.41 |
| 2 | Volkswagn ID.3 | £4,755.43 (48 months) | £99.07 |
| 3 | Renault Zoe | £6,232.08 (24 months) | £259.67 |
| 4 | Vauxhall e-Corsa | -£1,453.36 (48 months) | -£30.28 |
| 5 | Nissan Leaf | £6,266.32 (36 months) | £174.06 |
| 6 | MG ZS | £4,623.93 (48 months) | £96.33 |
| 7 | Fiat 500 Electric | £1,198.48 (36 months) | £33.29 |
| 8 | Hyundai Kona | £5,897.24 (36 months) | £163.81 |
| 9 | Peugeot 208 | £5,862.62 (36 months) | £162.85 |
| 10 | Mazda MX30 | £4,795.28 (36 months) | £133.20 |
