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Why should you lease electric?

Interest in and uptake of EVs has rocketed over the past 12 months thanks to a combination of the government’s 2030 carbon emission targets and the rising cost of petrol and diesel at the pumps.

Inflated prices in the second hand car market have also forced Brits to reassess their views on future modes of transport.

But adopting a completely new type of engine can be daunting to many, with factors such as where to charge and length of journey becoming important considerations.

Now the UK’s leading lease vehicle provider Select Car Leasing has revealed it has seen a huge upturn in interest for EVs, indicating a growing trend for shorter term that make EV adoption much more likely.

Graham Conway, Managing Director of Select Car Leasing said: 

Leasing for all vehicle types has been growing in popularity in recent years due to a number of factors. These include offering the lowest upfront costs and also the lowest monthly payment options for driving a new vehicle. That means you get to drive a new car every two to three years, and therefore avoid the likelihood of expensive issues that usually occur after four years of a cars’ life.
“But what we are seeing with EVs is even more pronounced, and this is mainly due to the rapidly advancing technology. Innovation in this sector of the automotive industry is moving quicker than anywhere else, with battery capability and mileage range extending all the time. So for motorists who want to have an EV but are aware that committing to a certain model in the longer term could mean being stuck with an outdated vehicle, it is the perfect option.”

Select Car Leasing’s own data backs up these claims, with customer enquiries outstripping vehicle registrations.

According to Society of Motor Manufacturers and Traders (SMMT) figures, registrations of fully electric vehicles – also known as battery electric vehicles or BEVs – saw a huge jump from 8.4% of the market in May 2021 to 18.8% by November.

Meanwhile, enquiries to Select Car Leasing for BEVs over the same seven-month period leapt from 9.4% in May to 27.7% by November.

Interest in leasing plug-in hybrids (PHEVs), which have both battery and combustion engines, followed a similar pattern.

PHEV registrations rose from 6.3% to 9.3% from May to November last year, while enquiries to Select Car Leasing about the same model type increased from 6.4% to 11.4%.

Conway added: 

“What we are increasingly hearing from our customers, both new and old, is that they want to have an EV but there are still barriers in the way of this happening.
“Yes, they will have to organise suitable charging options, which can be tricky for those without private off-street parking, and learn how to plan longer journeys with suitable charging stops along the route. But by not having to make a long-term commitment they can get behind the wheel of an EV much sooner and therefore overcome these ‘hurdles’. We predict this trend will continue – so get ready to see more and more electric vehicles on the roads.”

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I am extremely happy with Chris Bowes (Select Car Leasing). It was the first time I dealt with a car leasing company, and they made it really easy and straightforward. I had loads of questions I bombarded them with, and they always emailed me back almost straight away. They reassured me and kept me up to date. a very professional team and a great company. I did not have a single issue and I got it in just a few weeks. GREAT JOB by Chris Bowes.

Monday, 06/06/2022