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Why Is Electric Car Leasing Cheaper Than Buying?

We as a society are on the cusp of some of the biggest changes to our motoring habits since the birth of the motor car, and these are going manifest themselves in the shape of electric and self-driving cars.

Why Is Electric Car Leasing Cheaper Than Buying?

Development has been on-going for the last few years regarding both of these new technologies, with many expecting them to fit together perfectly in the future. But thanks to less legal-wrangling and quicker innovation, there are already a number of electric cars on the road. But what’s the best way to own one? We take a look at how much you could save by leasing an electric car instead of buying one.

The price of buying a new electric car is one of the main reasons which is holding potential customers back, but the advantages of car leasing can alleviate these issues. As the technology for electric cars is still being improved, currently the batteries on electric vehicles (EV) only work effectively for the first few years of the car, making second hand purchase not an option.

But car leasing works by giving you a car for a fixed period of around 3 years, (it can be more or less) meaning it is a system which works perfectly for electric cars. Data is still few and far between for leasing companies in terms of depreciation as the cars have not been around for so many years, but the warranties issued by companies who provide electric cars mean that some of the risk factor is taken care of.

The main vehicle which has been leased so far is the Nissan Leaf, which was one of the first all-electric non-luxury cars to be sold to the public. The first car contracts for the Leaf started in 2011, meaning their 3 year leases will be ending this year. The price they are valued at will provide some indication about what the longer-term value is for electric vehicles.

“Nissan Leaf used car values say a lot about the value of the Leaf, or maybe any 80-mile range EV” noted electric vehicle advocate Chelsea Sexton. There are “no reasonable conclusions to draw in terms of market appetite for used EVs.”

With this section of the industry still rather small, but growing rapidly, many are still uncertain what the future lies for electric car leasing. But with new improvements to the technology being made all the time and new manufacturers entering the market, the signs indicate that they could play a major influence in the future of our cars.

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Amazing Car Leasing Deals From Select Contracts

Select Contracts provide complete contract hire for both personal and business use. We are able to provide every make or model of car including all of the latest 2014 releases. All of our vehicles come with free UK delivery from our national network of dealers and vehicle preparation centres.

For more information on any of our cars or car leasing services, please get in contact by emailing info@selectcarleasing.co.uk or call 0845 6770 770.

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Wednesday, 11/05/2022