Electric cars were once just a figment of our imaginations, but now they are a reality. The future is already here, but despite over 70% of motorists saying they would consider buying an electric car in the next four years, 40% say they still have doubts about owning an electric vehicle.
Why the hesitation? Range anxiety, lack of charging points, battery-charging issues and costs are some of the main concerns among motorists. While these are valid concerns, it’s worth noting that nine out of 10 motorists are worried about the impact of petrol and diesel cars on the environment.
Leasing an electric vehicle may be the solution to all these concerns. Leasing would allow motorists to try out the life of electric-vehicle ownership and, hopefully, put a lot of their worries to bed.
Why Choose an Electric Vehicle?
The most obvious answer is people’s big concerns over the environment, and rightfully so. In 2017, road transport contributed a whopping 21% of the EU’s total emissions of carbon dioxide.
A fully electric car produces zero carbon emissions. Beyond the CO2 savings, motorists can also benefit from:
- Zero road tax for electric vehicles that cost less than £40,000.
- Lower running costs — as electricity is cheaper than fuel — and less “filling up”.
- Less maintenance and fewer issues due to fewer moving parts.
- Incentives and tax breaks, including the £3,000 government plug-in car grant, the £350 government home-charging scheme, exemption from vehicle excise duty and exemption from the London congestion charge (until 2025).
- Commercial leases on electric cars are not subject to any benefit-in-kind tax (until April 2021).
Using EV Leasing as a “Test Run”
For those concerned about electric-vehicle ownership, but who are excited to be part of the EV revolution, an electric-car lease may be the test run they need. Leasing an EV allows people to try out the EV lifestyle and experience both the benefits and complications to help them make the best-informed decision about purchasing an EV in the future.
Leasing comes at a fraction of the price compared to buying an electric car outright. The time spent leasing should help drivers to dispel any pre-existing concerns once they see how easy and accessible charging points are.
The Benefits of an Electric-Car Lease
As well as stepping into the future of motoring, there are plenty of other benefits to be realised when leasing an electric car.
There’s now a wide range of electric cars to choose from, from the compact Nissan Leaf hatchback to the mighty Tesla Model 3 Coupe. You can even opt for a fully electric SUV such as the Volvo XC40 Recharge or Audi E-Tron. The range of EVs is set to explode over the next decade, giving you more choice than ever before.
Taking out an electric-car lease comes with far less risk than buying an EV outright. If you don’t like the EV experience, you only have a short period until you can give it up and switch back to a regular car.
Monthly payments help you avoid depreciation and demand slumps when it comes to giving up the car. If you love your EV, you can either choose to buy it from your lease company (PCP deals only) or exchange it for a newer version or different model (HP deals).
Leasing an electric car allows drivers to test run the latest in motorcar technology with minimal risk, and they may even save money compared to a traditional fossil-fuel vehicle.
Things to Consider before Leasing an Electric Car
Leasing electric cars has become extremely popular over the last decade, and leases of electric vehicles by companies have soared in the UK by 90% in the last six months. But, before you jump in head first, here are some things to consider:
- You must make your monthly payments on time throughout the entire period of the lease terms. Missing payments can result in the car being taken away and can negatively affect your credit score.
- You can’t end your lease whenever you want. You must stick to the contract period as agreed or pay a significant amount of money to terminate the contract.
- Leasing companies will add limits and extra costs to your contract, including excess mileage and wear and tear. Make sure you’re aware of these before signing.
- If you take out a hire-purchase contract, you will never own the car. Instead, you will be given the option at the end of your agreement to return the vehicle or exchange it for another one and start a new lease.
- If you’re leasing an older model of EV, you may need to lease the battery separately. This is not the case with modern electric vehicles.
Leasing an electric car will help you become an early adopter of this innovative technology, reduce your impact on the planet, take advantage of tax incentives and reduce your annual costs of driving. Is it time you leased an electric car?