Electric Car Leasing

Benefits of leasing an electric car

Leasing an electric vehicle is becoming more popular than owning an EV outright, mainly because leasing means you benefit from fixed cost motoring for the duration of your EV lease. Once your lease has been agreed and your contract is live, your EV lease will be on a fixed interest basis and will remain fixed regardless of what happens to bank base rates or future residual values. This will enable you to maintain accurate monthly budgeting.

• Fixed Cost Motoring

  Leasing an electric vehicle through My Electric Lease gives you peace of mind by fixing your monthly costs for the duration of your lease.

• No Depreciation = No Disposal Worries

  An added bonus of leasing instead of buying means you do not have to worry about selling your vehicle at the end of your contract, our In Life team will guide you every step of the way.

• Reduced Admin

  Bundle all your maintenance, service and breakdown cover into one contract, with one number to call when you need any help with booking in your service or replacement tyres.

• Tax Efficient

  As well as EV’s being great for the environment, they are also great for tax efficiency if leased through your business and have the lowest benefit in kind tax brackets. You can calculate your company car tax here.

What is electric car leasing?

Businesses or private individuals can lease a brand new electric vehicle for a set period of time, generally, 24, 36 or 48 months while paying a fixed monthly rental. This is sometimes known as usership, rather than ownership, where you pay for the use of the vehicle, but you never actually own the vehicle.

Is an electric lease car right for me?

We will all need to transition to electric vehicles eventually, as the government has set targets to reduce the manufacture of fossil fuel vehicles over the next several years, and more and more cities are transitioning to zero emission zones in order to keep the air that we breathe as pollution free as possible. With new technology progressing as a very fast pace, the range of electric vehicles is getting so much better with many new EV’s having a range of over 300 miles on a full charge. Here are three things to think about before taking out a new EV lease.

Budget - Don't just look at the lease price alone, at first, the cost of leasing an EV may look expensive, but you need to look at the overall whole life costs of leasing an EV. Even with the increase in energy costs, it can still work out a lot less to run and EV than a traditional petrol or diesel engine variant. Add this to the reduced service and maintenance costs and the tax benefits if you are leasing through a business and the difference could be staggering.

Driving Habits - Traditionally, drivers would look at how many miles they would travel over a year, but when you drive EV, you need to look at your average daily commute instead, do you have the ability to charge your EV at home and or work? And what is the public charging network like in and around your usual commute. New public charging stations are being installed daily, and since January 2022 they have increased by over 30%.

Maintenance and Service - The great thing about EV's is that there isn't a lot of go wrong, unlike ICE (internal Combustion Engine) vehicles that have a lot of moving parts, and electric vehicle has an electric motor, sometimes two, powered by a battery. So there are less moving parts to service and repair. Tyres are also generally more reenforced as they need to be able to carry the extra weight of the battery.