ANALYSIS from shows that leasing a pure-electric vehicle is on average 18% cheaper – up to 31% cheaper  – than funding a new vehicle on a personal contract purchase (PCP).

When looking at 2022 pricing data across car leasing comparison site’s top 15 most popular electric models, leasing was the cheapest and most cost-effective option on 87% (13) of those vehicles. 

The greatest saving came from Audi’s e-tron all-electric SUV, at £9,108, when looking at the total lease cost against the total PCP cost (excluding balloon payment). The average saving came in at £2,313.58.

The UK’s most popular electric car, Tesla’s Model 3, has a list price (at the time of calculations) of £42,935. However, over a four year lease, the Model 3 would cost £25,445.77, while PCP would cost £30,384, representing a 19% over the life of the contract saving for those leasing.

All but two models – the Renault Zoe and the Jaguar I-Pace – saw savings for leasing customers over PCP plans, and even the smallest saving was more than £400. All other leasing savings were in the thousands.

Battery Electric Vehicle Cost Comparisons: Lease (PCH) vs Finance (PCP) – Identical term and mileage allowances

ModelTotal Lease CostTotal PCP Cost (exc. balloon)£ Difference
Tesla Model 3£25,445.72£30,384£4,938.28
Volkswagen ID.3£16,949.28£22,039.86£5,090.58
Hyundai Ioniq Electric£18,113.68£22,880.30£4,766.62
Hyundai Ioniq 5 Electric£22,294.80£28,689.29£6,394.49
Hyundai Kona Electric£17,312.16£19,107.44£1,795.28
KIA E-Niro£18,483.28£23,897.40£5,414.12
Mini Hatchback EV£15,534.40£18,250.25£2,715.85
Nissan Leaf£10,976.16£13,092.01£2,115.85
Vauxhall Corsa-e£13,519.84£15,282.20£1,762.36
Renault Zoe£14,630.36£14,060.00-£570.36
MG Motor UK ZS EV£17,768.43£23,266.83£5,498.40
Volkswagen ID.4£18,838.28£23,506.74£4,668.46
Jaguar I-Pace£41,037.04£38,277.00-£2,760.04
Lexus UX300e£23,628.56£24,039.00£410.44
Audi E-Tron£34,311.50£43,420.14£9,108.64

Leasing is the perfect way to finance a new BEV. With so much economic uncertainty and technology changing so fast, it is not surprising that more and more people are using this fixed cost, affordable and hassle-free method to fund their leap to electric motoring.

Toby Poston, BVRLA director of corporate affairs

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