ANALYSIS from Leasing.com 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 Leasing.com’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
| Model | Total Lease Cost | Total 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
