Recently released data from Leasing.com shows that leasing a battery electric vehicle (BEV) is on average 18%, and potentially up to 31%, cheaper than funding a new vehicle on personal contract purchase (PCP).
According to 2022 pricing data across Leasing.com’s top 15 most popular BEVs, leasing was the cheapest and most cost-effective option on 13 of those models. Across the list, the highest cost difference was 31%, with the average difference in cost being 18%. The highest saving came in at £9,108 for Audi’s all electric e-Tron, with the average saving across the board coming to £2,313.58.
One of the most popular cars in the BEV market is the Tesla Model 3. The Tesla has a list price of £42,935; however, when leased over four years, the total cost comes in at £25,445.77. Compare that against a PCP cost of £30,384, and leasing will save drivers 19% over the contract’s life.
The largest saving overall, though was found when comparing costs for an Audi E-Tron. On PCP, the Audi works out at a total cost of £43,420.14 at the end of a 48-month contract. On lease, the same make and model comes in at a total cost of £34,311.50. This would mean a saving of £9,108.64.
David Timmis, Managing Director of Leasing.com, says that the accessibility that leasing provides consumers will be vital in achieving an electric future: “With the shift towards an EV future, one of the most important challenges the industry faces is making BEVs affordable. Without this, the market simply won’t shift quick enough.”
This research comes when more and more drivers will be looking to move to an electric vehicle as the UK approaches the 2030 Net-Zero Government deadline. The recent increase in petrol and diesel prices has also seen a move towards electric vehicles.