New research shows that leasing an electric car is ‘18% cheaper’ than PCPOn By
When looking to get a new electric car, there are a few different finance options to choose from. Two of the most popular options are Personal Contract Hire (PCH) and Personal Contract Purchase (PCP).
The latest data from Leasing.com shows that leasing a new EV through PCH is on average 18% cheaper than funding the same vehicle on a PCP.
Data coming from Leasing.com’s top 15 most popular fully electric vehicles, showed that leasing was the most affordable option on 13 of the models.
The greatest price difference came on an Audi E-Tron, which saw a saving of just over £9,000 and an overall cost difference of 31%.
Another example of savings could be seen on the popular Tesla Model 3. The Model 3 has a list price of £42,935 and when leased over four years, the total cost amounts to £25,445.77. In comparison, the PCP cost comes to £30,384, meaning drivers will save 19% over the lifetime of their contract if they choose to lease.
Only the Renault Zoe and Jaguar I-Pace were more affordable when using PCP.
Toby Poston, director of corporate affairs at the British Vehicle Rental and Leasing Association (BVRLA), said: “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.”