Is It Worth Leasing An Electric Car? Yes!

Is It Worth Leasing An Electric Car? Yes!

Leasing a vehicle rather than buying one has long been established as the most cost-effective way of motoring, but electric vehicles (EVs) still carry a lot of anxiety when it comes to drivers biting the bullet and making the transition from internal combustion engine vehicles (ICEs). However, figures released by the SMMT in October 2022, show that 195,000 EVs were registered in the year up to October, which represented a 38% increase in the same sales period of 2021.

EVs are the fastest-selling sector in the motor vehicle market and are rapidly becoming more ‘normal’ and more recognisable on UK roads. And yet many motorists are still reluctant to take the plunge, so we have put together a list of reasons why, yes, it is worth leasing an electric vehicle in 2023:

More affordable

It is true that, at the moment, EVs are more expensive than ICE vehicles, but there is a very good reason for that. The initial research and development costs invested in EV technology by the major vehicle brands has to be reflected somewhere, and so far that has been in the cost price of the output EVs. However, such levels of R&D are no longer necessary, and furthermore, developments in cheaper materials and more efficient technology will also contribute to EVs becoming cheaper. And don’t forget, leasing an EV brings the overall cost down dramatically, compared to buying an EV, because you are only paying for the depreciation of the vehicle, not the ownership.

Better range

A major fear for ICE drivers contemplating the switch to EVs is being stranded miles from home with no battery life left. In simple terms, it is relatively straightforward to get used to driving certain everyday trips and knowing what level of battery charge you need, and hence you quickly build-up a routine. But more importantly, EVs now offer much better range generally. The Mercedes EQS offers over 450 miles of range on one battery charge, while most EVs are capable of a minimum of 300 miles. But it is fairly easy to find an EV that has a battery size and range that suits the type of driving you do, which wasn’t the case ten years ago.

Better charging infrastructure

Another factor in quelling the fear of running out of juice in an EV is the improved charging infrastructure in the UK. Public charge points are fast-becoming the norm in supermarkets, leisure centres and on suburban roadsides. There are also dedicated charge points at motorway services and in workplaces, while people have more options for fast charging units in their own home.

Better technology

As well as the speed and performance of EVs improving dramatically to rival ICE vehicles in recent years, issues such as safety features, battery life and charging speeds have also improved to ensure the EV driving experience is more convenient. And this is likely to continue to improve also.

Cheaper motoring

It is well established that per mile, the fuel costs for EVs compared to ICEs are much cheaper, but the improvement in EV technology means you will get more and more miles out of your battery life as the technology is developed. But not only that, road tax is much cheaper for EVs and service and maintenance costs are almost non-existent due to the lack of moving parts, and of course, if you are leasing a brand new EV you will be unfortunate to experience any service and maintenance costs at all, or MOT costs if your lease is no longer than three years.

More vehicle choice

Every major brand has invested heavily in their EV range in the last few years, because they know it makes sense. You can now enjoy a good choice of EVs in every motoring sector. So if you want a high performance EV you have the Tesla Model 3, Ford Mustang Mach-E or the Audi Q4, while at the other end of the scale, for a small, city run-around you have the Renault Zoe, Volkswagen Up or the Smart Fortwo Cabrio. In the middle bracket, SUV family cars can be found with the Skoda Enyaq, Audi e-Tron or the Citreon e-C4.

Making the switch sooner rather than later

The UK Government is committed to ceasing new ICE vehicle production by 2030, so the motoring industry is already undertaking vast change. It is an unescapable truth that EV motoring is the future and the motor vehicle industry itself has fully accepted this, so the sooner you get on board and make the switch to EVs, the better.

Great value EV leasing deals with Pink Car Leasing

All these benefits are of course in addition to producing zero tailpipe emissions when driving an EV, but if you want to learn more about these benefits listed above, or wish to see what amazing EV leasing deals we can offer, then contact our sales experts at Pink Car Leasing today.