Fuelled by Government plans to ban the sale of new petrol and diesel cars in 2030, more people are now considering an electric car for the first time.
If you’re considering an electric vehicle (EV) as your next vehicle, you’re probably wondering if you should buy or lease an electric car.
Whether you’re ready to switch or are just starting your search, we’ve created this guide to help you weigh up your options when deciding between buying or opting for one our latest electric car lease deals.
5 Reasons To Lease An Electric Car Rather Than Buy
From flexibility to affordability, there are many benefits to leasing an electric car. We’ve outlined 5 of the most popular reasons for leasing an EV rather than buying one outright below.
1. You Can Change Your Car More Often
When you lease a car, you choose your contract length. At Vanarama, this is usually between 2 and 5 years. Once your contract is up, you’re free to choose your next lease car.
Electric cars have come a long way in a short space of time. Take the Nissan Leaf for example; when it was first released back in 2010, drivers could expect a 73-mile range on a single charge. Nowadays, that figure stands at 239 miles on their long range model, highlighting the advancements that have been made.
By choosing to lease a car, you can upgrade your car more regularly, enjoying the latest EV technology as soon as it’s released.
2. You Don’t Need To Worry About The Value Of Your EV Depreciating
Once your lease deal is up, you simply hand your EV back to us. We’ll carry out a few checks and then you can start your search for a new vehicle.
If you choose to purchase an EV instead, the vehicle’s value may have depreciated since you first bought it. This could mean its resale value may be less than you would have liked. Of course, this isn’t always the case. For example, during the pandemic, increased demand for used cars meant some car owners saw the value of their car increase when they came to sell. But if you don’t want to take a risk on a depreciating vehicle, leasing an electric car takes away that concern. It also removes any hassle around reselling, so you don’t need to worry about depreciation costs at all.
3. Declining Battery Performance Over Time Is Less Of A Concern
Think of the battery life of an EV like the battery of your mobile phone. Over time, you might find that your phone’s battery doesn’t last as long. It’s exactly the same with EVs.
Generally, an EV battery is expected to last between 10 and 20 years, although you may see some degradation in capacity towards the end of its lifespan. Of course, when you’re leasing a car over a few years, this isn’t something you’ll need to worry about.
Even if you decide to purchase a car outright, battery performance may not be something that necessarily concerns you, depending on the length of time you plan on keeping the car. However, if you plan on reselling the car, it may be something potential buyers will consider when making you an offer.
4. You Can Include Regular Maintenance Within Your Lease Deal
If you choose to lease an EV with Vanarama, you can choose to add a maintenance package to your lease. It means you pay one monthly cost (combining your monthly lease payment with your maintenance fee), then you’re covered for the duration of your lease for:
Routine servicing and maintenance.
MOTs (on vehicles over 3 years old).
Tyre replacements (covering standard usage and 1 accidental replacement per year).
Batteries and brake pads repairs due to fair wear and tear.
High-voltage battery checks, although it is important to ensure a technical specialist checks the battery to ensure your car’s performing optimally and providing the best range possible.
Should you buy an electric car outright instead, you’ll have to cover the cost of the above separately. When budgeting for buying a new car, maintenance costs are something many people overlook, and depending on the type of work, it can amount to a significant cost.
5. Leasing Can Be More Affordable Than Buying Outright
For many people, leasing is the most affordable way to get behind the wheel of a brand-new electric car. EVs tend to be more expensive than traditional petrol or diesel engines, which can price some buyers out of the market.
Unlike if you chose to buy outright, you don’t need to pay the full value of the car upfront. Instead, you’ll make an initial payment, which is then followed by fixed monthly payments until your deal ends.
Even if you lease a higher-end EV, your fuel costs could be halved by up to 50% which would eventually offset the more expensive payments. Add in those lower running costs and you could end up spending less overall simply by making the switch.
The table below shows how monthly leasing costs compare to the price of buying some of the UK’s most popular EVs upfront.
*Monthly payment price, excluding initial deposit.
**Based on new prices as found on manufacturer websites.
All prices are correct as of September 2022.
Of course, there are benefits to owning a car too. Ultimately, the decision you make should be based on what’s important to you. Before you decide, weigh up what you’re looking for from your vehicle to make sure you make the right choice.
Should I Lease An Electric Car With Vanarama?
Leasing an electric car with Vanarama couldn’t be simpler! We have all the latest EVs available from leading manufacturers, including Tesla, Polestar, and more. From large electric SUVs to compact city cars, you can find the perfect EV for you.
With our Price Promise, we’ll match any of our competitor’s like-for-like deals or give you a £100 voucher if we can’t beat their quote. We also offer free delivery and 30-day free returns if you’re not completely satisfied.
If you’re still undecided about whether an EV is for you, why not take a look at some of our other guides? We’ve covered everything from how long it takes to charge an electric car to the top 10 cheapest EVs available.
Of course, our dedicated customer service team is on hand to help too. Get in touch for more advice on choosing an EV.