The UK is witnessing a significant shift in how drivers are approaching electric vehicle (EV) ownership, with secondhand EV leasing skyrocketing by 170% in the past year. This trend is largely driven by soaring petrol prices, prompting many to seek more affordable alternatives. As the supply of used electric cars increases, consumers are finding that leasing offers a financially viable option without the risks associated with depreciation.
Leasing firms are now capitalising on this demand, providing access to well-maintained electric vehicles at various price points. This is particularly beneficial for households that previously considered EVs out of reach. The rise of salary sacrifice schemes, which allow employees to deduct car costs from their pre-tax income, has also contributed to this growth, making electric cars more accessible.
The BVRLA indicates that personal contract hire for used EVs has surged nearly sixfold, reflecting a broader acceptance of leasing as a practical solution. Businesses are also increasingly opting for used EVs, with contract hire for these vehicles rising by 50%. This shift not only highlights changing consumer preferences but also suggests a long-term trend towards electric mobility in the UK.
As the market adapts, the expectation is for continued growth in secondhand EV leasing, with projections indicating an increase of 80% to 120% in the coming year. This evolution in the automotive landscape underscores the importance of affordability and accessibility in the transition to electric vehicles, potentially reshaping the future of motoring in the UK.
Source: The Guardian
