Drivers can save a month’s worth of bills by leasing EV over PCP finance

Woman holding up calculator and another with hands on table. Toy car and books on table.

Consumers could save £153 a month by choosing to lease a new battery electric vehicle (BEV) rather than financing one through personal contract purchase (PCP) – a saving that’s just shy of the average family electricity bill.

Despite claims that the cost-of-living crisis is easing, continued inflation, high energy bills and fluctuating fuel prices mean that in reality, Britons are feeling no better off.

Similarly, the cost of driving has remained high. By taking advantage of leasing deals, however, smart consumers could make the switch to an electric vehicle (EV) and drive the newest cars on the market – and do so at a fraction of its total cost.

The comparisons found on Leasing.com, the UKs leading leasing comparison site, delivered cheaper deals on nine out of ten battery electric vehicles in the list below, when compared with their PCP equivalent deals, providing more financial flexibility and lower cost for drivers with increasingly stretched budgets. Despite this, PCP remains the most popular finance type, even though 80% who use the finance type return their vehicle as opposed to purchasing it.

Leasing the Nissan Leaf, for example, works out £8,650 cheaper on a 36-month contract than purchasing through a similar PCP agreement, working out to around £240 a month – enough to pay the average household water and electricity bill with £72 to spare.

Even EVs that boast larger price tags are seeing significant savings. Subaru’s first electric venture in the automotive market, the Solterra, tops the list for total vehicle value – yet leaves motoring enthusiasts £357 better off each month when compared with its PCP equivalent deal. With this much money saved, consumers could meet over half of their monthly mortgage payment, in line with the UK average of £665 per month.

Leasing.com enquiry data highlights many consumers are already on the hunt for best-value contracts, with the company seeing a 44% increase in demand for battery electric vehicles year-on-year. This continued rise coincides with increased pressure on manufacturers to create more affordable EVs for consumers which has resulted in reduced leasing costs.

Electric VehiclePCP CostLeasing CostComparison SavingSaving per month*
Subaru Solterra£38,739£21,564.55£17,174.45£357
Skoda Enyaq Estate£28,537£19,585.28£8,951.20£186
Kia Nero Estate£28,302£16,701.43£11,600.57£322
GWM ORA Ora Funky Cat£26,368£13,439.84£12,928.16£269
Cupra Born£25,406£18,982.4£6,423.60£133
Kia Soul£23,342£19,597.68£3,744.32£104
Nissan Leaf£18,388£9,737.56£8,650.44£240
Fiat 500£17,664£16,664.03£999.97£27
Peugeot 208 E£16,312£10,989.72£5,322.28£148
Renault Zoe£13,107£19,118.32(6,011.32)(£250)

Paul Harrison, Chief Partnership Officer at Leasing.com, said:

“Our latest research shows the astonishing savings that motorists can make by choosing to lease their next new vehicle instead of opting for personal contract purchase sold in showrooms. After years of production disruption following the pandemic, motor manufacturers have now recovered and the buoyant supply of new vehicles is translating into some excellent discounts for savvy consumers on the very latest electric vehicles. Leasing is a crucial enabler to helping motorists transition to greener, electric motoring.”

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