Planning to go electric? As buying a new car outright may not always be the best option, you’re likely to search for alternative ways to fund an electric vehicle. That’s where LeaseCar’s car finance options for electric vehicles could help.
Ditching the petrol pump and plugging in is quickly becoming a serious consideration for many of us, especially as the 2035 ban on new diesel and petrol cars is on the horizon.
As such, now is a great time to try electric vehicles – with leasing officially on the up, according to numbers by the newest Finance & Leasing Associates.
With 90% of new cars now bought on finance, this is a smart way to introduce an electric vehicle into the mix without bearing the brunt of the cost head-on.
So why are so many people turning to leasing? There are several perks, such as:
- Fixed monthly rentals
- No depreciation concerns
- The choice to get to a new car at the end of the lease period
In this guide, we’ll touch on the best ways to fund your electric vehicle, some of the top picks for models and available government grants.
Fund electric vehicles simply with LeaseCar
But with so many options on the market, you need to make sure your lease is up to speed.
That’s where we come in.
Here at LeaseCar, we know that getting behind the wheel of your dream car goes beyond numbers and figures. It’s a feeling. That means you’ll want all the mod cons, housed in a stylish setting for a comfortable drive that doesn’t break the bank.
Now that’ll get your engine revving.
As the UK’s leading car leasing site, we offer our customers plenty of options for funding electric cars, with a range of contract hire and lease deals on a range of makes and models.
If you already know the right vehicle for you, why not get in touch today? Our expert team is more than happy to help make it a reality!
What are the best electric vehicles available?
At LeaseCar, we offer an impressive range of electric vehicles, boasting big names at reasonable prices.
Explore our top picks below and supercharge your next drive with electric charging capability.
Model Y Hatchback
Touted as the ‘world’s best selling car’ in the first leg of 2023’ – an ‘EV’ first. Tesla’s Model Y Hatchback boasts plenty of features without breaking the bank to run.
Mixing utility with style and affordability, it’s easy to see why Tesla is one of the main players in the electric car market, offering passengers form and function for miles on a single charge.
There are a variety of Tesla lease deals available here at LeaseCar. To find the perfect Tesla lease for you – regardless of the term length, annual mileage or initial rental – get in touch with our friendly team.
Model 3 Saloon
Blending style and substance, the Tesla Model 3 Saloon is a great EV starter – complete with room for the family, technology and a gorgeous design.
As one of the best EVs available, this speedy model not only shaves cash off your commute with its battery-powered might but looks good while doing it too.
Find your next Tesla with LeaseCar.
If you’re on the hunt for a 5-door electric hatchback – with almost 144 km of range available on a full charge – then the Renault Zoe is your best bet.
Spacious and stylish, Renault’s electric also gives you features such as:
- Expression Nav
- Dynamique Nav
- Dynamique Rapid Nav Charge
With LeaseCar’s Renault Zoe car leasing deals, you now have one more excellent reason to choose these eco-friendly hatchbacks.
Among VW’s most celebrated vehicles, LeaseCar offers the Volkswagen Id.4 Estate, one of the most popular models.
Choose from our fantastic business car leasing offers to find the perfect leasing deal for the Volkswagen Id.4 Estate, or lease the Volkswagen Id.4 Estate yourself.
What is the best way to fund an electric car?
So why choose a lease agreement to fund an electric car?
Essentially – it can save you plenty of time and money in the long run. Most agreements tend to include extras such as maintenance and warranty coverage, which can come in handy when keeping your car in good nick.
Plus, the initial payment and monthly rentals are typically lower than traditional car financing.
Funding an electric car through lease agreements
Electric car leasing is an excellent option for those who want to get behind the wheel of the latest car models every few years, or try to fit an electric-only car on for size.
But as the average electric car could set you back £44,000 in the UK, looking for alternative funding streams can be a great way to get on your drive.
As a lease agreement gives you the power to rent a car at a fixed monthly rate, you can enjoy clear payments that make it super easy to budget.
Personal Contract Hire
Personal Contract Hire car finance is a straightforward way to fund an electric vehicle, making it especially easy to manage.
On paper, all you have to do is select your make and model and how long you’d like to lease it for – then you’re away.
So if you’re on the hunt for a low commitment vehicle to drive for the next few years, Personal Contract Hire is the perfect option.
Your monthly rental will be much cheaper than with other types of finance, with the cost of your monthly rental not being determined by the overall value of the car.
As you’re only paying a monthly rental for your use of the car through the lease, funding an EV is a much lower cost overall – and you can choose a completely different vehicle to lease at the end of your agreement!
Can I get a grant to buy an electric car?
You could originally get a grant for an EV from the Government.
Called The Plug-in Car Grant, it was first introduced in 2011 and helped the demand of EVs surge thanks to a financial incentive for both individuals and businesses.
Although the grand is no longer available for standard electric cars as of 2022, you can still apply for the following vehicles if they are wheelchair accessible:
A minimum electric range and CO2 emissions threshold are required for vehicles to qualify for the Plug-in Car Grant.
Although EV grants are limited, EV Chargepoint Grants provide financial assistance to install charging stations at residential and commercial properties.
Through this grant, you can get up to 75% of the cost covered, with the goal being to make it easier for homeowners and residents to drive electric.
A variety of application processes are required depending on the type of property (e.g. a flat, a landlord’s property), whether you’re renting or leasing, and how many people are in your household.
Some businesses allow their employees to sacrifice some of their salary in return for an electric car of their choice through income tax and national insurance.
This reduces the employee’s tax liability and allows them to save 30-60% of the cost of the subscription by paying for the car from pre-tax pay instead of post-tax pay.
In addition to making electric cars more affordable, these savings also make them more attractive to many people – but it is entirely up to your employer whether they want to take part in the scheme.
Funding made easy with LeaseCar
If you were wondering whether you should take the plunge and plug in, we hope this article shows you that there are plenty of other ways to get an EV without splurging all at once!
For more than 25 years, UK drivers have been able to get the best leasing deals straight from the team at LeaseCar.
But don’t just take our word for it. Our five-star Trustpilot rating is proof of the top-class service we deliver, which shows our commitment to giving you the finest possible experience.
With a wide range of lease deals available, we are sure that you can find the perfect car for your lifestyle requirements. There really is no better place to find your next vehicle.