Secondhand EV leasing hits the fast lane as more UK drivers explore ways to cut motoring costs
📰 source: theguardian_business · 💼 business
used electric car leasing in the uk more than doubled in the last year, up 170% among bvrla members, as drivers look for cheaper ways to avoid soaring petrol prices during trump's war on iran.
the supply of secondhand evs is rising fast as early adopters' cars feed into the used market, with over 2m electric cars on british roads. toby poston, bvrla chief executive, said used leasing gives consumers "real choice" without financial risk. salary sacrifice for used evs rose fivefold, personal contract hire nearly six times, and business contract hire up 50%.
octopus electric vehicles reported 122% year-on-year growth to june, with ceo gurjeet grewal saying used evs cost £60-70 less per month than new leases, up to £200 savings. the electric car scheme's thom groot said affordability is driving the shift, expecting growth of 80% to 120% next year. a hurdle: benefit in kind tax breaks are still calculated on a car's value as new, even for secondhand purchases.
why it matters: uk drivers embrace used ev leases as petrol prices spike, making electric cars affordable without new-car costs and boosting ev adoption.
source: theguardian_business
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