Driving Electric Just Got More Affordable: Used EVs Now Cheaper Than Petrol and Diesel Equivalents
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In a major win for electric vehicle adoption, the used car market has reached a significant milestone. According to the latest data from the automotive market data research organisation Cap HPI, the average price of a three-year-old used electric car is now 8.5% cheaper than an equivalent petrol or diesel model.
The data reveals that a three-year-old electric car could cost around £2,550 less than a comparable used petrol car priced at £30,000. Used EV sales surged by 71% in Q1 2024 compared to the same period last year, with over 41,500 pure electric cars finding new homes. The average value of a used EV at the same age and mileage has halved since September 2022, indicating a maturing market with more stable prices. Luxury models like the Jaguar I-Pace and Tesla Model X are now available for over £20,000 less than in summer 2022, while mainstream options like the Nissan Leaf can be found for under £10,000.
Chris Plumb, EV specialist at Cap HPI, explained that the growing availability of second-hand electric models is driving this demand as “motorists want to reduce their environmental footprint and make significant motoring cost savings due to high diesel and petrol prices.”
With the EV market continuing to evolve and prices becoming increasingly accessible, there has never been a better time to explore the electric vehicle options available.
At ElectriX, we’re committed to making the transition to electric driving as seamless as possible. Whether you’re an individual looking for a Personal Contract Hire, a business seeking Business Contract Hire options, or an employee interested in a Salary Sacrifice Scheme, our leasing schemes can help you drive into the future of sustainable mobility.
Not only do you avoid the volatility of fuel prices, but you can now access high-quality, brand new EVs at affordable prices.
But the benefits don’t stop there. As an ElectriX customer, you’ll have access to our all-in-one solution, which includes alongside your chosen EV lease, the provision options to add a dedicated home charging unit and a comprehensive insurance coverage to your lease package.
This holistic approach ensures a seamless transition to electric driving, removing the hassle and uncertainty that can sometimes deter drivers from making the switch.
As the market for electric vehicles continues to grow, ElectriX remains committed to offering innovative solutions that meet the needs of our customers, helping them to reduce their environmental footprint while enjoying the benefits of electric mobility.
Check out the latest offers on our website and contact the team today to learn more about how you can take advantage of the growing affordability of electric vehicles with our comprehensive leasing solutions.
Are you ready to go electric?
Want to know if an electric car is the right choice for you?
Join in with our simple online quiz to find out more.
Simon Stacey brings a wealth of over 20 year’s experience from across the energy and technology sectors to his writing on electric vehicles (EVs). Currently, he is Head of Product at ElectriX where he leverages his expertise in digital and net-zero transformation to ensure the business stays at the forefront of innovation.
Even though electric cars have been around for many years now, there are still plenty of myths and questions that pop up when it comes to thinking about switching to an EV. From how they’re built and how they work, to how long the battery will last and how to know which electric car is right for you.
These are all valid questions that can be answered for you by the team here at ElectriX.
So, let’s dive in:
1. Can you drive and charge an electric car in the rain?
Rain and flash floods seem to be more frequent and have become part and parcel of the great British weather. This means many of us are likely to experience challenging driving conditions due to adverse weather – at any time of the year!
A storm or sudden downpour can suddenly turn a road you know well into a new water feature – a temporary pond right in the dip that you’d usually drive through without a second thought.
Maybe it’s a problem you’ve encountered many times in a petrol or diesel-powered car. But what if you’re facing standing water in your brand-new electric car, for the very first time, with all those kilowatt-hours of electrical energy stored right underneath you. What do you do?
As a blanket rule, the AA recommends that you should never drive into flood water that’s moving, or deeper than 10cm (4 inches). If you think the water is safe to pass through, go slowly to avoid making a bow wave – a wave of water forming at the nose of the car as you move through it.
As for rain, the simple answer is yes, it is okay to drive and charge an electric car in the rain!
The batteries in electric cars are all sealed and isolated so it is very difficult for water to get into the battery. Electric and hybrid cars also feature fail-safe systems that automatically isolate electrical drivetrain components in the event of a collision or short circuit.
You can feel confident that the charging components have also been built with wet weather in mind, so there’s no risk when it comes to charging. All charging points and chargers (public and private) are waterproof and electric cars are made with electrical safety as a top priority, so you can charge your car in the rain, go through a car wash and even drive through puddles, just as you would with a petrol or diesel car.
2. Why don’t electric cars have solar panels?
When you think about sustainability and being environmentally friendly, solar panels and solar energy likely come to mind.
There are some electric car models that do use solar energy to power selected components. But currently, these two low carbon technologies have not been fully combined and there are no EVs on the market that are powered exclusively by solar panels.
The surface area of a car on which to fit enough solar panels is just not big enough. It would need around 8 or 9 solar panels to provide enough solar energy to run an electric car, and the average car would only fit 2 or 3 panels at the most.
The existing technology in solar panels would also not produce the amount of energy needed within a reasonable time frame (think days not hours for a full charge!). On average, a solar panel runs on about 20% efficiency, so the technology will have to improve dramatically to replace the current charging technology needed for an electric car.
While there are market innovators currently testing models with solar panels on (the Hyundai Ioniq 5 is one example) it is not likely to be rolled out to the electric car market anytime soon.
You can however, in many cases, power your car through solar panels on the roof of your house. But you will need to make sure you have the right equipment. That includes kit like a solar PV system, a solar-compatible EV charger and a solar battery storage system if you want to charge overnight. The amount of charge you will get depends on lots of different things, such as how much the sun has been shining and the mileage range on your car. But it is perfectly possible to use the power generated from your solar panels on your home to charge your EV, and even have spare energy left to sell back to the grid! It’s worth noting that while solar panels achieve peak performance in direct sunlight, they do generate electricity in cloudy and rainy conditions too.
3. Do electric cars have gears?
Many people think electric cars will be just like petrol or diesel cars, but one thing that makes them distinctive is that none of them have gears, they are all automatic.
Petrol and diesel cars have engines to power them and a multi-speed transmission (a gearbox), which needs to build up power. Top speeds are achieved in the high gears once momentum has been built.
Electric cars are powered by electric motors instead. These motors provide a consistent amount of power, allowing EVs to accelerate very quickly without the need to move through several gears. It’s a myth that electric cars are slow – they are still very fast and can quickly achieve high speed!
Here are some other advantages of an electric car being automatic:
Improves efficiency – as no gear change is needed, power is delivered seamlessly from the electric motor to the wheels for instant power (torque).
Easier to maintain – with an EV there are less parts to maintain and therefore less risk of things breaking. Replacing a gearbox or a clutch on a petrol or diesel car can be very expensive.
Regenerative breaking – this is quite distinctive to EVs. Because they are battery powered vehicles, when you hit the brakes, energy is transferred from the wheels back to the car battery. This can help extend range as well as battery life.
Lack of engine noise – EV’s are notoriously quiet emitting little more than a unique hum.
4. How do I charge my electric car at home with no driveway?
If you don’t have access to private parking, how do you charge your electric car at home?
Cross-pavement charging solution
A cross-pavement charging solution is a purpose-built channel that can be installed on the pavement outside your home. It is designed to sit flush with the pavement to minimise the risk of injury to pedestrians. The technology also contains an electric vehicle charging cable that you can use to charge your electric car from the roadside.
There are also other solutions if you don’t have a driveway. One option is to use some of the 53,000 public electric vehicle charge points across the UK, including many free ones. There are some great apps, like ZapMap, that can provide you with real-time data on your nearest charge points no matter where you are in the country.
Many workplaces also now provide chargeable and free electric car charge points, as well as public car parks, supermarkets and retail parks, so these days you’re never far from a charge point even if you choose not to install a home charging solution.
5. How far can an electric car drive?
Another common myth is that electric cars can’t travel very far. This is not true and in fact, there are now electric cars that can travel further than some petrol and diesel cars!
The range for each EV is different as you might expect, because it really depends on the size of the battery.
For example, the BMW I4 GRAN COUPE has a 70-kWh battery and a range of around 300 miles.
At the other end of the spectrum, the Smart FORTWO ELECTRIC COUPE has a 17kwh battery and a range of around 81 miles.
The key when making the switch to electric is to decide how you will use the vehicle and what works best for you. If you just need a car for local trips or driving around town, then a smaller car with a smaller battery might be just fine.
But if you need an EV for longer trips, such as commuting to work or seeing family or friends that live further away, then it might be more important to you to have a car with a longer range.
One other important point to make is that the range of an EV can differ depending upon a range of other factors, such as hills, having the air conditioning on, or driving faster. To make it easier for people to understand, you will often see something called ‘Real World Estimate’ listed alongside the range to give a more accurate predication of what the total range might be.
Have a look at some of the special EV offers on our website for more information on range and you’ll also find both the BMW I4 GRAN COUPE and the Smart FORTWO ELECTRIC COUPE listed here too.
How do I find the right electric car for me?
If you’ve never had your an electric car before, the whole concept can seem quite daunting, especially as there are now more than 100 EV models on the market.
There are multiple options when it comes to owning an electric car, from outright purchase to used EVs, personal contract lease, salary sacrifice, and business leasing. You need to make sure you research each option to find what is right for you.
First, you should talk to an expert, like one of the team members here at ElectriX, who can provide advice on leasing options, and talk you through home charger options and provide EV insurance. Take a look at our ultimate guide to electric cars too for a bit more information and guidance. Once you have all the information you need, it’s time to decide which model of electric car is right for you.
Some of the things you’ll need to consider are:
What type of driving do you mostly do? Short trips around town, long-distance commuting, staycations across the UK?
What is your price point? Do you want lower end of the budget or prefer luxury?
How quickly do you need the car? Many leasing options can offer 30-day delivery, some models may take longer.
Where will you charge the car? It’s important to be completely informed about charging and what will work for you.
We have a range of electric cars to explore on our website, with key information such as range, cost and charge time for each EV. With so many options on the market, there’s never been a better time to make the switch!
Are you ready to go electric?
Want to know if an electric car is the right choice for you?
Join in with our simple online quiz to find out more.
Simon Stacey brings a wealth of over 20 year’s experience from across the energy and technology sectors to his writing on electric vehicles (EVs). Currently, he is Head of Product at ElectriX where he leverages his expertise in digital and net-zero transformation to ensure the business stays at the forefront of innovation.
What is BiK on electric cars and how does it work?
There are lots of good reasons to make the switch to an electric car. Doing your bit for the environment is one, lower running costs is another and there’s also the fact that there are some generous tax breaks you can take advantage of.
One of those is called Benefit in Kind or BiK in short, and it’s something that you may not have heard of before if you’ve not been behind the wheel of an electric car yet.
BiK tax is something that applies if a company provides one of its workers with some form of taxable benefit. One of the most common examples is the use of a company car – in fact, BiK is sometimes referred to as Company Car Tax. Other examples of benefits that are taxed under BiK include things like living accommodation, private medical insurance or fuel for your vehicle.
There’s a great list of company benefits on the government’s website if you want to look at all of them from A-Z!
Before we dive into some of the numbers, it’s important to understand how they’re calculated. There are three factors that come into play when working out Benefit in Kind tax with an EV :
The tax bracket you’re in
The value of the car
The CO2 emissions from the car
Using a combination of these three, there’s a simple calculation that can help you work out in pounds what your BiK tax will be. Here’s the formula:
Your income tax bracket X P11D value of the car X the BiK rate = BiK tax owed
1. How your level of income effects Benefit in Kind with an EV
The level of income you receive determines how much income tax you need to pay in the UK. There are currently three tax brackets, which are:
Basic Rate Taxpayer: If your annual income is within the basic rate band, you will pay 20% tax on the BiK value of the EV.
Higher Rate Taxpayer: If your income falls into the higher rate band, you will pay 40% tax on the BiK value.
Additional Rate Taxpayer: For those in the highest income band, the BiK tax rate will be 45%.
The tax rate bands do change so it’s important to make sure you stay up to date on the latest tax thresholds, but for the 2024/25 tax year, this is how they look in England and Wales:
Personal Allowance: Up to £12,570 is tax free
Basic Rate Taxpayer: taxable income between £12,571 up to £50,270
Higher Rate Taxpayer: taxable income between £50,271 and £125,140
Additional Rate Taxpayer: taxable income over £125,140
Tax brackets in Scotland work slightly differently, so please take a look here for more information on it.
2. How the value of an EV impacts Company Car Tax on electric cars
The second number we need for the Company Car Tax or BiK formula is the value of the car. This is sometimes called the P11D value of your car, which is the manufacturer’s list price, including any delivery charges and VAT at the time of registration. With most EV lease options, the vehicle is brand new and that’s how we operate at ElectriX with a range of EV brand-new models available.
The higher the list price of your EV, the more you’ll need to pay in BiK tax, but one of the big advantages with an electric vehicle is that they have a considerably lower BiK rate than petrol or diesel, which helps bring the overall cost down, by quite a lot too.
3. What are EV BiK rates and how do they work?
Company Car BiK rates for EVs are currently very low – just 2% – which was originally set by the government as part of a plan to encourage more people to drive an electric car. There are now more than one million EV drivers on UK roads and many of them will have taken advantage of this low BiK rate (as at August 2024)
The last government had plans to increase the BiK rate gradually, reaching 5% by 2028, but for 2024 it is still set at 2%.
Earlier we mentioned how BiK rates could be applied to a variety of company benefits, and that also includes vehicles that run on petrol and diesel. However, the BiK rate on these cars is much higher – often as much as 37%!
The higher rate reflects the fact that these cars are more polluting and there is a dedicated CO2 calculator on the HMRC website to help work out the tax bands for different cars based on their level of CO2 emissions.
Breaking down Electric Car Company Tax in numbers
To help you understand how electric car BiK rates are calculated, we’ve put together some scenarios using the standard formula below:
Your income tax bracket X P11D value of the car X the BIK rate = BiK tax owed
BiK Scenario 1:
Income Tax bracket: 20%
Value of car: £40,000
BiK rate: 2%
20% x £40,000 x 2% = £160
Here’s another scenario with a higher listed vehicle price and for someone in a higher tax bracket:
BiK Scenario 2:
Income Tax bracket: 40%
Value of car: £60,000
BiK rate: 2%
40% x £60,000 x 2% = £480
As you can see, the higher your income and the higher the price of your EV, the more you will pay in BiK tax. However, these figures are still small compared to the cost of Company Car Tax for someone driving a petrol or diesel car with the highest level of CO2 emissions, which currently attracts a BiK rate of 37%.
Here’s another scenario to bring that comparison of petrol and diesel cars to life, using the same example above of someone in the 20% income tax bracket:
BiK Scenario 3:
Income Tax bracket: 20%
Value of car: £40,000
BiK rate: 37% (Based on a car with CO2 emissions of over 170g per km)
20% x £40,000 x 37% = £2,960
Comparing the electric car BiK cost (Scenario 1) to that of a petrol or diesel car (Scenario 3), that represents a saving of £2,800.
Here we can provide a comparison using the same example as above for someone in the 40% income tax bracket who chooses a car with a P11D value of £60,000:
BiK Scenario 4:
Income Tax bracket: 40%
Value of car: £60,000
BiK rate: 37% (Based on a car with CO2 emissions of over 170g per km)
Compare both EV and ICE Scenarios to emphasise the cost saving for both tax brackets.
How to take advantage of electric Car Company Tax rates
If you’re looking to make the switch to an EV, ElectriX can help you make the most of the tax benefits that come from choosing an electric car instead of a petrol or diesel vehicle. BiK tax applies when you take up a Business Electric Car Lease, so if you’re a company owner or director then this could be the option for you. We also work with companies across the UK to help set up dedicated salary sacrifice schemes for their teams. It can be a great incentive to help retain staff and keep them engaged in the company, not to mention the lower costs and the sustainability benefits! A car obtained/procured through the Salary Sacrifice scheme is essentially a company car that’s leased by an employer, so remember, BiK is payable on the benefit.
Are you ready to go electric?
Want to know if an electric car is the right choice for you?
Join in with our simple online quiz to find out more.
Simon Stacey brings a wealth of over 20 year’s experience from across the energy and technology sectors to his writing on electric vehicles (EVs). Currently, he is Head of Product at ElectriX where he leverages his expertise in digital and net-zero transformation to ensure the business stays at the forefront of innovation.
Even though we’re almost halfway through the year, we know lots of people are still considering leasing a new car in 2024, so to help, we’ve compiled a selection of some of the best electric cars for lease around right now.
Whether you’re looking for an electric city car to zip around your local area in, a family car to handle everything from the school run to trips away, or a car that’s ideal for longer commutes and business travel, we have electric car lease options for everyone.
Best electric cars in the UK in 2024
The number of fully electric cars on UK roads hit 1.1 million in April 2024, and there are now more makes and models of fully electric cars available than ever before for drivers. With a wide range of electric cars to choose from when you’re considering your next personal or business lease vehicle, it can feel a bit daunting knowing where to start.
Choosing the right electric car to lease for your needs will depend on a number of factors, including:
Your budget – the ongoing monthly costs for leasing an electric car, plus the initial payment and things like insurance, charging and maintenance.
How you’ll use the car in your day-to-day life – how many passengers do you need to carry, is storage a priority?
How often you’ll be able to charge your electric car and how far you travel on regular journeys.
Whether you will use the car for personal or business use, or both.
These elements will all play into finding the best lease electric car for your specific circumstances. As electric car specialists, we’ve put together a list of the top five electric cars available for leasein 2024 for a variety of different situations to give you some great options. You can also learn more about electric car leasing.
Best lease electric cars for cities and towns
If you’re mainly going to be using your electric lease car for short trips around a city or town, to carry one or two people and without the need for lots of storage, a great option could be the Smart FORTWO ELECTRIC COUPE.
This two-seater is perfect for nipping around town, with its compact size making manoeuvring and parking a breeze. Having a WLPT range of 81 miles, this small car is ideal for those with short commutes and with a rapid charger (100kW), it takes around just 10 minutes to charge up to 80% if you need to top up as you go.
If a small family car is more your style for getting around, the Nissan LEAF HATCHBACK could be a really good option.
With a WLTP range of around 168 miles, the Nissan LEAF is a compact family car which brings all the benefits of being great around towns and cities, but it also has a range that makes it ideal for longer trips too, with the convenience of charging less often.
Best range electric cars
For those looking for the best range electric cars, capable of travelling over 250 miles between charges, a great potential choice could be the Hyundai KONA ELECTRIC.
With a WLTP range of 319 miles, this is the ideal car for family trips, days out or long commutes. Having a generous 466 litres of luggage space in the boot, this is an electric lease car that can easily hold your daily essentials as well as having space for all the family
Best electric cars to lease for families
If you have a big family, or need an electric car with lots of space and flexibility, the Kia EV9 could be a perfect option for your needs.
With seven seats and still room in the boot for everyday family essentials, this electric lease car offers the style, form and feel of an SUV, but with all the practicality and flexible space that families need. The EV9 also has a WLTP range of 349 miles, making it a great all-rounder that can handle anything from the school run to trips away from home. The Kia EV9 SUV took the top spot as UK Car of the Year, plus the World Car of the Year and World Electric Vehicle in 2024.
Best electric cars to lease for business use
When it comes to business car travel, comfort, convenience and style are all important considerations as you clock up the miles. A great option for those wanting to enjoy their business journeys in style could be the Polestar 2.
With a great WLTP range of 322 miles, this sleek and refined car is an excellent choice for those looking for an electric lease car that really delivers.
It’s worth noting that when looking at business electric car leasing, a lower BiK rate at just 2% means that going electric for your next company car is more tax efficient when compared to similar petrol or diesel cars.
Some of the other best electric cars for lease in the UK in 2024
With so many brilliant vehicles available, it’s really tough to refine the list down into the very best electric cars in the UK in 2024, so we’ve also included a couple more that absolutely deserve a mention.
With a WLTP range of 319 miles and the high-spec, high-tech interior that Tesla is renowned for, it is always a hit with drivers who are looking for an electric car for lease that combines style, comfort, technology and performance.
Another great option for those who want a sporty and fun drive could be the Volkswagen ID.5 COUPE.
Having a WLTP range of 344 miles and a surprisingly large boot for a coupe, the iD5 is not only a winner on the style front, but it’s also pretty practical too.
Help with choosing the best leased electric car for you
At ElectriX, our aim is to make it as straightforward as possible for you to switch to an electric lease car, whether it’s for your next company car or a personal lease, or you’re exploring your options with an electric car through Salary Sacrifice. We can help with not only finding the right vehicle for your specific needs, but also with home charger installation and electric car insurance too.
By choosing ElectriX, you can enjoy the benefits of:
Your brand-new electric lease car delivered to your door.
Simple and fixed monthly payments, that can also include maintenance, for your convenience.
Guidance and advice from our experienced advisors throughout the process.
Simon Stacey brings a wealth of over 20 year’s experience from across the energy and technology sectors to his writing on electric vehicles (EVs). Currently, he is Head of Product at ElectriX where he leverages his expertise in digital and net-zero transformation to ensure the business stays at the forefront of innovation.
CO2 is the chemical symbol for carbon dioxide. It’s a gas that’s polluting our planet, heating it up and changing the delicate balance of our climate. Every country in the world will be affected by climate change if we don’t start cutting the amount of CO2 we produce.
Unfortunately, driving petrol and diesel cars is a big problem because they burn fuel and pump a lot of CO2 into the atmosphere. And the process of making cars produces a lot of carbon too.
If you drive a petrol or diesel car for 15 years, over about 160,000 miles, you’ll add around 42 tonnes of CO2 into the atmosphere.
And why is that bad?
One way to answer that is to define how many trees you’d need to plant to absorb that amount of CO2. This is called offsetting.
It’s only a rough calculation but you’d have to plant a staggering 100 trees every year for 7 years just to absorb the CO2 emitted by one petrol or diesel car .
The good news is, when you drive an electric car there aren’t any carbon emissions from the exhaust. Yes, there’s still some CO2 produced in the manufacturing process, but the best car makers are working on that all the time.
So just by switching from a conventional car to an electric one, you can prevent 20-40 tonnes of CO2 from polluting our planet.
Plus, electric cars last a lot longer than petrol or diesel and have far fewer complex parts. So you don’t need to replace your electric car or repair it as often, saving even more CO2.
I like the idea of an electric car – where do I start?
Electric cars are a great option if you want to save on running costs or go greener. And you’ll be ahead of the game before the planned 2035 ban on the sale of new petrol and diesel cars.
Let’s start by thinking about where you can charge an electric car; we know that’s what most people worry about when thinking of going electric.
If you have a drive or garage at home it does make life easier, because you can have a home charge point installed which is the cheapest way to charge.
If you don’t have the option to charge at home, find out where your nearest public charge point is located. This might mean an on-street charge point (lots of local councils have installed them), a trip to your local supermarket, petrol station or public car park, or charging your car at work. You can track down one of the 53,906 (Dec 2023) or so public charge points across the UK using our charge point map.
Step 2 – Where do you drive to and how often?
Now let’s think about your daily commute and how many people you need to fit into your car.
The average UK round-trip commute is under 30 miles. That’s easily within the travelling range of any electric car, even the oldest second-hand models run for 60-80 miles on a full charge. If you often drive longer distances, look for an electric car with a more powerful battery. Most new models do over 200 miles on a full charge.
Like petrol or diesel vehicles, most electric cars comfortably seat 4 people – 5 at a squeeze. But what if you need something bigger? Until recently, you had just a few pricey electric cars to choose from. But that’s slowly changing with cars on the market with six, seven or more seats. The Citroen ë-Spacetourer can almost fit a football team in.
Some workplaces offer electric car salary sacrifice schemes, where the money for the lease is taken at source from your gross salary, resulting in you paying less tax each month. You can talk to us about salary sacrifice too.
Is an electric car right for me?
Discover electric cars that are available through our partner CBVC today.
Driving electric isn’t scary. You’ll find it easier to drive than your old manual and it’s much the same as getting used to any new car.
Here are some of our top tips for getting the most from your new motor.
Driving tips
The first thing you’ll notice is no gearstick. You either see a flat joystick or buttons, usually where you’d find your gearstick. You push the joystick or press the buttons for Drive/Reverse/Neutral/Park. Then touch your accelerator pedal to go and your brake pedal to stop. Couldn’t be simpler.
When you switch the car on, you won’t hear any noise or feel any vibration. When you pop the car into drive it might creep forward like an automatic, but some cars let you turn this off.
The lack of a gearstick doesn’t mean lack of acceleration though. You’ll feel the power straight away and this can feel very fast. Some cars have an Eco/Chill mode so you can start with that while you get the hang of things.
Lift your foot off the accelerator and you’ll slow faster than you would in a petrol car. This is because some clever tech called regenerative braking kicks in. As you slow down and press the brake pedal your car stuffs energy back into the battery, giving you more miles (10% or so) and creating less wear on your brake pads. Coming to the lights? Take your foot off and save yourself some money.
Charging tips
Keep your charging cables in the boot. You never know when you might need your cables or have the chance to grab a free charge.
Not a fan of cold mornings? Set your car to finish charging just before you need it, so the battery’s warmed up, meaning more miles on a charge. You can even defrost your windscreen and heat the inside (using an app) from the comfort of your bed with some electric cars.
Keep an eye on how much power you’re using. Most electric cars tell you how you’re driving on the dash so you can ease off the accelerator pedal and save money.
Check out your local charge points or plan them out for long journeys on a charge point app or map. At the moment, there isn’t one payment system that covers all charge points, some take contactless cards, or you might need to download an app or get a plastic tag called an RFID (radio frequency identification) in advance.
Want even more miles on a charge? If your car has it, pop it on eco mode.
Out and about and using a rapid charger? It’s best to charge to around 80%. And don’t leave it plugged into a rapid charger for hours, you’ll annoy anyone who wants a quick zap and go. Some chargers may also apply an “overstay fee” which can be costly.
Fancy free parking? Some councils offer free or discounted parking for electric cars. Check and register with your council.
As time goes on, you’ll notice one big difference between electric and petrol or diesel. And that’s less time in the garage for services or repairs. Fewer moving parts mean more money in your pocket.
Is an electric car right for me?
Discover electric cars that are available through our partner CBVC today.
Can I get roadside assistance if I drive my electric car?
Yes. All the main breakdown services cover electric cars and more and more local garages can help out too.
What if I have an accident in my electric car?
Electric cars have fewer moving parts, so tend to break down less than petrol and diesel cars. If the worst happens and you do break down or have an accident, some breakdown services like the AA, RAC or Britannia Rescue can pick you up on a flatbed truck.
If you have an accident always contact your insurer first, as you might have free recovery under your policy.
What if I run out of charge?
If you’ve run out of charge in your electric car, most will take you to the nearest charge point. Some breakdown services, like LV=’s Britannia Rescue even have a big battery in their van to give you a zap and get you on your way.
But it’s not likely to happen because electric cars, just like petrol or diesel, warn you miles before you run out of juice.
And that’s plenty of time to find one of 53,000 or more public charge points around the UK (as of January 2024).
Is an electric car right for me?
Discover electric cars that are available through our partner CBVC today.
As electric car leasing and insurance specialists, we’re trusted to have great deals and stock availability.
We provide your car – plus delivery, collection and car tax. So you’re all ready to roll…
No, it’s just the same as leasing a conventional petrol or diesel car.
When we say in stock deal, we mean that the car is already built and here in the UK – so delivery can typically be within two weeks but there are limited model options and colours. Meanwhile, a factory order means we will order your car with the manufacturer and the estimated build time might be 6-8 months. But it will be built to your specific options and colour.
Most people lease for two – four years.
Yes. You must be 18 to take out a lease.
Most leasing companies and brokers don’t take trade-ins direct. Some do have tie-ins with car buying companies. But this is generally completed as a separate transaction.
Yes. The business will be credit checked and you’ll pay Benefit in Kind tax rates, which are currently very low for electric cars. The main benefit from leasing through a business is tax efficiency: if the business is VAT registered, most of the time you can claim back half the VAT on your lease payments, and all the VAT on maintenance contracts. The company can also offset lease payments against corporation tax, and it reduces the employer’s Class 1A National Insurance contributions.
Yes. You’ll be credit checked and the lease will be classed as regulated by the Financial Conduct Authority. Rental costs can also be offset against tax.
Each lease contract will be treated as a separate agreement. This is usually only accepted for spousal or life partner applications.
Generally, smaller city cars are more affordable – such as the Corsa-e, Fiat 500 and Smart EQ Forfour.
Yes. Usual DVLA costs apply. The plate can be changed either before or after delivery, depending on when you request this – for example, some cars are pre-registered.
Once your lease vehicle is in stock, we’ll contact you to arrange the best delivery date for you. Then we’ll keep you up to date by email, phone or SMS.
The financial stuff
When you choose to lease, you’re renting the car from us – so you don’t own the car. PCP is a purchase agreement which means you’re buying the car but can return it.
Leasing is far more predictable, especially when maintenance is included – so you’ll know what you’re paying and when. You also don’t need to worry about what the car will be worth at the end of the contract.
You just pay for the use of your car over the agreed term. Insurance, service and maintenance costs can also be covered as optional service packages.
No, you don’t need to pay a deposit but you’ll pay a fee when your car’s delivered. You can pay from 1-12 times the first month’s rental. The more you pay in the initial payment, the lower the monthly rental charges work out, but you’ll pay the same over the contract.
Yes. All leasing companies are statutorily regulated to make sure you can afford payments.
All leases include car tax throughout the contract. If the government puts up taxes, you might be charged a bit extra to cover it (but we’ll give you plenty of notice if that happens).
No, but If you lease with us, you can add breakdown cover from just £33 per year per car. LV= Britannia Rescue gives you access to over 4,000 breakdown professionals across the UK who will help to keep you moving.
BIK is an HMRC tax based on a variable percentage of the full price of your company car – calculated by CO2 levels. Electric cars currently have a BIK of 2%, which is deducted from your personal income tax allowance.
If you’re a VAT registered business, you can usually claim back half the VAT for the financial part of the rental. You can reclaim all the VAT on any maintenance package you take.
We charge a fee for our services: arranging the sale, ordering the car, arranging the finance and organising delivery.
Insuring your electric car with Allianz
If you buy your policy from Allianz, you’ll find there are specific benefits that are included within their policies for electric vehicles. They’ll cover all your accessories including charging cables and wall boxes plus the batteries will also be covered as part of their comprehensive cover.
Yes. Just like any car insurance policy. The excess is the total amount you have to pay yourself if you make a claim. This is calculated by combining two types of excess – compulsory & voluntary.
Yes. You will need to take out separate policies for each vehicle but you can insure more than one vehicle with Allianz.
Yes, that’s fine. All insurance companies will ask who the registered keeper is and will give you the option of selecting the lease company.
Yes. The easiest way to do this is by going directly to our insurance partner at Allianz
Yes. Allianz will cover your car’s battery for accidental damage, fire and theft – even if you’re leasing it separately from the car (although this is very rare).
Charging your electric car
Prices vary depending on supplier, but around £900 should cover a 7.2kW home charging unit. Prices vary depending on supplier and installation factors. If you live in a flat or you rent then you can get a £350 government grant or 75% off the cost to buy and install, whichever is lower (from April 2022), which requires a certified electrician to fully install the charge point.
Manufacturers offer a lengthy battery warranty, often for eight years/100,000 miles.
Most drivers charge at home or at work. And public charge points can be located using charge point maps.
Just like the electric motor and battery, the systems that charge your electric car are weather-proof within reason. Whatever the conditions, taking a cable from your boot and plugging it into the car will be absolutely fine.
No, there’s really no need. It’s recommended that you keep the state of charge at around 80% or lower, to maintain battery health.
It’s very rare because most charging cables lock at both ends which prevents theft. When charging, the cable locks at the charge point, and again when your car is locked.
Don’t Panic. If you’ve got breakdown cover with either Allianz insurance or through Britannia Rescue directly and you do run out of charge, then they’ll take you to the nearest charge point in the UK.
Existing electric car leasing customers
Yes. You can exit your lease early with an early termination request – but you’ll need to pay a fee and return the car. Just ask your lease company and they’ll let you know how much it’ll cost. It’s normally a percentage of your remaining rental fees (often half), but it can be the full fee if you’re coming towards the end of a contract.
No. You can’t transfer the lease to another person.
It’s just the same process as with any purchased car – first off, you need to contact your insurance company for advice. If you’re with Allianz, use car insurance support.
Like with hire purchase and PCP, you’ll need to pay an early termination fee – and most of the time the insurance money will cover it. Insurers only pay the market value of the car, though. So there’s a possibility – particularly early on in your term if you’ve only put down a low deposit – that a pay-out won’t cover it. If there’s any difference, you’ll need to pay it.
Don’t worry – you can keep using the car. You’ll need to pay an excess mileage charge, though, which is a pence-per-mile figure. You’ll agree the amount at the start of the lease and you’ll need to pay it when you give the car back.
It can range from as little as 5 pence-per-mile for smaller cars, up to 50 pence-per-mile for premium vehicles. It’ll also be higher if you have a maintenance package as it covers maintenance costs for the extra mileage.
If you know you’re going to go over your mileage then get in touch with your lease company. You can often raise your mileage monthly payments during your lease period.
Your estate would need to pay the early termination fee.
We’ll simply collect your car. Apart from damage and mileage conditions, there should be no extra costs. You can find further information in the BVRLA’s Fair Wear and Tear Statement.
Other electric car info
Electric cars are tested to the same high standards as conventional new cars. And you’ll find that many models achieve high ratings from the independent safety body Euro NCAP.
All cars may struggle in particularly extreme weather. But electric cars can perform in all kinds of weather conditions just as well as a petrol or diesel model – although range will dip a bit in cold weather. All electrical systems are sealed and insulated against the elements.
No. All electric cars are automatic only.
If you have any complaint, please email: electrix@lv.co.uk
For car leases contact CBVC on 0330 818 7555. Service hours are Monday to Friday 9am – 6pm
Electric cars are very reliable. They have fewer parts than the cars we’re used to driving and that means there’s less that can go wrong. There’s no clutch, gearbox, spark plugs or exhaust on an electric car.
Electric cars are also very smooth to drive and they generate less heat and vibration, which means that there’s less wear and tear too.
The motors in electric cars can drive for hundreds of thousands of miles without any issues. Nowadays their batteries have got an equally impressive lifespan. It means that a modern electric car can easily save hundreds of pounds every year in maintenance, especially as they get older.
All in all, they’re far less likely to let you down than an average petrol or diesel engine, which is probably near the end of its life somewhere around 150,000 to 200,000 miles. They’re so simple and reliable that you’re likely to find that servicing, basic maintenance and repairs at your local garage are cheaper too.
And what about safety?
Fire
Even if there was a collision, the battery pack in an electric car is extremely unlikely to burst into flames. Whereas a petrol or diesel fuel tank could easily catch fire in a disaster.
The battery pack in an electric car is made up of lots of individual cells which are almost impossible to damage in the same way a fuel tank could be damaged. Even in a crash it’s hard to damage the cells because they’re so well protected by loads of advanced safety features and even if you damage one cell, it’s hard to damage them all at the same time.
Although it’s possible for a battery cell to explode, it’s more like a little firework going off than the sort of car chase explosion we see in movies. In itself, it wouldn’t pose a threat to your life in the same way a burning fuel tank can.
If something goes seriously wrong with a battery, you get plenty of warning from the car – just like you do with warning systems on petrol and diesel cars. A flashing light on the dash is enough to give anyone the jitters, but with electric cars you’ll always get more time to pull over, get to a garage, or get out of the car if there’s a problem.
Rain and floods
If you’re driving an electric car in torrential rain. It’s good to know the battery packs are well sealed and weatherproof. So you don’t need to worry about mixing electricity with water. You can happily and safely charge them in heavy rain or run them through the car wash.
And if you’re still in any doubt that electric cars are safe and reliable compared to the cars you’re used to driving, check out the 5 star safety ratings they’re attracting from Euro NCAP | The European New Car Assessment Programme.
Overall, although there’s always some danger being out on the road, electric cars are very reliable.
Is an electric car right for me?
Discover electric cars that are available through our partner CBVC today.
