Personal EV Leasing Guide
Looking to drive a brand new electric car but not sure what leasing is? You've come to the right place. We'll explain why leasing can be the perfect choice for driving a brand, new electric car.
Why lease an electric car?
There are plenty of great reasons to lease an electric car and we, at DriveElectric, are here to make the process and simple and straightforward as possible.
Put simply, EV leasing means you have all the benefits of driving the electric car you really want, for the length of the contract, but you never own the electric car.
It means that it offers you a more affordable option to get behind the wheel of the latest electric car model. Then at the end of the lease period you just hand the EV back to us with no further obligation. You can then lease your next electric car, hopefully through DriveElectric!
There are no balloon payments to worry about with leasing, compared to Personal Contract Purchase (PCP) deals. There's no haggling in a dealership, you don't have to worry about selling the electric car in the future. All in all, electric car leasing offers a calmer, smoother and, in most cases, more affordable route to driving your perfect EV.
Our friendly team not only supply electric vehicles, we live and breathe them. We can help you find the right electric car lease deal to fit in your life and are on hand to support you throughout your electric journey. We even provide expert advice on charging.
Providing you with unbiased advice, complete support and peace of mind, with our help it’s easy to make the switch to electric car motoring.
How an electric car lease works
Step 1
Before you choose the perfect electric car for your needs you need to consider a couple of things, such as how many miles you expect to drive per year, how much money you want to pay as an initial payment and how long you want to drive the electric car for. Once, you’ve got a rough idea about that then browse the car deals on our website to find your perfect EV lease deal. If you want some help deciding, our expert team can advise you on what types of vehicle and finance arrangements will best suit your needs.
Step 2
Once you have chosen your electric car we will give you a personalised quote based on your selected terms. There are no hidden extras so, providing you return the vehicle within the terms of your contract, you will know exactly how much the vehicle is going to cost you each month. This is known as a Personal Contract Hire agreement – which is another way of saying lease agreement
Step 3
Before ordering the chosen electric car model we will tell you how long it will take to arrive from the manufacturer. If there is a gap between the delivery date and your requirements, we can talk to you about a short-term rental electric car to plug the gap, keeping you mobile at all times.
Step 4
Once the EV lease has commenced, we will send you a monthly consolidated invoice for all of your funding and maintenance fees. If you need help at any stage during the lease, you can speak to our friendly customer support team on 01628 899727.
Personal Contract Hire (PCH) Vs Personal Contract Purchase (PCP)
Although we specialise in providing affordable electric car lease deals (aka Personal Contract Hire or PCH) there are other popular ways of funding an EV.
In the section below we also provide you with guidance on another popular finance option which is called Personal Contract Purchase (PCP). If you've used finance to fund a new car before, usually via a car dealer, and the finance included a relatively small deposit and a balloon payment at the end of the contract then you should be familiar with a PCP.
Need some expert leasing advice?
Our team has bags of electric car leasing experience, not only have we been leasing vehicles since 1994 but we’ve been at the forefront of the electric car lease revolution since 2008. Which means we are THE EV lease experts!
Personal Contract Hire (PCH) and Business Contract Hire (BCH) are long-term vehicle rental agreements. Contract Hire is often known by the term 'leasing'.
You pay for the use of the vehicle, in your case an electric car, throughout your contract, then return the electric car to the finance company at the end of the agreement without any further obligations.
The benefits of EV leasing:
- Fixed monthly rental makes it easier to budget
- Contract duration, initial rental terms and annual mileage to suit your personal circumstances
- Wide range of electric cars to choose from
- Optional full service and maintenance packages available
- At the end of the rental period you simply hand the car back to us and are free to choose what EV you’d like next
Things to consider:
- Personal Contract Hire is subject to status and credit acceptance
- This is a hire product so you will not own the vehicle
- Minimum duration is 24 months and 5,000 miles per annum
- If selected – Service & maintenance package includes: manufacturer recommended servicing and tyres, and excludes misuse, accident damage and vehicle glass
- Early termination can be expensive
- If you have exceeded your agreed mileage, an excess mileage charge will be payable, worked out on a ‘pence per mile’ basis as set at the start of your contract
- You must return the vehicle in a well maintained condition. Any damage over and above that stated in the Fair Wear and Tear Guide will be subject to additional charges
- The vehicle must be insured with full comprehensive cover. It is your responsibility to ensure the EV is correctly insured
- You will never own the vehicle as there is no option to buy it at the end of contract
- You may be able to extend the length of contract, if you are considering this then contact our customer support team
Personal Contract Purchase (PCP) is a popular finance option for customers who want to own the car but can’t access sufficient funds to pay for the new car outright upfront. Historically, PCP has been a popular credit agreement offered via car dealerships.
You pay an initial payment, followed by a series of monthly payments for an agreed duration. The interest charged is calculated at the beginning and is fixed for the length of the agreement. You then have the option to purchase the vehicle at the end of your agreement at an agreed additional cost (also known as a balloon payment).
The benefits of PCH:
- Fixed monthly payment makes it easier to budget
- Terms and mileage to suit your needs
- Wide range of electric cars to choose from
- At the end of the agreement, subject to payment of an Option to Purchase fee, you take ownership of the vehicle – often called a balloon payment
- Optional full service and maintenance packages may be available
Things to consider:
- Personal Contract Purchase is subject to status and credit acceptance
- Minimum duration is 24 months and 5,000 miles per annum
- If selected – Service & maintenance package includes: manufacturer recommended servicing and tyres, and excludes misuse, accident damage and vehicle glass
- Early termination can be expensive
- If you have exceeded your agreed mileage, an excess mileage charge will be payable, worked out on a ‘pence per mile’ basis as set at the start of your contract
- You must return the vehicle in a well maintained condition. Any damage over and above that stated in the Fair Wear and Tear Guide will be subject to additional charges
- The vehicle must be insured with full comprehensive cover
Now you've read about the benefits of electric car leasing, why not take a look at some of our great value lease deals?
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