Yes – you can lease any make or model of new car, including an electric one. Contract hire is the foremost way to procure a new vehicle; cash purchases and PCP type approaches are becoming less common for customers getting new cars. So long as our select finance companies have data on the vehicle, we can present you with the relevant leasing options to consider.
Contract hire is a financial product and involves the company providing details to us so that we can establish a line of credit for. As we work alongside many of the major finance and leasing companies in the UK the business is expected to provide details which can include
• Company name/number
• Trading and registered address;
• Contract details for the company and the director;
• Bank Account details (all vehicles are paid for by direct debit); and
• Direct details – name, date of birth, home address and email address.
The key points to note is that we generally expect the company to be based in the UK and have at least two years’ filed accounts at Companies House. While the underwriting system and team will look at a number of factors, the fundamental aim is to show the company has been training successfully and profitably over a number years and that the directors do not have adverse or bad credit.
We are not suggesting that the company must be making millions, it is very much about showing the company is sustainable and can meet the rental payments each month. As the liability for the car is limited to the company, the finance company needs to be confident that the rentals will be paid and the company will not default on its obligations.
Additionally, a director having bad credit can cause some concerns as the approach by the director to finance is likely to be mirrored in his or her company. Before applying for credit, make sure your accountant has filed the latest accounts with Companies House (and on time) and have a full set of audited accounts available to send to us. Any director who has credit concerns should use Experian to check their credit position.
The main benefit to leasing a new electric car is RISK. Some customers are still nervous about leasing a new electric and are not sure if the pure EV will be the right solution for them in the long term. There is a lot of press coverage focusing on the negative aspects of the vehicles for example EVs are expensive, there are not enough charge points, their range is insufficient. On that basis you can see why committing to a new car purchase would seem a poor suggestion. The benefit of contract hire is that it removes the risks associated with car ownership.
Yes – it is not just businesses that can lease a new electric car. because much focus has been on the fleet market, company car tax and reductions of CO2, you would mistakenly think that a personal lease customer could not (or would not) lease a BEV. The truth is that a person and business can, in equal measures, explore electric car leasing. So long as you have good credit (leasing is a credit-based product), you are able to proceed. The eCar Lease team will ask you to complete a personal proposal form at the appropriate juncture.
The UK driver is lucky to have a healthy array of luxury electric car options; they just need to select which is best for them. While Tesla had already had a monopoly on this segment via their Tesla Model S and X, there are now plenty more options. For example, you could review the Audi E-tron, Jaguar I-Pace, Mercedes EQC or even a Porsche Tacan!
One of the main critiques about electric cars is that there are not enough options to consider. Moving into 2020 there is a great list of EVs which you can currently lease. Some of the main options include:
• Audi E-Tron
• BMW i3
• DS3 E-Tense
• Hyundai Kona
• Hyundai Ioniq Electric
• Jaguar I Pace
• Kia E-Niro
• Mercedes EQC
• MG ZS Electric
• Mini Electric
• Nissan Leaf
• Nissan e-nv200 combi
• Peugeot 208e
• Porsche Taycan
• Renault Zoe
• Smart FourFour
• Tesla Model 3
• Tesla Model S
• Tesla Model X
• Vauxhall Corsa E
• VW e-golf
• VW e-UP
Due to economies of scale and manufacturer investment the UK driver now has the ability to lease a cheap EV. As this growth continues the eCarLease team are confident that this will continue to grow and more” affordable” car options will arise for customers to consider.
The current cheap EV options include the Hyundai Ioniq, MG ZS, Nissan Leaf and Renault Zoe. These cars should not push your budgets.
Each EV will have a different range and this could be anywhere between 100 to 300 miles on a full charge. You need to check with the manufacturer or leasing broker as to the car range. Some of the smaller battery vehicles may necessitate daily charging. However, do consider the manufacture recommendations on charging, as over-charging the vehicle can damage the battery. Practically, you want to keep the vehicle between 20% and 80% charged. Many cars will indicate if you are not carrying out your obligations effectively.
The length of time it will take to charge an EV, or PHEV, will depend on the type of vehicle, how depleted the battery is and what charge point you are using. As a PHEV has a smaller lithium-ion battery the charging times will be considerably shorter than an EV which use a bigger battery. You will also need to be aware of the vehicle’s charge rate; while there are “ultra-rapid” charge points available, some vehicles cannot be connected to them. Therefore, when you are factoring charging times into your decision-making process, you should base your analysis on a charge point which you are realistically going to use on a daily/weekly basis. If you don’t have a Tesla, you cannot use their supercharger facilities!
A slow charge point has power rating of around 3kW and was commonly installed for those drivers using a dedicated home charge point (these will add up to 15 miles of range per hour). Many of the modern models being offered to a customer are the faster 7kW charge point solutions and these present a much more practical solution if EVs are likely to be a long-term commitment for you (these will add up to 30 miles of range per hour). Fully charging a vehicle will take anywhere between 3 – 12 hours and are therefore suitable for those treating them as an “overnight” solution. To help with the demands on the UK’s electric grid all charge points being sold must be “smart”. This means that they will have to interact with the grid so that the vehicle only charges at the correct times. There is an obvious risk to the grid if all EVs or PHEVs were charged at the same time i.e. total blackout!
A fast charge point has power rating of between 7- 22kW. As noted above many of the home charge points being installed are the faster 7kW options. However, many of the public and commercial charge points are the 22kW option (these will add up to 80 miles of range per hour). Because of the way in which the 22kW charge point operates, this will be subject to a groundworks and infrastructure survey. They are more expensive for any business looking for a commercial solution. However, the 22kW option can fully-charge an EV in circa 3 – 7 hours and so can be a fantastic option for those looking to charge a vehicle during working hours, particularly if you are allocated a specific time slot for charging your vehicle. As EVs grow in popularity, so will the demand for efficient charge points. You need to future proof your premises now, particularly with the availability of charge point grants.
A rapid charge point has power rating of up to 50kW ((these will add up to 80 miles of range per 30 mins). However, 100-350kW ultra-rapid charge points are being introduced to support longer range electric vehicles (these will supply up to 200 miles per 30 mins of charge). A rapid charge point is commonly a Direct Current (DC) supply type. Like the fast charge point, there are additional costs for any local authorities or businesses looking to install them and they are always subject to groundworks/infrastructure surveys. A rapid charge point should charge a vehicle to 80% capacity in around 30-40 minutes and fully charge in under 2 hours. Rapid charge points are seen as the ideal “top-up” solution for those drivers covering longer-journeys i.e. the driver stopping at a service station for 30 minutes. However, due to the installation costs these charge points are more expensive for the driver to use (if they are purchasing their own charge). Also, again note that some vehicles cannot use the rapid or ultra-rapid charge point solutions. Always check the capability of the vehicle before leasing it.
One of the main obstacles to leasing an EV is that the UK does not have a sufficient charging infrastructure. There is partly because non-EV drivers are not taking note of charge points (or they simply do not know what they look like) there is some ignorance as to the volume of points available throughout the UK.
On the practical-side if you download the application which Zap Map have created (https://www.zap-map.com/) you will see there are literally thousands of public charge points available for drivers to use. Indeed, there are more charging points than petrol or diesel fuel pumps! As at today’s date, there are nearly 30,000 connections. Thanks to the Zap Map app allowing companies and drivers to update their connections, you can get a live review at – https://www.zap-map.com/statistics/#region
Charging Cables and Sockets for electric cars – What options are there? What do we charging cables/sockets look like?
Each manufacturer and/or vehicle could have a different inlet socket and therefore require a specific charging cable (also consider that the charge point will have a particular outlet socket).
Many manufacturers will supply a cable which is suitable for connection to a 3-pin domestic plug as standard; you will not be automatically supplied with a cable which is suitable for a charge point. This is important to note if you are intending to use a home charge point which does not have a tethered cable. It is also useful to note that if you are changing while you are out and about, not all charging points for public use have a tethered cable and you will need your own. If you want to cover your bases, ensure you have both the 3-pin and Type 2 charging cable in your vehicle.
. In terms of socket options, please see below:
• A Type 1 inlet (or 5 pin) is typical for many US and Asian vehicles like Nissan and Mitsubishi;
• A Type 2 inlet (or 7 pin) is typical for many European vehicles like Audi, Volvo and VW. Almost all the vehicles we supply are a Type 2; and
• CHAdeMO (which is found on Asian models) and CCS are DC. These will feature on rapid charge points (up to a 50kW power rating) and ultra-rapid charge points (between 100-350 kW power rating.
Thankfully, the team over at Zap Map (https://www.zap-map.com/), have produced a basic diagram so you can see which socket/cable goes where.
eCarLease UK have partnered with Raw Charging (a ChargePoint partner) to assist our customers with a charging solution. While Car-E-Lease UK have been impressed with ChargePoint’s smart charging solutions and the quality of their product, it is not compulsory for you to use them.
There are a number of options for home and commercial chargepoints which they can discuss with you and these will vary in price. The prices they advertise are in addition to the grant. Please note that if you select their entry model, you will not be provided with a charging cable.
Our dual-branded brochure is available on our website. Alternatively, your account manager can send this to you upon request.
For more information head over to the Raw Charging website at https://www.rawcharging.com/
2019 was very much the year of the Tesla Model 3. In quarter 3 of 2019 this was the 3rd most popular in the UK, sitting behind the ever-popular VW Golf and the top-selling Ford Fiesta. In November 2019 circa 150,000 vehicles were registered and within this almost 5,000 pure electric vehicles and nearly 5,000 PHEV vehicles were registered.
Going forwards into 2020, we shall see some exiting new entries which will include:
• Tesla Model Y
• VW ID
• Ford Mustang Mach-e (maybe 2021)
• Polestar 2
Buying or leasing an electric car is covered within our website in more detail. Put very simply, if you want to own an electric vehicle long-term then a contact hire arrangement is not for you as you cannot own the car at the end of the contract. While a contract hire deal is often the cheapest solution per month, if you do want to purchase the vehicle this is not something you should undertake. If ownership is crucial to you, you may want to consider a personal contract purchase (PCP) which allows you to satisfy the balloon/guaranteed future value at the end of the contract in order to own it. Speak to the eCarLease team about your finance options on an electric car.
The kWh is a unit of measurement. The “kWh”, or kilowatt hours, is similar to what you would see on an electricity bill – this essentially shows how much energy you have used. In the context of an electric vehicle this refers to the battery’s capacity and will provide some indication as to the vehicle’s range.
In addition, you also have “kW” (kilowatt) which appears in the car’s description and title. This refers to the engine power. The general rule is that the more kW a car produces, the faster the car will accelerate; some car manufacturers produce the same car and specification but with different “kW”.
No. Each electric car will charge at a certain power AC or DC. This is important to identify as you will plug your vehicle into a home, public or service station charge point. Each charge point has a different output, for example 3kW, 7kW, 22kW, 50kW and 150kW. The more powerful the charge point, the quicker the car will charge (subject to its on-board charger). You do need to check on each car what the maximum charge rate is, whether AC or DC. For example, if a car will only charge up to a maximum of 7kW, it would not charge any faster if you plugged this into a faster 22kW commercial charge point (like the eCarLease ChargePoint CP4323-UK Dual Port Wall Mount). As part of suitability of an EV, the vehicle’s charging times will be crucial.
Yes. While all vehicles will be capable of the fast charging rates, it is important to review the charging rate of the vehicle. Each vehicle will have a fastcharge port, generally the CCS (Combined Charging System) with some brands using CHADeMO (trade name for fast charging EVs), but again each vehicle will only be able to charge at a certain rate. While some of the Tesla-specific charge points are quoting anywhere from 150-300kW (depending on country and location), only a Tesla can connect to these charge points. Additionally, not all the vehicles can charge at this rate, for example some are capable of charging at 50kW whereas others will be 100kW. As part of the suitability assessment, do check the vehicle’s charging times.
The Worldwide Harmonised Light Vehicle Testing Procedure (WLTP) are into effect for all new cars registered on or after September 2018; this will come into effect for vans in September 2019. Essentially, the way in which cars, and vans, are tested for their key statistics will change – this is to provide a more honest account of fuel consumption and CO2 emissions. The previous testing under NEDC has not been considered to be the most reliable and efficient of measures. Going forward all vehicles must be tested for longer periods of time, covering longer distances, higher speeds and will now take into account all potential options which can be added to the car (and which will influence the key statistics). From April 2020, company car users will have to use the WLTP provided CO2 statistics for their car.
All electric vehicles will be tested under WLTP guidelines. This will produce a WLTP electric range to make sure you fully understand how the car performs. However, you also need to take into account driving styles, behaviours, vehicle specifications and weather conditions as part of this assessment.
The eCarLease UK team are experts in electric car and van leasing. As part of the CarLease UK group of companies (carlease.uk.com) we have over 50 years experience in selling and leasing new vehicles to happy customers.
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CarLease (UK) Ltd t/a eCarLease UK, CarLease UK, and VanLease UK is a credit broker and not a lender. We work alongside a limited number of finance providers who may make a payment to us if you enter into an agreement with them.