Used-Electric Car Leasing - Is this available for a business?

Is used car leasing available for a business?

The growth of electric cars has brought about some new challenges and thoughts to the UK. With Labour coming into power, there are strong suggestions that their manifesto will be actioned; in particular their intention to reinstate the original ZEV Mandate date of 2030. By this date, only new zero-emission vehicles will be permissible to be sold in the UK or manufacturers will face considerable fines for selling what will be considered “non-compliant” products.

These fines are expected to be in the region of around £15,000 per vehicle. The 2035 date was the Conservatives reaction to pressure from the public and automotive manufacturers, who felt that the impending 2030 would be too soon for their respective business strategies and ambitions.

If Labour do move the date to 2030, then they must do so on the basis of considerable investment and assistance from a political and economic perspective. The new Government are making the message clear - EVs are very much the future of the UK’s automotive ambitions.

Delivering EVs across retail, business and salary sacrifice customers does necessitate an array of products and funding methodologies. Each prospective customer will have different needs and requirements; it is our responsibility in this industry to ensure that we do meet these to the best of our abilities. In the new car sector, the news and media have been awash with a number of stories and not all of them have been bad.

As the FT confirmed yesterday the Chinese manufacturer BYD have now confirmed a £1 billion investment into an electric vehicle plant in Turkey, which will be capable of making 150,000 vehicles per year. The 2nd biggest EV company after Tesla, the BYD group have been in the news more recently, as the EU have imposed some tariffs on Chinese companies looking to sell their vehicles within the EU.

With Turkey forming part of the EU’s Customs Union, EVs can be exported without additional duties. With more Chinese manufacturers in talks too, there are likely to be more cost-effective all-electric cars on route.

When will used car leasing be available to UK drivers?

There are still big questions about the used-EV industry in the UK. Already Labour have set out their intention to bolster the used electric car industry with important initiatives like standardised information for understanding the battery and the vehicles. Whether a customer is personal or business, confidence is key to taking on an electric vehicle.

This is why information on our website is so clear and direct, with our Electric Vehicle Certificate (EVC™) setting out the key aspects for a customer to make an intelligent and considered decision. We recognise that this is essential in the used electric car industry, as we move towards a used-EV car lease scheme.

In conjunction with Lex Autolease, we will be bringing a used-EV lease package to the UK. At a time when our business customers are looking to rationalise costs and avoid long-term commitments, having a more flexible and cheaper route to zero-emission driving is wholly essential. In summary, the innovative 2nd hand EV lease programme will include:

• Access to one of the UK’s biggest electric stock lists - Audi / BMW / Hyundai / Kia / Porsche / Tesla will all feature here. As ex-lease vehicles, these will be prepared by the Cinch auction team to the highest of standards, with all vehicle blemishes and damage identified to you within the 70+ picture analysis. Every EV will include a charging cable;   
•  Maintenance - all EVs will be sold with a “funder-maintenance” package. This means all servicing, maintenance, tyres and breakdown recovery are included for the duration of the agreement. Apart from the fuel (your electricity) and the charge point installation, your costs are minimised;  
•  No Deposit  - unlike a new car deal, there are no large upfront initial rentals or deposits. All of the used car deals are based on minimal capital outlay; 
•  Stock - quick turnaround on your chosen vehicle, with these being prepared and ready to go at the Cinch HQ; and 
•  Flexible Terms - from 12 months to 48 months, you can elect to utilise a contract which best meets your business requirements. If you only want a 1 - 2 year trial on moving electric, this could be your perfect solution!

With so many great financial benefits underpinning the EV transition for businesses, and the drivers, there is no better time to convert your fleet to an electric one in 2024, like the amazing electric vehicle shown here.

In terms of the car shown, the Volvo XC40 ELECTRIC ESTATE 175kW Recharge Ultimate 69kWh 5dr Auto (Pure Electric Vehicle), this is based on the following configuration:

•  Sage Green Metallic Paint
•  Connect textile/microtech - Charcoal + carpet and mats, door panel insert, topography inlay and standard gearknob
•  20" 5 spoke diamond cut black alloy wheels
•  7m 10amp charging cable with 3 pin plug and 4.5m 3 phase 32 amp type 2 / mode 3 charge cable

This has a usable battery of 66 kWh which offers 175kW (235hp), top speeds of 112 mph and 0-62 times of 7.3 seconds. Real-world ranges suggest a combined 180 miles in colder weather with warmer temperatures to allow for 240 miles (on a full charge) - a combined 210 miles.

The 11kW AC allows for 0-100% charging times of 7 hour and 15 minutes with the 135 kW DC enabling 10-80% in 34 minutes. The XC40 EV has no Bidirectional charging. It has a 129 mpg equivalent, 410L cargo volume and offers towing capacities of 750kg (unbraked) and 1500kg (braked). The heat pump is standard.

Want to know more about used electric car leasing?

Just get in touch with our team on 01942 910 001 or by emailing us at [email protected]

Browse our Volvo XC40 deals