Do you have an example of where to look for this option please? I'd not considered used EV at all, but if I can offset the cost of it through petrol savings that could be a really good option.
I got mine through Nationwide Vehicle Contracts
Other posters are correct though, it's the "low effort/risk" option, but probably more expensive vs buying a used one outright. While loan repayments for 3 years would be higher than leasing the same car, at the end of it you'd still have a car worth a few £k, so you could then:
- Keep the car - stop making payments.
- Sell the car, so overall cost is lower.
Looking at AT, you can get a new model MG5 Trophy for ~£17k (interestingly, the SE seems to be more expensive).
Over 3 years that's ~£550/month at 7%, or ~£350 after taking off fuel costs, but after the 3 years, the car is still going to be worth maybe* £6k
Obviously the older model is cheaper - you're looking at ~£12.5k for the Excite model or ~£13.5k for the Exclusive
I'm glad I got my Niro on a lease, as it was just before the market plummeted and I would have taken a massive hit on depreciation if I'd bought it, but I'll definitely be buying my next EV when the lease is up (and a 3-4 year old MG5 is top of the list!)
Is my maths right on the charging cost? I never thought charging an EV would be so much cheaper than buying petrol.
Pretty much
A good average to use is ~3.6mi/kW (obviously depends on the car and how you drive), at 7p/kW on Octopus Go, that works out at 1.94p/mile, or ~£233 for your 12k miles, so a bit under £20/month.
That's for home charging - if you need to use public charging then it doesn't really work out any cheaper than ICE (and can be more expensive depending on charger cost).
A home charger will be ~£800-1k installed (some dealers will throw one in for free with a used EV), so that wipes out ~6 months of fuel savings.
You'll also save on servicing and brakes, but probably spend more on tyres. VED might as well be ignored since it will apply to EVs from next year.
* the "maybe" is the risk part of buying vs leasing. With the lease, the risk is all on the finance company - if the bottom of the market drops out (like last year), then they take the hit, but obviously you're paying a premium for the lease to cover that risk).