Vehicle Finance | The Reality Of Leasing An EV

Leasing is such a misunderstood topic and something we receive questions on all the time. And when it's such a big financial decision, you certain don't want to get it wrong. So in this video, we break it all down and do the maths for you so you can understand whether it's all it's cracked up to be and whether you can save money by going this route.

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Dave Takes It On was founded in 2023 and focuses primarily on content about electric vehicles and issues that impact drivers. Dave is based in the North West of the UK and owns a Tesla Model S. He regularly travels around the country, so if you see him feel free to say hello. The channel is supported by his son Jonas, who helps with thumbnails, titles, and technical aspects of the channel.

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[DouglasWatt-lt]

Generally you can sit in a much more expensive car when leasing than you could afford when buying. The secret is shop the deal not the car.

[mikadavies]

I lease my BEV.... buying my car from Citroën would have cost me £534/mth, with a £5, 000 deposit.
So I leased it.... deposit £1, 200 and monthly payments of just £265.
As well as cheaper payments, I do not have to worry about depreciation or breakdowns.
Leasing allows me to test a new car for 2 years and then change to the latest technology.

[pauldenney]

I think the best way to get into an EV is to buy a 3 year old ex-lease, ex-company car. I paid £10'500 for a 3 year old Seat Mii with 14k on the clock. Which ever way you do it you pay an awful lot of money for the "privilege" of owning a brand new car.

[AaronCarr]

Being able to charge at home, driving limited miles and having a Ltd company mean leasing an EV is an absolute no-brainer. I've been driving cheap bangers all my life up to now

[clivehoward]

Such a good video. My son got a Nissan Leaf Leased. 3 year lease costing £8, 400 over the term with 15, 000 miles ever year. The saving from his golf in fuel is around £4000. So his total cost over 3 years and 45000 miles is around £4500 for a new car with 3 years of warranty and trouble free motoring. Unbeatable.

[BlatentlyFakeName]

People good with saving and investments aren't buying any new cars, certain not new EVs. They are running cheap but reliable cars which aren't depreciating much as that makes the most financial sense. The government doesn't want to hear that, but you'll never get rich listening to them :)

[poohstick]

Agree with everything you say, great idea for newbies to have a proper go with an EV b4 fully committing but there are tons of pre reg and nearly new stock available for 50% less than new price. So if you know what you want and have the cash it brings that option back into the equation. The whole story is also leasing companies always like to 'play' you if the car is returned with any dinks, knocks, extra miles etc, some people don't like this hassle 👍

[ianemery]

Being disabled and living on Universal Credit and Disability Living Allowance, I dont know if I could even get approval for a new lease deal; I am not allowed to save up enough money to buy new, or newish (£6K in savings, then they start taking money away); so second hand is my only choice; what I did was look at how much I was spending on fuel and servicing parts for my ICE (I did all minor services myself until I got too ill); and how much it would cost in electricity to charge at home for the same mileage.

That gave me a target of £320 per month, as insurance is almost identical - and that was my monthly loan repayment target; plus my £6K of savings and the trade in value of my ICE car.

2 years ago, prices were badly inflated; today, a similar amount would get me a MUCH newer and more capable car; however I am still very happy with my little EV; and if I qualify for a Motability car at my next assessment, I will keep it to teach my wife to drive (or try!).

I prefer to own and not rent my cars; even if that increases the risk.

[mrmitch]

This is true provided that you only do low mileage, higher causes monthly lease to be much more expensive

[stevenbarrett]

So what y9ou are saying is he who has leased has most ?

[boballen]

Yep salary sacrifice has saved me a huge chunk in tax, plus I have a q4 and everything is paid for (apart from charging) but that’s still cheaper then petrol over the period of the lease compared with petrol/diesel

[TimDLee-noon]

I have a luxury EV on a 2 year lease at a cost that made it affordable. It’s working well for me, and will be the approach for the foreseeable future. No regrets. I’m enjoying looking at what I will replace it with at the end of the year! Keep up the good work!

[mikejsoames]

Another very informative video. My Leaf is on PCP so I get an option to purchase it after 3 years, also my monthly payments are less than the diesel I had to purchase each month.

[GdaySport]

Just done this for my girlfriend. Got a 74 plate Nissan Leaf Leave totally fallen in love with it and I got quite jealous. So bot myself a hyundai ionic!

[solentbum]

For me the biggest drawback with leasing a car is the very low mileages offered. The VW example you showed had a restriction of only 5000 miles, most others only allow 6k or 8k miles before you get into penalty mileage payments. If you want more mileage in the agreement just watch how quickly the costs rise. My words of caution, an EV is so good to drive, and so cheap to run per mile, that your mileage will be much higher than with your ICE car.

[chrismawby]

Five years ago I did the sums and realised that PCP purchase was hundreds of pounds a month more than leasing, now I lease every two years and get a new car each time.
Lease companies buy a job lot of cars at a cut down price that’s why they can lease at a much lower monthly price. I’ve just ordered my third EV, it cost new £40000 my lease cost is £285 per month after a £1700 deposit. No brainier really.

[AndyUkLeic]

Big issue leasing through Tesla if you're an employee driving the car... Car needs ordering through the app, then the driver is just added as an extra driver.... This gives the boss access to your location and cameras 24/7.... Surly a breach of the employees privacy!
Also unable to upgrade.. ie premium connectivity...
Neither Tesla nor the finance company unwilling or unable to transfer the main access to the primary driver... This does not happen when you lease vie someone like Select car leasing

[Jawlf]

I leased my first BEV as it was far cheaper than PCP or any other option. Three years later, prices have risen drastically for a personal buyer, so ended up buying my Tesla Model 3 RWD. I took a lease that allowed just 1 month upfront and then the one I was happy paying each month.

[no-oneman.]

I'm happy to be corrected but don't lease companies work from the list price of a new car whereas you can buy a brand new car from a dealer for much much less . Electric Vehicle Man just released a video on exactly this today. He shows a brand new Nissan Leaf, list price £29, 000 available for £16, 500. Surely best to borrow the money from a bank and buy it outright.

[steverichmond]

You are the registered keeper - that is important from a legal standpoint. Also there is always a hassle selling a car... Handing it back is painless.