UK drivers are purchasing second-hand leased electric cars to ensure savings, according to new data from Octopus Electric Vehicles (Octopus EV).
Octopus EV saw a 177% surge in demand for used EVs versus March last year, as more affordable second-hand models come onto the market.
This comes as the wider UK EV market continues to grow with nearly one in four new cars sold in the UK in March being fully electric.
Affordability is a key driver behind the surge, with second-hand salary sacrifice deals – which allow drivers to pay through their gross salary – offering meaningful savings compared to new cars.
Across the market, used EVs that are just a year or two old at all price points and specifications offer great value. For example, at the cheaper end, a Dacia Spring is available from just £176 per month compared to £239 new, saving around 26%.
A Tesla Model Y comes in around £366 per month used versus £433 new (15% less), while the BMW i4 comes in at £470 per month compared to £668 new, saving around 32%.
The data comes several weeks after Octopus announced an 89% jump in orders for new leased EVs in March compared to February, as drivers make the switch to electric amid rising petrol costs.
Gurjeet Grewal, CEO of Octopus Electric Vehicles, said:
“We’re in the middle of an EV demand boom in the UK, and it’s clearly not just new cars that people are after.
“Drivers are waking up to the fact that going electric doesn’t have to mean paying new car prices. The jump in second-hand EV leasing shows people want a smarter, more affordable way to drive electric, while it’s clear that previous concerns about battery life are fading.
“With more high-quality, used EVs becoming available – a trend that is only set to increase – we’re making it easier than ever for drivers to cut costs.”
Image courtesy of Octopus EVs
