Best electric car lease and finance for March

By Tom Seymour

Last updated: Mar 12th 2024

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The first quarter of each year is always an exciting time for new electric vehicle launches as car manufacturers look to capitalise on what is the busiest month of the year for the industry - the March plate change.

There are dynamics at play with car manufacturers this year which means they are incentivising some dealerships and leasing companies to increase the sales mix of electric vehicles and work to persuade more customers to make the switch to zero emissions.

This isn't about moving people to EVs that aren't ready, but rather making sure drivers are well informed to go electric where it makes sense for their lifestyle and the mileage they do.

This Zero Emission Vehicle Mandate (ZEV) is now in effect in the UK and requires that at least 22% of all new vehicle sales have to be zero emissions this year.

Smart Home Charge has looked through some of the latest deals available to customers before the end of March and nearly every model has over 200 miles of range (or close to it).

Each of these offers can be found either through the Electric Car Scheme, Drive Electric or by going directly to car manufacturers and their dealerships.

Top 3 personal contract hire lease deals

The VW e-Up jumps out as one of the best private lease deals you can access right now. It's a very capable little EV that has been around for a while now (since 2014!) and production has now actually finished.

It means there are still some vehicles up for grabs and available through Drive Electric for immediate delivery.

The pricing at £238 a month makes it one of the best value EVs to lease, with an initial rental fee of just over £2,000, which is much lower than the deposits needed if you were to fund through a personal contract purchase (PCP) at the dealership.

Customers in Q1 can also access the latest new technology, including the Volvo EX30, which is the Swedish brand's extremely popular new electric small SUV.

The EX30 is the perfect car for minimalists, with a futuristic interior and the new model hits the sweet spot for a premium feel, affordability and practicality.

The Cupra Born is another interesting model to look at as the brand has recently decided to reduce prices by over £2,000 to encourage more customers into EVs.

The Born offers over 200 miles of real-world driving range and offers that balance of sportiness, performance and affordability that makes it another strong candidate as a first EV.

All examples from Drive Electric

Top 3 salary sacrifice deals

If you're looking for an EV quickly and your business can facilitate a salary sacrifice scheme, there are models available right now through The Electric Car Scheme.

That issue is starting to alleviate now and so here are some vehicles that are in stock through The Electric Car Scheme's salary sacrifice offers that are available on the shortest lead times if you're itching for an EV as quickly as possible.

Salary sacrifice schemes can be run through your employer to create a tax-efficient way to access the latest EVs.

Funding an EV in this way lowers an employee's monthly take-home pay, meaning they also pay less in income tax and National Insurance each month. The benefit is they get access to an affordable brand-new EV.

The Toyota bZ4X is the Japanese brand's first all-electric EV after being a hybrid pioneer for so many years.

It's certainly been a popular option with some of Smart Home Charge's customers due to its usable zero emissions range and the competitive rates as a salary sacrifice vehicle make it stand out at under £350 a month with no deposit required.

Likewise, the Hyundai Ioniq 5 is another strong candidate at under £400 a month and there is stock available now if you want to choose another great EV that would be available to you quickly.

The Ioniq features innovative concept car design, 800v charging technology and a sleek style.

The XC40 Recharge is another established and popular model that has availability right now through The Electric Car Scheme.

The XC40 Recharge Twincore offers a longer range for those looking for something that will be better for bigger trips, or for someone that would just prefer a bigger battery and more flexibility.

Interestingly, the brand-new EX30 and then the XC40 are actually similar on price per month, although the former does need an initial rental payment, which may sway you in one direction or another.

All examples from The Electric Car Scheme and based on a 40% taxpayer

Top 3 car manufacturer retail offers

These offers are available directly from car manufacturers at the dealerships or stores. 

One of the downsides with PCPs is you have to pay a higher deposit to get the monthly payments down, but there's also added flexibility with a personal contract purchase (PCP) to exit early or change vehicles before the end of the term.

Due to the recent price drops on the Born, we thought it was worth highlighting it again on a PCP as well.

There's a £4,000 deposit contribution from Cupra that helps to reduce the monthly payments to under £250 a month.

That's still only available with a deposit of over £7,500, but depending on what you're trading in, that could be a good option, particularly if you're looking for an EV that will do over 200 miles.

The Smart #1 is another new kid on the block with competitive monthly pricing at £222 for those who have the right deposit.

This model marks a bit of a new start for the brand and represents a joint venture between Mercedes and Chinese manufacturing giant Geely (which also happens to own Volvo).

It means there's a shared DNA with the new EX30, but it offers a different option for customers with curvaceous styling and a roomy interior.

The BYD Seal also offers something a bit different and the Chinese brand's Blade battery technology offers up to 354 miles of zero emissions range, which is another great option for someone doing long mileages and frequent bigger trips.

The size of the battery is reflected in the monthly cost, but it's an exciting new entrant and worth exploring as a further sign of things to come as more Chinese brands launch into the UK market.

All examples from car manufacturer retail offer websites