Top 10 cheapest electric cars to lease in August
If you're looking for a good deal on an electric car right now, a personal lease might be the best bet. Some of the latest new EVs are currently available for under £350 a month.
Leasing companies and leasing brokers tend to buy EVs in bulk and that means they can pass on the savings with a lower monthly lease price for customers that want to rent, rather than own their next EV.
Smart Home Charge's latest compilation of the lowest-priced EV lease deals from DriveElectric highlights the Volkswagen e-Up as one of the best value models, priced at just £245 a month.
However, just over half of the top 10 deals are still below £350 a month and all of them are still under £400 a month.
Customers that choose personal contract hire (PCH) to fund their next EV can gain access to some of the latest products for a low monthly payment and lower initial upfront cost in comparison to a personal contract purchase (PCP) finance.
PCP deals generally tend to have a higher upfront cost in the form of a deposit, whereas PCH customers have to pay an initial rental, which is generally at a lower level.
There is also no balloon payment to pay at the end of a PCH contract, so customers can just hand back their EV at the end of the term with no further obligation.
It's worth noting there are variables that will change the monthly price you pay depending on the term, initial rental payment and annual mileage.
The examples here are all based on a nine-month initial rental payment and an annual mileage of 5,000 miles, but this is something you can customise when calculating what works best for your budget.
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Each of the examples below are available through DriveElectric with free delivery to all UK mainland addresses.
It's also worth checking Smart Home Charge's best PCP deals too. Usually, leasing works out cheaper per month, but there are occasions where manufacturers are pushing one particular purchase method over another, so it's always best to check.
WLTP vehicle range
VW and MG dominate for best value
The Volkswagen e-Up was one of the best value lease deals last quarter too and while the monthly cost may have increased slightly, it's still £80 a month less expensive than any other EV.
The e-Up offers 162 of range, which is more than enough for most daily trips and is a great entry point for zero-emissions driving.
MG takes second and third place for Q3 with its MG5 and MG ZS respectively. The brand has positioned itself as the place to go for the best value EVs for a while now and will also be expanding with the first of its new generation of EVs with the MG4 this September.
It's worth mentioning that the MG5 is the best value EV with the longest range, so that's something to keep in mind for those that need something that can handle bigger regular trips.