Used EVs, the cheapest way to go electric.

Personal Contract Hire (PCH) is a hire agreement between an individual and a finance provider (the lessor). 

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If you take out a PCH lease for an electric car, you’ll enter into a contractual agreement with the lessor, agreeing to pay a monthly lease cost in exchange for your EV over a certain period. The amount you will pay each month is based on:

• The value of the vehicle (otherwise known as the P11D)
• How many months you will lease the car for 
• The number of miles you will drive the EV each year. 

In many cases, the monthly payment also includes maintenance and breakdown cover - loveelectric covers these costs as standard.

Personal Contract Hire leasing is an excellent choice for many people, but it’s good to stop and check if it’s the right option for you. Here is a brief comparison between leasing and owning that might help you decide. 
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You may want to lease an EV if you: 

• Like the flexibility of using a car for a certain period and like to upgrade your vehicle every few years
• Prefer a lower upfront cost, the certainty of fixed monthly payments and maintenance and tax included
• Enjoy not worrying about selling the EV or its depreciation
• Are happy to be bound to an annual mileage limit
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You may want to buy an EV if you: 

• Like the certainty of owning your car
• Would like unlimited miles and the freedom to sell whenever you like
• Have a substantial deposit available for your vehicle
• Are comfortable with depreciation and paying for road tax and maintenance costs

The great thing about choosing to lease is that your car comes bundled with almost everything you need:

• Maintenance package
• Tyres
• MOT

You’ll simply return your car to the lessor at the end of your lease. They will then review your vehicle’s condition, considering its age, mileage, and whether it has been looked after sufficiently.

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We advise that you keep vigilant about the vehicle's condition throughout your lease. The BVRLA’s Wear and Tear Guide is an essential document that provides helpful information about caring for your leased vehicle to avoid end-of-lease charges. 

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Your lessor may find that you are liable for: 

• Any mileage beyond that detailed in your agreement (excess mileage).
• Any damage to the vehicle beyond what is considered ‘fair wear and tear’ by the BVRLA Fair Wear & Tear guidelines 
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In brief, fair wear and tear occurs when normal usage causes acceptable deterioration to a vehicle.

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This is different from damage, which occurs due to a specific event or series of events, such as an impact, harsh treatment, or negligent acts.

Additionally, if you don’t return your car by the date specified in your agreement, you will continue to make monthly payments until you return the EV.

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Luckily, many of these charges are easily avoidable, and most of our customers hand back their cars without any issues.

If you’re deciding on what electric car to lease, you may have questions about what the difference between a new and used EV is. 

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On the surface, it’s simple: a new car hasn’t been owned or driven before while a used EV is, well, not new any more. It’s had a previous owner. 

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However, there are a few criteria that set apart a new from a used  electric car.

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New EV

A new electric car will either be brand new or made to order. 

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If you choose a brand new car, you can expect:

• A car ready to go, meaning you don’t have to wait long to take delivery.
• Full manufacturer warranty.
• To choose from in-stock options, colours and trims. 

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If you choose a made to order EV, you can expect: 

• To choose any colour or trim that you want - you can make it your own!
• Full manufacturer warranty.
• A longer lead time as you wait for the car to be built and delivered.

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Used EV

When you choose to go for a used EV over a new, you can expect:

• To choose from a car between 1 - 4 years old. If you take a 36-month lease that would bring the maximum age of your vehicle up to 7 years. 
• For your mileage to start at an average of 26,000 miles. The maximum mileage that a used EV would go up to is 110,000 miles if the car was already on 50,000 miles and you chose a 20,000 mile annual allowance on a 36 month contract. 
• Full maintenance included in your lease. As the car is likely to drop out of the warranty period during its second lease, we’ll keep your car fully maintained throughout your lease period.

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