UK used-electric car leasing surges as drivers chase cheaper motoring amid high fuel costs
Leasing of pre-owned electric vehicles in Britain more than doubled last year as motorists look for cheaper alternatives to soaring petrol prices.
The British Vehicle Rental and Leasing Association says leasing of used electric cars has risen 170% in the last twelve months, reflecting drivers’ push to avoid steep petrol prices linked to geopolitical tensions. Early adopters’ new EVs are feeding a growing used market, allowing firms to offer a variety of models through salary-sacrifice and personal contract hire, both of which have multiplied several times. Business contract hire for used EVs grew 50%, while the Electric Car Scheme notes its used-EV leasing has more than tripled since 2024.
Octopus Electric Vehicles recorded a 122% rise in used-EV leasing to June, highlighting monthly savings of £60-70 compared with new-car leases. Executives Toby Poston, Thom Groot and Gurjeet Grewal point to affordability and expanding supply as key drivers, although tax-benefit calculations based on new-car values still hinder the market.
Why it matters
Growth in used EV leasing can cut emissions and make electric driving affordable for more UK households.
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