Falling lease costs will unlock the sales for electric vehicles.
Leasing costs of battery electric vehicles (BEV) have fallen throughout 2018 according to data experts at cap hpi.
The study looked at five of the best selling models in the UK and discovered that monthly lease costs had fallen by 9.5% on average.
The UK’s best selling electric car, the Nissan Leaf saw monthly lease values fall by 6.6% between January and November 2018. Monthly lease prices for the Renault Zoe fell by 16% between June and November.
Between in the 12 months up to November 2018, the BMW i3 saw lease prices drop by 9.2%. The Volkswagen e-Golf saw prices drop 14% over the same period.
The Jaguar I-Pace saw the smallest price drop with a fall of only 1.7% since April 2018.
Commenting on the findings Mark Turnbull, global head of consulting at cap hpi said: “Over the next few years the new price of BEVs will come down as more affordable ‘mainstream’ model ranges are introduced by many manufacturers. Used buyer perception will continue to improve as battery ranges are extended and charging times are reduced, and electric car technology proves to be robust and reliable. So subject to adequate investment in charging infrastructure, and positive government legislation, I believe their residual values will be stronger. A pincer movement of lower new prices and improved RVs will mean less depreciation in pound terms, and cheaper lease rates will speed up the adoption of this technology.”
Registration figures from the Society of Motor Manufacturers and Traders (SMMT) show a static EV market. Sales increased in November to 13,940 year-to-date, an increase of 10.4% on 2017 figures but only a market share of 0.6%
Supply issues and the switch to WLTP have been blamed for the availability and lead times of many electric and plug-in hybrid cars in the last 12 months.