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Used EV leasing in the UK rises 170% as petrol prices surge

The BVRLA says the increase is driven by higher fuel costs and a growing used EV supply, with electric cars on British roads surpassing 2 million earlier this year.

Reported · Written up by our desk · Sectors

Demand for secondhand electric cars in the UK has accelerated, with used EV leasing up sharply over the past year as drivers look for lower-cost ways to avoid rising petrol bills, according to the Guardian Business.

The outlet reports that leasing activity has grown by 170% in the last year across members of the British Vehicle Rental and Leasing Association, which represents firms that purchase about half of the UK’s new vehicles to lease out to businesses and consumers.

The Guardian Business attributes the jump to steep increases in petrol prices after US and Israel attacks on Iran in February, which made owning an electric car cheaper relative to petrol for many drivers.

It also points to a faster-growing supply of used EVs as early adopters upgrade, contributing to more cars entering the market, and notes that electric cars on British roads surpassed 2 million earlier this year.

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