Demand for second-hand electric leases surges

Octopus Electric Vehicles has experienced a 177% year-on-year surge in demand for second-hand leased EVs, as more cars become available and drivers look for great value. 

The rise in demand for used cars reflects a maturing EV market, with record new car sales in recent years now feeding a growing pipeline of high-quality used vehicles. As more ex-lease and fleet cars return to the market, drivers have more choice and better prices.

Affordability is a key driver behind the surge, with second-hand salary sacrifice deals – which allow drivers to pay through their gross salary – offering meaningful savings compared to new cars. 

Across the market, year-old and two-year-old used EVs are available at a range of price points and specifications. For example, at the cheaper end, a Dacia Spring is available from just £176 per month compared to £239 new, saving around 26%. 

A Tesla Model Y comes in around £366 per month used versus £433 new (15% less), while the BMW i4 comes in at £470 per month compared to £668 new, saving around 32%.

The used car trend is part of a wider expansion in the UK EV market, with nearly one in four new cars sold in the UK in March being fully electric.

The data comes just a couple of weeks after Octopus announced an 89% jump in orders for new leased EVs in March compared to February, as drivers make the switch to electric amid rising petrol costs.

Gurjeet Grewal, chief executive of Octopus Electric Vehicles, said: “We’re in the middle of an EV demand boom in the UK, and it’s clearly not just new cars that people are after. 

“Drivers are waking up to the fact that going electric doesn’t have to mean paying new car prices. The jump in second-hand EV leasing shows people want a smarter, more affordable way to drive electric, while it’s clear that previous concerns about battery life are fading.

“With more high-quality, used EVs becoming available – a trend that is only set to increase – we’re making it easier than ever for drivers to cut costs.”