DRIVERS leasing new electric cars are being overcharged by hundreds of pounds each month – 50% more than petrol vehicles, according to a report.
Campaign group Transport & Environment (T&E) accused leasing companies of failing to reflect the strong resale value of cleaner cars when setting their prices.
Drivers leasing new electric cars are being overcharged by hundreds of pounds each month, according to a reportGETTY_HUB
Charges are typically based on a vehicle’s expected depreciation over the contract period, often three or four years.
And the T&E report said leasing offers for new battery electric vehicles (BEVs) in the UK are 51% more expensive on average than equivalent petrol models.
It gave the example of leasing an electric VW ID.3, which costs about £605 a month, while a petrol Golf is offered at £376.
This is despite an analysis of 2.7million used car prices revealing BEVs don’t depreciate faster than traditionally-fulled cars.
The report found that leasing companies still consider electric cars “new and uncertain products”, which is an “outdated” approach.
T&E electric fleets lead Ralph Palmer said: “Leasing companies are overcharging customers if they want to switch to an electric car.
“Leasing firms are too conservative when setting their monthly prices.
“Their rates reflect the state of play from five years ago.
“If leasing companies’ prices reflected the realities of the market, more consumers would have access to affordable new EVs (electric vehicles).”
Leasing businesses – such as Lex Autosale, Arval, Ald and LeasePlan – account for a fifth of new car purchases.
Sales of new petrol and diesel cars will be banned in the UK from 2030.
A report by the Energy and Climate Intelligence Unit published on Monday said the Government’s approach to electric cars means motorist risk missing out on a total of £9 billion of savings by 2043 by continuing to run petrol cars.