Figures from Leasing.com show personal leasing customers are flocking to electric vehicles before the expiration of the £3,500 subsidy for plug-in vehicles next month.
The Society of Motor Manufacturers and Traders (SMMT) reported battery electric vehicles recorded a 2.7% market share in January 2020.
Leasing.com data however, reveals pure EVs accounted for 5% of all leasing inquiries in January – almost twice that of the overall new car market.
According to the British Vehicle Rental and Leasing Association (BVRLA) the plug-in car grant is spread evenly across the terms of the lease and can reduce the monthly cost of a 26-month contract by £100 a month.
With the government recently announcing petrol, diesel and hybrid cars could no longer be offered for sale from 2035, the BVRLA and Leasing.com are calling for the grant to be extended in order to continue to accelerate the uptake of zero emission vehicles.
In January, Leasing.com said the Nissan Leaf was the most popular all-electric model, with a 168 mile range.
Paul Harrison, head of strategic partnerships at Leasing.com, said: “Leasing customers are responsible for the purchase of tens of thousands of electric vehicles each year and the PICG is vital in helping more consumers make the transition from petrol or diesel to electric vehicles.
“Now that hybrid vehicles appear to have been added to the government’s ban, and speculation it could happen as early as 2032, more urgently needs to be done to continue to incentivise the uptake of electric vehicles by consumers.”
Leasing.com also reported that the Mercedes Benz continued to dominate the most popular lease inquiries with three models in the top ten in January.