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August 13, 2020

Want More People to Buy EVs? Leasing Helps

Nissan in Malaysia was on the right rack when they started offering the Leaf EV as part of a “risk free” three-year lease. A survey in Europe finds that a similar “try before you buy it scheme” will help dispel the lingering concerns surrounding the tech.

A survey of 2,025 UK drivers conducted by Auto Trader, the UK’s largest digital marketplace for new and used cars, reveals that 70 percent of motorists there would be interested in leasing an electric vehicle for a 2 to 3 year term as they get to grips with the features and tech before committing to buying one outright.

Although 73 percent of respondents say they would consider purchasing an electric vehicle within the next 4 years, 40 percent of these admit they still have reservations about the capabilities of EVs.

Despite the UK now being home to more than 19,000 charging points and the average EV being able to travel approximately 100 miles (160 kilometers) on a single charge, more than half of motorists (51 percent) still say that range anxiety is the biggest turn-off, followed by a concern for lack of available charging points across the UK (49 percent), and in their respective local areas (48 percent).

The cost of the car itself was found to be another worry for 44 percent of motorists, as well as how long it would take to recharge (42 percent).

A try-before-you-buy approach, using leasing, may be the way forward, as the latest research also reveals that a 2 to 3-year lease would give the average driver enough time to thoroughly trial an EV model and overcome their concerns.

This approach is also popular among those who are considering traditionally-fueled cars, too, for whom more than 1 in 3 (38 percent) admit they have previously been nervous to buy a new car outright.

The research reveals that 1 in 2 (66 percent) motorists think leasing any car before purchasing the vehicle outright is a sensible idea as it would help them to be sure the car is right for them.

Locally, Toyota Motor Philippines is the first to pioneer a car leasing program called Kinto One. Though Toyota doesn’t offer an EV, Kinto One does include the Corolla Altis Hybrid. Though this leasing program, the Japanese carmaker may help increase the adoption of electrified vehicles which will likely include the Corolla Cross as well.

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