Electric car options for 20,000 miles a year: lease, PCP or loan?

[Cheesybiscuits01]

We are looking to get an electric car. Needs to be reasonable sized. Our major issue is the milage. We are likely to put 20000 miles on this car. Has anyone leased or done PCP with that kind of milage or are we best to buy with a bank loan?

Lease you don’t want to buy electric. Does your employer offer green leases? If so they are v tax efficient (before labour cotton on and ruin it!)

If it’s possible, then salary sacrifice via an employer might work out cheapest, and you could choose how many miles per year.

My employer doesn't but my husbands might. Going to get him to check tomorrow. I didn't think buying was sensible but worried we'll be heavily penalised for the mileage.

Would you go for brand new or one 1-2 years old?

Brand new, the market is flooded so you will get a deal just shop around. Tesla prices have gone through the floor for obvious reasons compared to what they were.

(I say this im about to look to renew myself so will be interested to see how things have changed given recent economics!)

We got a Cupra Born in January, probably a bit small for the mileage you are doing, but we love it. We bought it outright as we will probably keep for 5 years or so and leasing worked out more expensive at the time, ordered last October. We went to buy 2nd hand, but the deal on new was so good, including a home charger for a huge discount, that we went new. Glad we did, as they increased the warranty from 3 to 5 years on new cars just as we bought it. Get one with the longest range you can, if you can charge at home it is so cheap. After the reductions next week 100 miles will cost us just £1 of electricity. So much cheaper than petrol. Make sure you are aware of what the real range is and the factors that affect range - cold weather reduces the range substantially, but as long as you know, it's not a problem, and still cheaper and cleaner than alternatives. Oh, and being able to heat the car up before you go out to it is brilliant, no scraping ice off windows.

I got a Tesla model Y last year 2022 plate with low milage and it was too cheap to turn down. The depreciations slowed now and honestly I think its a fantastic car for our family!

We went Via a bank loan and found some competitive rates!