This creates a more intelligent trend — short-term letting instead of buying — because the EV market is changing so rapidly that more buyers are overwhelmed to keep up. First-time EV buyers are very concerned about range anxiety. For three to six months, drivers have the opportunity to experience the real world range in their daily driving without putting money at risk, on the actual road trips they take and through seasonal weather changes. If the range is not met, they do not receive any penalty. The technology is another factor.
Capacity, charging rates and software functionality is getting better by the day. Those who’ve bought an EV in the past two years are now seeing their newer ones have much better specifications. The short-term leasing model allows drivers to remain current: upgrade to new technology as it develops and not become stuck with outdated equipment. The charging infrastructure is also an issue. Many drivers are not sure that they are reliable enough to drive with full ownership. The answer to that question lies in lived experience, not guesswork and occurs as a lease period. Last, but not least, leasing saves capital. Rather than a significant initial investment, drivers experience the EV life at an affordable price — and make a real purchase decision when the time is right.
EVs are not a niche anymore. There’s been a quick growth of EV models available across the automotive sector, strict emissions laws from governments, and an increasing number of people driving them.
Although there is a surge in interest in electric cars, many prospective buyers are still hesitant to make a long-term investment.
Questions around:
- charging
- range
- battery performance
- real-world usability
- and running costs
- But still it makes some drivers hesitate.
This has led more drivers to opt for electric vehicles in the short term to test the technology before deciding to purchase.
The EV Market Has Changed Rapidly
A few years ago there was very little choice for those planning to buy an EV – Tesla, anyone? Now, nearly all the big brands are selling electric vehicles in various categories.
Drivers will have the option of:
- compact city EVs
- family SUVs
- executive saloons
- wine collection of luxury electric performance cars
- This fast pace of development has also, however, thrown up some uncertainty.
Things are changing rapidly with technology and customers know that:
- The range of batteries is growing.The range for batteries is getting longer.
- The charging infrastructure is growing.The charging infrastructure is expanding.
- Information technology systems change all the time.
- New models are released each year.
- Many drivers understandably don’t want to commit to a long term lease too early.
Why Traditional Test Drives No Longer Feel Sufficient
When it comes to initial impressions, a standard dealership test drive might be a good start, but it doesn’t address the questions that drivers really want to know.
For example:
- Easy?Is home charging convenient?
- How far is the range in the winter, anyway?
- How easy is public charging?
- Is an EV appropriate for motorway driving?
- How different does regenerative braking feel day-to-day?
- These are things that come with experience and can only be understood in practice as it goes along.
It’s one of the reasons short-term EV leasing is gaining popularity.
Real-World Experience Reduces Anxiety
One of the top issues that hinders EV adoption is range anxiety.
Despite the improved range capabilities of modern electric vehicles, there are still concerns to be addressed by many people driving them:
- running out of charge: a decline in battery power.
- finding chargers
- long-distance travel
- charging queues
- adapting their routine
After several weeks or months of driving with an EV, drivers can:
- build confidence
- establish charging habits
- understand realistic range
- evaluate costs properly
- This practical experience can eliminate a lot of the uncertainty.
Financial Argument for Trialling First
EVs are still relatively expensive vehicles.
There are a lot of drivers who don’t want to:
- purchase outright
- Enter into a multi-year finance contract
- or enter long-term leases
- Without knowing if electric driving is really appropriate for their lifestyle.
This risk is lessened with short term leasing.
It enables drivers to:
- Test EVs correctly.Test vehicles (EVs) properly.
- avoid long-term commitment
- Have different brands and models to experience.
- To make a better future choice
- Experiments with various EV brands and specs
- One other benefit is flexibility.
Trying Different EV Brands and Specifications
- Tesla vs traditional manufacturers
- premium and mainstream EVs
- different battery sizes
- various charging speeds
- performance v. efficiency EVs
There can be significant differences in ownership experience, even between brand specification options.
For example:
Use of larger wheels can lead to decreased efficiency
dual-motor systems alter handling
The size of the battery determines charging habits.
The interior technology is influenced by trim levels.
Short-term access allows buyers to get a good look at these differences.
Industry Insight
Adrian Haytor, Founder of UK short-term vehicle leasing specialist Flexxilease, says:
There is an increasing trend for drivers to test out electric vehicles before taking the long-term plunge with short-term leasing. Switching to an EV is a big decision for many, and a short test drive at the dealership isn’t sufficient to instill confidence.
Drivers can get a much more accurate idea of charging time, range, comfort and real-world usability by spending time with a vehicle in everyday conditions. It assists them to make a much better informed decision.”
The Introduction of the ULEZ and Emissions Zones are driving interest.
Clean Air Zones and the expansion of ULEZ are also impacting on purchasing decisions.
City drivers have to contend with many new challenges, such as:
- emissions charges
- The restrictions for older cars and bikes.
- Increased demand for alternative fuel vehicles.Increased demand for alternative fuel vehicles.
- A few people may try an EV for a short time by leasing so they can learn if EV driving is suitable before committing to a permanent change.
EV technology is Progressing Rapidly
The pace of technological advancement is another factor that makes the many buyers hesitant to commit on a long-term basis. Battery life, charging times and on-board software are getting much better.
Drivers worry that:
- The EV that you use today can become very dated very fast.
- The technology of the batteries of the future might get a profound boost.
- The resale values may vary.
- Flexible access models diminish such fears as they allow drivers to adjust more readily to the changing technology.
The transition to flexible mobility.
This is in line with a larger market shift in the automotive industry.
Increasingly, drivers prioritise:
- flexibility
- lower long-term risk
- adaptability
- access over ownership
- With mobility, for many consumers, it’s no longer a question of ownership but which vehicle is suitable for which stage of life.
Boosting confidence in the Car Leasing industry.
The automotive industry is undergoing a major change with electric vehicles, but for a lot of drivers, it might be intimidating.
Short-term car leasing is a sensible bridge between curiosity and commitment and provides people with the opportunity to experience EV ownership correctly before making a major long-term choice.
With the ongoing development of electric technology, it may be one of the most crucial parts of the car buying process to test the cars in real conditions. When it comes to EVs, sometimes you just have to trust in experience.
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