WHICH EVS ARE CHEAPEST ON MONTHLY FINANCE?
Currently, personal contract purchase (PCP) finance deals on electric cars are an interesting bag. Some manufacturers are offering fantastic deals to shift stock, while others have such high demand for emergent models that they can effectively charge what they want.
Research across our 12-car test line-up using the same preset parameters reveals some interesting pull-outs, the most notable from the Cupra Born. Currently, the Volkswagen Group’s Spanish brand is offering the Born with 0% APR and a £456 monthly rate (fixed at 5000 miles per year). It’s a cracker of a deal, mainly owing to Cupra wanting to free up forecourt space for fresher incoming models.
For those seeking even better value, BYD is the brand to look to as it attempts to break into the European market. The Chinese car maker offers PCPS exclusively through dealer partners, which are either offering 0% APR on shorter terms or are happy to haggle on contributions.
The brand appeal of Tesla unsurprisingly means the Model 3 attracts the highest monthly bill, as the American company cashes in on huge demand for the facelifted model (and its Model Y SUV sibling was the world’s best-selling car last year).
As such, Tesla is one of three brands (with MG and Smart) in our line-up not to offer a deal with any contributions. For Smart, this is due to its Mercedes part-ownership: the marque adopted a direct-tocustomer (and no-haggle) agency model last year.
MG doesn’t offer any discounts because its low list prices (the MG 4 EV starts from £26,995) already keep PCP payments down. VW and Cupra also offer no contributions but instead offer 0% APR deals.
A number of these deals benefit from the impact of strong resale values, which allow manufacturers to be more bullish with their guaranteed future value (GFV) figures. For example, the Kia Niro comes out on top as it retains 60% (£22,556) of its original value after the term has expired, followed closely by the Jeep Avenger (59%; £22,686) and the Renault Mégane (57%; £20,910).
So, as you can see, there are many levers that manufacturers can pull to sweeten a financial deal on their cars. See below to find the sweetest deals on the market right now.