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EV leasing nearly doubles in six months, Octopus reports

Date: 07 October 2020   |   Author: Sean Keywood

The number of drivers leasing an EV has increased by 91% since a new tax incentive was introduced in April, according to Octopus Electric Vehicles.

It says the introduction of the 0% BIK company car tax rate has prompted soaring interest, including with salary sacrifice schemes.

It says under these, the change has meant EV drivers saving on average 30-40% on monthly leasing costs, and that it has seen a 500% increase in the number of businesses ordering EVs through its own EV salary sacrifice scheme since April.

Octopus Electric Vehicles CEO Fiona Howarth said: "The impact of the last six months has been staggering. Changes to BIK tax have been a financial game changer for EV leasing. 

"Add this to brilliant electric cars hitting the market and huge savings on running costs versus petrol cars, and EV's are a total no brainer. 

"It's no wonder then that we are seeing a huge boom, with the number of companies ordering EVs via our salary sacrifice scheme growing five-fold since April."

Octopus also believes that the growth in EV leasing has been influenced by people looking for alternatives to public transport due to the Covid-19 pandemic, and by increased awareness of air pollution.

Howarth said: "We're in the midst of a climate crisis and with transport making up a third of all UK emissions, it's no surprise drivers are looking to switch to greener ways to get around. 

"We don't pretend that EVs are a silver bullet and we should all aim to walk and cycle wherever we can. But if you're going to drive, make it electric - it makes financial and environmental sense."