BEV leasing demand outperforms diesel and petrol combined in Q3

For the first time, business contract hire (BCH) lease enquiries for Battery Electric Vehicles (BEVs) have outperformed diesel and petrol sales enquiries combined, according to data from car leasing comparison site Leasing.com.
 
For Q3 2023, the data showed that BEVs were the most popular drive train, making up almost half (49%) of all business enquiries.  
 
Demand grew at a rate of 10% year-on-year, strongly signaling that the commercial market for BEV’s isn’t slowing down any time soon, and businesses are ready to flick the electric switch to help decarbonise towns, cities and the countryside. 
 
The Q3 sales enquiry data also show that all EVs, including hybrid, plugins, and battery cars, reached a significant 60% of all BCH enquires – the largest proportion since records began – following an 8% growth in enquiries compared to Q3 last year. 
 
At the same time diesel enquiries saw the most dramatic fall in popularity, from 22% in Q3 of 2022 last year to 16% in the same period in 2023. A similar trend was echoed in the Personal Contract Hire data, with diesel leasing agreements falling a significant 40% to represent just 3% of total PCH enquiries in Q3 of 2023.  
 
Paul Harrison, Chief Partnership Officer, said: “Our data shows a continuing shift to electric through affordable fixed cost leasing agreements, with several key factors to the uptake.  
 
“Indeed, the improved availability of EV’s and the preferential tax regime which reduces costs for employers and their employees wanting to switch to electric is boosting EV popularity. And the Zero Emission Vehicle (ZEV) mandate is continuing to put pressure on manufactures to invest in appealing EV propositions to businesses, ensuring they hit their targets and avoid hefty fines.”