Value means different things to different people – especially when it comes to cars. For some, it’s about a low price; for others, it’s about getting more kit for your cash. Value doesn’t always mean cheap, either. The people at Dacia are always keen to stress what good value their cars are – not that they’re cheap. “Cheap” is a dirty word to car makers, apparently; it, quite literally, cheapens the brand.
Regular readers will know that Steve Fowler, EV editor at The Independent, is a fan of leasing when it comes to new cars, especially EVs. When you do the maths, it usually works out cheaper than a PCP deal. Leasing also protects you from depreciation – you simply hand the car back at the end of the term (which you can also do on a PCP, of course).
According to Leasing.com, the average lease costs around £283 per month, with a deposit of £3,396. Over a two-year term, that comes to roughly £9,905.
The current Fowler family car is a Vauxhall Grandland, which they are leasing for two years with a 5,000-mile annual limit – more than enough for their needs. With an arrangement fee of £349.99, an initial rental of £2,265.96 (equivalent to 12 months up front), and 23 monthly payments of £188.83, the total cost over two years will be £6,959.04. A year ago, the Grandland had a list price of £38,255. It’s cheaper now thanks to the government’s Electric Car Grant, but a year-old example on a Vauxhall forecourt would still cost around £27,000. In reality, they would get far less than that if selling privately after a year – which shows that, in their case, leasing has worked out cheaper than buying and taking the hit on depreciation.
Scanning leasing websites is one of Fowler’s favourite pastimes – there’s not much on the telly these days anyway. It’s great intel on what’s being pushed, by whom, and which manufacturers are most desperate to hit their targets.
The Vauxhall Frontera remains king of the bargain deals, with a well-specced model available on similar terms to Fowler’s lease for a total of £4,479 over two years, on a car that costs £26,395. Even the fancy new Renault 4 can be yours for a total lease cost of £5,528.95, while a larger, family-friendly Leapmotor B10 will set you back £7,257.10 over two years.
Tempting as those deals are, none quite stack up to what Fowler thinks is Britain’s best-value new car right now. At the time of writing, you could be running a Tesla Model 3 Rear Wheel Drive – a car he rates very highly, with a list price of £37,990 – for just £295 a month.
Yes, that’s a higher monthly outlay than the sub-£200 deals, but the Tesla requires just one month’s deposit (£295), plus a £200 arrangement fee (Fowler has never understood why that’s always extra). That brings the total two-year cost to £7,575 – just £318 more than the £31,430 Leapmotor B10.
In his view, the rear-drive Model 3 is one of the best electric cars you can buy, which makes this a sensational deal. You also get an 8,000-mile annual allowance, compared with the 5,000-mile limit on some of the cheaper offers.
Of course, a Tesla isn’t for everyone, and £295 a month is still out of reach for many. But it does highlight the strength of the deals currently available – and the value of leasing.
Fowler concludes that if you’ve spotted a better deal, you can email him via the button below. To get the latest motoring insights from EV editor Steve Fowler delivered straight to your inbox, simply enter your email address in the box at the top of the page. Each edition of DriveSmart offers clear, expert guidance on the fast-moving world of electric vehicles and modern motoring, from trusted reviews and practical tips to the biggest industry news of the week.
