Battery, plugin and hybrid electric vehicles combined accounted for more than half (53%) of business lease enquiries in Q3 2022, according to Leasing.com.
The latest data from the car leasing comparison website showed that the business community continued its transition to electric vehicles in Q3 this year, despite ongoing disruption to new vehicle supply.
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The top three most popular electric vehicles for businesses were the Tesla Model Y, Kia Niro and Polestar 2.
Across all fuel types, the Tesla Model Y, Ford Ranger and Nissan Qashqai were the most popular vehicles. On average, businesses sought out new vehicles on three-year contracts with an annual mileage allowance of 10,000 and were looking to spend an average of £527 per month excluding VAT.
In both the business and personal leasing market, supply continued to dictate vehicle demand in Q3. In stock vehicle offers received 43% of total sales enquiries on Leasing.com in Q3 despite only representing around 10% of the offers that were promoted.
Over 28% of personal leasing demand was for electric vehicles with the Kia Niro, Hyundai Tucson and Hyundai Kona the most popular EVs in Q3 this year. While demand for EVs continued to grow in 2022, the cost-of-living crisis is reducing the rate of growth as household incomes are squeezed.
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By GlobalDataThe cost-of-living crisis also influenced the type of agreement consumers sought out with over 55% of demand for four-year agreements – the longest duration promoted on Leasing.com – as consumers seek out long-term financial certainty. On average, consumers sought out their next vehicle on four-year contracts with an annual mileage allowance of 8,000 and were looking to spend an average of £371 per month. The top three most popular vehicles across all fuel types were the Nissan Qashqai, Cupra Formentor and Hyundai Tucson.
Paul Harrison, Chief Partnerships Officer at Leasing.com, said: “Our data again shows how important leasing is as an enabler to the electrification of the new car market. Business and consumer EV demand remained strong in Q3 and was particularly focused around the brands and advertising partners who could access stock. However, we did see a softening in the rate of EV growth amongst consumers as inflation and other cost pressures hit household incomes. Consumers are also amending the terms of their next lease agreement to ensure affordability.”
