Octopus Energy customers are rushing to take advantage of second-hand electric vehicle (EV) leases after a 177% surge in demand, as UK drivers seek significant savings. The energy company, which serves customers in Birmingham, reports that drivers can save up to 32% compared to new models, making EVs more affordable across both entry-level and premium options.
Surge in Second-Hand EV Leasing
Octopus EV expects demand to continue rising as more used electric cars become available, further improving driver choice. This trend comes as the wider UK EV market grows rapidly, with nearly one in four new cars sold in the UK in March being fully electric.
Affordability is a key driver behind the surge. Second-hand salary sacrifice deals, which allow drivers to pay through their gross salary, offer meaningful savings compared to new cars. For example, at the cheaper end, a Dacia Spring is available from just £176 per month compared to £239 new, saving around 26%. A Tesla Model Y comes in at around £366 per month used versus £433 new (15% less), while a BMW i4 is available at £470 per month compared to £668 new, saving around 32%.
Growing EV Market
These lower monthly costs are helping more drivers make the switch to electric. The rise in demand reflects a maturing EV market, with record new car sales in recent years feeding a growing pipeline of high-quality used vehicles. As more ex-lease and fleet cars return to the market, drivers have more choice and better prices.
The data comes just a couple of weeks after Octopus announced an 89% jump in orders for new leased EVs in March compared to February, as drivers make the switch to electric amid rising petrol costs.
Industry Insights
Gurjeet Grewal, CEO of Octopus Electric Vehicles, said: “We’re in the middle of an EV demand boom in the UK, and it’s clearly not just new cars that people are after. Drivers are waking up to the fact that going electric doesn’t have to mean paying new car prices. The jump in second-hand EV leasing shows people want a smarter, more affordable way to drive electric, while it’s clear that previous concerns about battery life are fading. With more high-quality, used EVs becoming available – a trend that is only set to increase – we’re making it easier than ever for drivers to cut costs.”
