Frequently Asked Questions

Yes indeed we do.  Electric lease cars are rapidly gaining popularity, you can view our electric lease car deals by visiting our Electric Vehicles on Offer pages on the website or calling 0116 4030235.

No.

Yes we sure can.  Ready2Lease have a relationship with a national installation company for electric car chargers. Please call 0116 4030235 for more details. 

Despite some speculation there is a general misconception about the longevity of electric cars and in particular, electric car batteries.  As it stands the expectation is that electric car batteries will last at least 15 years, all whilst it will lose some charge ability the degrading of the cells is expected to be very very slow.  It is more likely that the car itself will have started to fall apart and needs replacing before the actual battery.

Yes absolutely they do, but there are some noticeable differences.  Many of the more expensive parts required on an ICE (Internal combustion engine) are not required or not required to the same extent.  Major consumables such as tyres and brake pads are still required to be checked and replaced as with all cars to ensure they are roadworthy.  Electric cars also need an MOT in their fourth year of life.

If you are trying to calculate the running costs of an electric car the most obvious place to start is the cost per mile.  To be able to work this out you first need to understand the cost of running your current Petrol or Diesel vehicle, the fastest calculation for this is below:

Cost per litre of fuel multiplied by 4.54 (= one gallon)  Next you need to check either the advertised MPG of your vehicle or for a real life example, check the trip computer on your current car to view your current MPG, this will give you an idea of how many miles you get from your vehicle on average, per gallon of fuel.  Next you should take the price of the gallon of fuel and divide by the average number of miles you currently achieve, this will give you a fairly accurate pence per mile running cost.  The cost of this is of course variable as fuel price can fluctuate daily.  Your driving style will also impact MPG, as will the type of driving you undertake, for example driving on the motorway is far more efficient than driving around towns or villages.  

Now you have this cost identified, you should calculate what the cost per mile will be in your electric car, to do this you should repeat the same process as above, however you need to calculate the cost of electricity to fully charge the vehicle and then divide by the advertised range.  This can also be variable but you should be able to come to a conclusion on which will be more efficient. 

Charging at home using designated electric car tariffs is the cheapest way to charge (except if you have free charging from Tesla).  Charging an electric car at charge points at supermarkets and garages is the most expensive as they are often high power or rapid charge systems which favour speed over affordability.

Residual value, or RV, is the value of the vehicle at the end of the lease.  This is normally commercially sensitive that belongs to the lender and is not available to the us or the dealer.

Also known as personal leasing, PCH is typically a 2–5-year agreement for the use of a brand-new car or van. We take the cost of the vehicle new, (adding a huge discount in the process) then consider your mileage requirements and how long you wish to keep it for.

The Worldwide Harmonised Light Vehicle Test Procedure (WLTP) replaced the NEDC test procedure for establishing official fuel consumption and CO2 emissions for all new cars and became mandatory from September 2018. WLTP is a more accurate way of reading the statistics of an engine’s economy outputs based on realistic driving on an every day basis. The cycle of WLPT is divided in to 4 sections which fall under different average speeds of the vehicle being at low, medium, high and more high. It also includes various driving scenarios such as breaking accelerating and stops.

How will this effect me?

From 1st April 2020 the first registration tax for new cars will be higher. If you currently have a car on order which has not yet been registered then the price will increase and this will vary depending on the cars. If the new car you have on order is being taken on finance or lease then your monthly payments will increase by the amount the first registration has gone up. The new payments will be displayed on the finance documents you receive to sign before delivery of the vehicle.

In addition, from the 6th April 2020 company car tax known as benefit in kind, increased as a response to the WLTP new testing procedure.

The Lessee is the person who leases the vehicle.

The leasing company. They own the car and hold the title.

The Financial Conduct Authority (FCA) is an independent body responsible for regulating financial services in the UK. They aim to help consumers find a fair and honest deal.  It is a legal requirement for Ready2Lease to have permission from the FCA in order to offer personal and business contract hire.

The P11D value is the cash value of a work-related taxable expense or benefit that isn’t included in your wages. If you’re leasing a car for business purposes, you’ll have to include it on your annual P11D form.  The P11D is used by companies to calculate benefit in kind tax (BIK) for company car drivers.

If you are given a company car as part of your employment, you will be required to pay benefit in kind tax (BIK).  This is a calculation that includes the P11D value and C02 emissions, multiplied by the annual rate set by UK Government to determine the benefit in kind tax fee, levied against the driver and paid from your salary.

Most of the time we will offer you ply lining with your van lease.  It is a relatively inexpensive way to protect the inside of the vehicle and reduce the chance of end of contract charges.

Yes, so long as the signage is removed at the end of the lease and no damage is left.  Leaving signage on at the end of a lease will likely result in end of contract charges for removal.  

Yes of course, we have fleet leasing packages available on all business vehicles, not just vans, that allow you to pool the mileage and pay a single invoice, amongst other additional services as required.

Yes, whilst most stock deals are white or occasionally grey, If you order 4-6 months in advance of requirement you can choose any colour, but note that most mettalic paints on vans carry additional cost.

Yes you can, you will need to complete the credit application as if you were a private customer, and your eligibility will be dependant on your credit status.

In stock generally means they are either in the country awiating allocation, or a dealership awaiting allocation to a customer.  Most van leases will take 14 days minimum for delivery, but for commercial planning we advise allowing 4 weeks unless confirmed otherwise.

Yes you do need to pay VAT, however if you are a VAT registered business, you can claim 100% of the VAT back on commercial vehicle leases, such as Vans.

To lease a van, commercial vehicle or car in the UK you will need fully comprehensive insurance from any of your chosen van insurance providers. 

You are required to arrange this to start on the day of delivery for your new lease, and then maintain it for the whole period of the lease.