JAGUAR is moving into used car leasing with its I-Pace model, an area that the company believes will suit SME fleets well.
The company is in final testing of systems and processes with its financial partner Lex Autolease, before introducing it to the corporate segment in September.
The product – which may be named Second Life Leasing – will then be rolled out to the SME and consumer markets in a phased approach from September through to Q2 in 2024.
Jaguar’s used car leasing would also be available to salary sacrifice customers by Q1 of 2024.
It’s a really interesting proposition. And it’s not a case of if we do it, but more we have to do it. The other thing is that it brings the used car conversation into fleet in a way we’ve never had before. Jaguar used car leasing will be particularly useful for the SME market, because these smaller businesses have the flexibility on funding and choice.
Andrew Jago added that there was increasing interest in second life leasing.
Second life leasing is when a car comes to the end of its first leasing period rather than being sold, it is then refurbished before being offered for a second leasing period and a lease rental that reflects its used status.
He said that leasing companies saw it as an opportunity to extend the life of a vehicle and were gradually developing the proposition to gauge demand.
Andrew added that the opportunity also existed because of the higher leasing rentals of new electric vehicles creating enough of a gap between new car leasing rentals and used car leasing rentals to make it a compelling proposition.
He also said that the I-Pace was capable of big mileages, so leasing a used version held no fear:
The I-Pace has been out there for five years - and the mileage data on returns shows some models are coming back with 100,000 miles on the clock. It is not uncommon for the car to be leased with 30,000 mile annual contracts. It shows that customers can access the charging infrastructure to do some really significant mileage in these products.
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