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.
BYD Sealion Car Review
BYD’s new all-electric SUV, the Sealion 7 is aimed squarely at the Tesla Model Y. We find out if it can win.
CBVC Sets Up A Salary Sacrifice Scheme Fit For Champions
CHAMPIONS (UK) plc, a leading business growth consultancy, has partnered with fleet management specialist CBVC Vehicle Management to manage its new electric vehicle (EV) salary sacrifice scheme. The salary sacrifice scheme was launched at the end of February and is available to all eligible employees at Champions across its 100-strong workforce. CBVC reports that takeup
David Jackson Appointed Commercial Director At Pendragon Vehicle Management
DAVID Jackson has been appointed the new Commercial Director at Pendragon Vehicle Management. He joins the leasing company with over 20 years of experience in selling, implementing and running car salary sacrifice schemes and complex fleet solutions. David previously served as Head of Acquisitions at Octopus Electric Vehicles where he led the B2B growth function
Fleet Management Business Autohorn and York Racecourse Extend Partnership For 2025 Racing Season
York-based Autohorn Fleet Services, a fleet management company, has extended its partership with York Racecourse to provide an electric car as part of the racecourse’s environmental programme
Toyota Hilux Pickup Review
Toyota’s Hilux has gained mild hybrid tech. We put it to the test.
Ford Transit Custom PHEV Van Review
Will the plug-in hybrid Ford Transit Custom work for your fleet? We find out.
JOIN THE DISCUSSION
Why not join the conversation on SME fleets – visit our LinkedIn SME Fleet Discussion page