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.
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:
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