Why Leasing a Hybrid Vehicle for Your Business Makes Sense
If you want to upgrade your business fleet or are interested in your next vehicle, have you considered going hybrid? Hybrids have lower maintenance costs, better fuel economy, and lower environmental impact. So going hybrid has a wide range of benefits that could make leasing a hybrid vehicle worthwhile. Let’s take a closer look at why leasing a hybrid vehicle makes sense as your next business move.
Why Lease a Hybrid Car?
There are many reasons that leasing a hybrid car could work out in your favour. Here are the three main incentives to switch your business fleet to hybrid vehicles.
Lower Maintenance Costs
Hybrid cars that use electric power to propel the vehicle use power more slowly than fuel-guzzling cars. Slower power usage means that your hybrid engine is not under the heavy wear-and-tear that traditional engines are subject to, resulting in less frequent car maintenance visits. Between the less run-down engine and the use of regenerative braking systems that reduce wear and tear on the brake pads, you can expect to spend less time at the car repair shop and more time on the road.
Fuel Economy
Because hybrid vehicles use two power sources, the power load is shared between a petrol or diesel engine and an electric motor. This means that your fuel tank stretches further, and you can expect your vehicle to use less fuel than traditional cars. The dual power source also means that you, as a driver, do not have to rely on charging points as heavily as electric vehicle drivers do. While some hybrids self-charge, others automatically switch from plug-in power to fuel reserves automatically. Hybrids really are in the sweet spot between fully electric and fully petrol/diesel vehicles.
Environmental Impact
Leasing a hybrid car is an effective way to reduce your carbon footprint. Electric and hybrid cars both have less emissions and are more efficient than conventional-powered vehicles. The lack of exhaust emissions means that leasing a hybrid vehicle does not contribute to pollution or the release of toxins in the air that have created lasting damage to our environment. With lower fuel costs and less frequent maintenance needs, it leaves more money in your pocket and a more healthy environment around you.
What Kind of Hybrid Car to Consider Leasing
With the wide variety of hybrid cars that there are on the market, it can feel disorienting when it comes to choosing the right vehicle for you and your business. There are four main types of hybrid vehicles, which are listed below:
Mild Hybrid
Cars with a mild hybrid system are not typically able to propel the vehicle solely on electric power. Using a small boost from the car’s petrol/diesel engine curbs the burden of high-power manoeuvres (like a dead stop to acceleration or the air conditioning system). Mild hybrid cars do not need to be plugged in but instead are recharged through the engine and regenerative braking.
An example of a mild hybrid car is a Ford Puma.
Full Hybrid
Equipped with both petrol/diesel and electric power, full hybrids differ from the mild hybrid due to their higher capacity to work off of electrical power. Full hybrids are then divided into two categories: parallel and series hybrid vehicles.
An example of a full hybrid car is a Toyota Prius.
Plug-in Hybrid
These hybrids are as close as you can get to an electric vehicle. But are equipped with a small fuel tank to provide a cushion when you cut it just a little too close to getting a charge. These vehicles use their fuel tank to provide the battery charge needed to make it to a charging station and power up the electric motor. Depending on the size of the vehicle and fuel tank, it could get you anywhere from driving an additional few dozen miles to a couple of hundred.
An example of an EV with range extension is the Chevrolet Volt.
How to Lease a Hybrid Vehicle
Hybrid and electric car leasing works the same as leasing a petrol or diesel car. Some of the general steps that you will need to take include:
- Doing your research. What kind of driving will you primarily be doing for your business? Long road trips or short spurts of urban driving? What is your budget?
- Set your budget. Include initial payments, monthly payments, and any sporadic maintenance costs – you need to have a healthy understanding of how much your business is willing to spend on a vehicle before you sign a lease agreement.
- Choose the right car. Consider factors like size, storage space, fuel efficiency, and any special features your business may need, something like a Range Rover Evoque lease package, perhaps? Finding and choosing a hybrid car is not a one-size-fits-all kind of situation.
- Check your eligibility. Depending on what leasing company you go through, there may be some identification factors that need to be considered for review. You can expect to pass eligibility checks for age, driving licence, and credit screening.
- Apply for your lease. You will likely fill out an application that discusses personal and financial information that will allow the leasing company to check your business records for credit responsibility and financial reliability.
- Review and sign your contract. Once your application is approved, you can review and sign your lease agreement. The contract will include key information like the monthly payment amount, length of the car lease, and any additional fees and charges that may be incurred. Understand the entirety of the agreement before you sign it.
- Enjoy! You are now a car lessee, and your business has adopted its first hybrid car to the fleet. Enjoy the ride and feel good about your financial and environmental decisions while you are doing it!