Hire Purchase (HP)
Own your EV at the end — straightforward financing
HP spreads the full cost of the car across fixed monthly instalments. You own the car outright once the final payment is made. There is no mileage limit and no balloon payment.
Advantages
- Full ownership after final payment
- No mileage limits
- Fixed monthly payments, clear end date
Watch out for
- Higher monthly payments than PCP
- You carry the depreciation risk
- Car cannot be sold until fully paid
UK tax for electric cars
In the UK, company-car EVs attract just 2% Benefit-in-Kind (BiK) tax in 2024–25, rising gradually to 5% by 2027–28. Combined with salary sacrifice and VED exemptions, business EV leasing is significantly more tax-efficient than an equivalent petrol or diesel car. Rules change annually — we calculate the most cost-effective option for you free of charge.
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