BUY, LEASE…or Share?


You need an additional company car or a small fleet of pool cars for your staff. Should you buy or lease? That is the question of the day for most business owners or fleet managers. Over the past few years leasing has become the preferable option if you only expect to use the vehicle for three years or less and won’t put excessive mileage on it, and don’t want to make a large financial commitment up front. With Electric vehicles it has been difficult for companies who want to grow an EV fleet to fit into this mold using the metric above because many companies do not want to commit to a three year lease when the technology is changing so rapidly and shorter leases on EVs are so expensive that it does not make the option viable.

There is also the issue around the range on electric cars and the significant uplift for cars like Teslas who have a more comfortable range. This is where Car sharing as a model can become a very useful consideration for companies who are not quite ready to make the leap yet but still want to experience EV’s on their fleet to reduce carbon emission before committing to them for a longer term. Car sharing is a form of car rental that is common in various forms for individuals but its use commercially is not a concept that is practiced at all.

3F EV believes that getting companies to incorporate a kind of car sharing for EV’s will go a long way to massively increase the utilization of electric vehicles which will be a big step towards improving their CSR around sustainable transportation.

Funmi Onamusi – MD, 3F EV Limited

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