Buying used petrol vs leasing EV

Hi all,

We’ve just run our trusty 15-year-old SEAT Ibiza into the ground. Paid £2.5k for it six years ago and it’s been an absolute bargain — but it now needs a new ABS module 🫠

I’m currently on maternity leave with our new baby and we’ve got a toddler already, so realistically we needed something bigger anyway… but financially the timing isn’t ideal. I know some won’t agree with me in this, but I’d really like an SUV because of the height - makes getting babies in and out much easier!

We’re trying to decide between:

Option 1: Buy a 2022 SEAT Ateca (1.0L petrol)

•	£12,000

•	60,000 miles on the clock 

•	Plan would be to keep it 3–5 years

•	We like the idea of owning an asset and being able to sell it on later, but dislike the gamble of that potentially not being an option at the end 

Option 2: Lease a new electric Vauxhall Frontera

•	£130 per month

•	12 months initial rental

•	So effectively about £5k over 2 years

•	Brand new, full warranty etc

Our circumstances:

•	We drive around 8,000 miles per year

•	We have a driveway and could install a home charger (around £1k from what I’ve seen)

•	Lower income this year due to mat leave

•	The money for either buying or leasing is being gifted to us, so upfront cost isn’t really the deciding factor

•	We’re slightly risk-averse and don’t love the idea of surprise £1–2k repair bills

•	But we’ve always been in the ‘keeping an asset’ camp rather than renting forever

What we’re trying to weigh up:

•	Realistic depreciation on the Ateca over 3–5 years (given it’s already done 60k)

•	Petrol costs vs home charging at \~8k miles/year

•	Maintenance risk on the Ateca vs predictability of a lease

•	Whether the lease deal is actually as good as it looks or if we’re missing something

Emotionally I lean towards owning the Ateca if it’s the right one for us. Practically I wonder if the EV lease makes more sense for predictable costs and lower running costs — especially this year with reduced income.

What would you do in our position?

Thanks in advance 👍