The new all-electric MG4 EV - is this the best (and cheapest) electric car lease deal for UK customers?

Is the new all-electric MG4 EV the best car lease deal for UK customers?

As at April 2023 the UK’s electric car market has entered maturity. By this we mean that all UK customers, personal and business, and in both the new and used car segments are now considering swapping their combustion options for lithium-ion batteries.

Granted, there are still some considerable aches and pains which we are collectively working through - price, range, charging infrastructure, education etc - but we are now so much further along than we were in 2020 when the mass-adoption truly began.

And one of the key weakness of our EV industry has been a shortage of robust, and functional, cost-effective EV options to lease (i.e. a cheap car). While the £45,000+ segments are effectively bursting at the seams, we would be remiss if we didn’t point out that these more luxury and performance BEVs are designed for the company car and salary sacrifice markets, where generous tax regimes make them a sage proposition.

But a seemingly unlikely car manufacturer, MG, has done much for the affordable side of the industry and this group really deserves recognition for their ongoing work and contributions. With the MG ZS SUV and MG5 Estate already offering considerable value, the launch of the MG4 hatchback in the UK for 2023 was welcome news to many of us.

But is the MG4 actually any good?

The concern for many customers is the reliability of the battery, the accuracy of the range and the aesthetics / ergonomics of their proposed EV. Why should a customer be expected to compromise when they move from petrol/diesel into the electric industry? They clearly should not and in making a leap of faith they should be rewarded with high standards of driving, comfort and experience. And for the MG4 it appears that many of the automotive press and media agree this is delivering one such experience to their demographic with awards like:

•  DrivingElectric Car of the Year, Best Value Car and Reader’s Favourite Car for 2022;
•  CarWow Car of the Year 2022;
•  WhichEV Car of the Year 2022
•  Top Gear Bargain of the Year 2022; and more recently
•  UK Car of the Year for 2023  according to an expert panel of 27 judges!

So why is the MG4 winning these awards?

Well clearly this a product which not only delivers a positive driving experience but it does so without prejudicing the pockets of the customer. It is fair to say that other manufacturers are using EVs to profit from the current growth in EVs, whereas MG are more concentrated on delivering fair value back to their customers. The future of the used-EV industry is heavily reliant on affordable and cheap, but solid, cars like the MG4. And, in-keeping with simplicity, the MG group have only made 3 options to consider including:

•  MG4 SE EV - the standard range model will start from £26,995, making this one of the cheapest  EVs to buy or lease in 2023. But even the base model includes MG Pilot (host of safety functions), 10.25” Touchscreen, iSMART App, 7” Driver Display, Apple CarPlay, 17” alloys, adaptive cruise control, climate control, electrically adjustable and heated door mirrors, hill start assist, LED lights, tinted glass and V2L charging. The standard range has a 51 kWh battery configuration;
•  MG4 SE Long Range EV - the long range SE model will start from £29,495 and has the same specification as per the above with the upgraded 64 kWh battery arrangement; and

•  MG4 Trophy Long Range EV - the top of line option will start from £32,495 and adds a 360 degree parking camera, iSMART live services, wireless mobile phone charger, Sat Nav, heated front seats and steering wheel plus the mobile phone Bluetooth key. 

For efficiency, there are not many additional options to add to your new MG4, with only a colour choice -  Black Pearl (metallic paint) Camden grey (metallic paint) Arctic white (solid Paint), Holborn blue (solid paint) Dynamic Red (tri coat) Volcano orange (tri coat) - or some niche dealer fit options. This makes the ordering process so much easier for the customer, dealership and the leasing broker. In order to promote zero-emission cars more effectively, ensuring a simple and understandable process is key.

And with the strong residual values, and reasonable OTRs, the MG4 has proved to be one of the cheapest electric cars to lease in the UK for 2023. While you can save a little by choosing much smaller cars (both in size and battery) like our VW e-UP! deals, when you compare the MG4 against the Nissan Leaf, the upcoming Vauxhall Astra Electric, the Peugeot e-308  and the VW ID.3, you soon see the true value this MG electric offers you or the business (if you need a new company car):

The Definitive List of which 6 EVs to compare against the MG4 EV:

And what about the battery / performance of the MG4 - are they good enough?

As there are two battery choices to utilise, please ensure you have reviewed the below before making your final decision:

•  Standard Range - the usable 50.8 kWh lithium-ion battery will offer 0 – 62 times of 7.7 seconds, 99 mph top speeds and 125 kW (or 168hp). And the drivetrain will be RWD. Expect a combined winter range of 155 miles with warmer weather allowing for 215 miles on a full charge. On charging, the 6.6 kW AC max will allow 9 hour and 15 min 0 – 100% charging times with the 117 kW DC maximum allowing 37 minute 10 – 80% times. This car has a cargo volume of 363L and a vehicle fuel equivalent of 147 mpg. You can tow up to 500 kg braked or unbraked with this MG4; and
•  Long Range - the usable 61.7 kWh lithium-ion battery will offer 0 – 62 times of 7.9 seconds, 99 mph top speeds and 150 kW (or 201hp). And the drivetrain will be RWD. Expect a combined winter range of 190 miles with warmer weather allowing for 260 miles on a full charge. On charging, the 11 kW AC max will allow 6 hour and 15 min 0 – 100% charging times with the 135 kW DC maximum allowing 34 minute 10 – 80% times. This car has a cargo volume of 363L and a vehicle fuel equivalent of 148 mpg. You can tow up to 500 kg braked or unbraked with this MG4.

So can I use a no-deposit lease option on the MG4?

With contract hire and leasing, which is the fundamental finance product we offer at e-car lease, you have the ability to create a contract arrangement which fits your needs and requirements. When you arrive to the deal page, you will note that you have the ability to choose between personal and business leasing, contract term, annual mileage and also select your “initial rental”.

Because the contract hire lease / leasing product is usership-based, by which we mean you never own the vehicle at the end of the contract, we use terms like initial rental and monthly rental as opposed to initial payment or deposit. The language is specific to ensure that you are treated fairly as a customer and receive a product which meets your needs and requirements for the short, medium and long-term.

As you will note, there is an ability to select “1” on the initial rental panel. When you select this, you are asking for our expert team to confirm that you would like a quote to be confirmed which has no initial capital outlay (or deposit); what you pay in month 1 is the same as you pay in all your subsequent months.

But is no-deposit leasing more expensive?

Because the product is not interest led in the same way as a PCP or HP arrangement, using large sums, or big deposits, does not make the overall cost any cheaper. While your monthly rental in a zero-deposit lease appears higher than if you were to select the 3 / 6 / 9 / 12 initial rental contract, what you will note is that the overall cost of what you are paying is largely the same.

So it is more of a question of how you wish to cash-flow your new EV, do you want to pay more per month but avoid any big deposits? Or would you rather use a higher deposit to reduce your monthly commitment? Remember, that leasing a new electric car, or van, is always subject to credit and underwriting .

What this means for any consumer or business is that they must first be approved by one of our selected finance companies before we can order the car. In some cases, the zero-deposit lease is not possible because the credit profile of the individual or the company is insufficient and there may be a commitment required up front.

In terms of the car shown, the MG4 HATCHBACK 150kW SE EV Long Range 64kWh 5dr Auto (Pure Electric Vehicle), this is based on the following configuration:

•  White Solid Paint
•  Fabric - Black
•  17" alloy wheels with low wind resistance aero cover
•  Mode 3 / Type 2 Charging Cable (Public Charging & home wallbox charger – Fast charging)

If you have any questions about you, or the business, leasing a new MG4 EV hatchback just raise an enquiry or call our amazing e-car lease team and they can provide you with the advice on how to proceed. Use our website or call us directly on 01942 943 211.