Press release - 17 September 2020
RENAULT TRUCKS PROVIDES FINANCIAL SOLUTIONS FOR ITS CUSTOMERS TO PURCHASE THEIR ELECTRIC VEHICLES
As the purchase cost of an electric vehicle should not hinder the energy transition of haulage companies, Renault Trucks is providing tailor-made financing offers, through its captive Renault Trucks Financial Services, for vehicles in its Z.E. range.
The cost of an electric vehicle needs to be studied as a whole, in that it is the total ownership cost rather than the purchase cost that needs to be considered. Although an electric truck is more expensive to purchase than a diesel truck, it is highly economical to use: it requires few maintenance operations and fuel consumption costs are very low.
“The question of financing and insuring an electric vehicle should be addressed very early on in the purchasing process”, explained Tabitha Carpenter, vice-president of Renault Trucks Financial Services. “For each of our customers, we study a tailor-made financing solution, which will give them optimal control over their operating costs and enable them to carry out their work in confidence.”
The finance solutions can vary from one country to another depending on local specificities and regulations. However, there are mainly three offers available according to the customer’s specific needs and use:
- Standard Instalment credit: the customer owns the electric truck at the end of the contract period.
- Financial leases: the customer decides to lease their electric vehicle and, at the end of the contract period, can choose to return the vehicle or purchase it in exchange for payment of its residual value. Leasing can be combined with state subsidies or tax breaks, such as additional depreciation.
- Operational leases: The customer opts to lease their electric vehicle, and just return it at the end of the contract period.
“We expect our customers will initially choose financial or operational leasing, rather than a standard instalment credit, as they have little experience of electric technology”, continued Tabitha Carpenter. “At Renault Trucks however, we have been working on this technology for ten years and already have experience in marketing electric trucks. We know that the vehicles in our Z.E. range are reliable and perform well over time. It is part of our role as a manufacturer to finance them.”
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