The medium-term rental market has enjoyed recent success, as customers look to offset electric vehicle (EV) waiting times, according to Meridian Vehicle Solutions.

As orders for EVs are running into six months and longer there was a market requirement for a cost-effective company car provision during the interim.

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Phil Jerome, managing director of Meridian Vehicle Solutions, said: “There is considerable fleet interest in EVs, powered by factors such as the 0% company car tax rate that was announced recently, improved technology offering greater range and just higher levels of general awareness.

“However, very few EVs are currently available off-the-shelf and, for most of the popular models, you are looking at considerable waiting times – long enough that daily rental or contract extensions on your existing lease might be considered prohibitive,” He added.

Jerome also said there is interest because it is a cost-effective solution for customers.

“That is where medium-term rental is scoring highly. If you know that your EV isn’t going to be ready until well into next year, then a six-month vehicle on medium-term rental is an attractive, cost-effective solution. We are definitely seeing interest,” he concluded.

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He said another positive aspect of this was making environmentally friendly vehicles available to customers on a medium-term rental.

“While we don’t offer any electric vehicles, we do have hybrids and low-CO2 and NOx petrol and diesel options available for immediate delivery, meaning that we are a fitting option for people who have opted for an EV in the longer-term,” he said.

All Meridian cars are supplied from franchise dealers on contracts ranging from 6-12 months at monthly rated that are highly competitive compared to long term leasing.