Electric Cars | The Benefits
Electric Cars | The Benefits
Electric Vehicles have multiple benefits. Compared to a car with a combustion engine, they are cheaper to run, require less maintenance and are quieter on the road. The following section will explain all of the benefits to owning an EV.
Electric Vehicles explained Battery Electric Vehicle (BEV) vs. Plug-In Hybrid Electric Vehicle (PHEV)
BEVs have no combustion engine, only an large on-board battery which provides energy to an electric motor. Fully electric cars are charged from an external electricity supply, typically plugging in to a dedicated EV charge point installed at home, the workplace or in public locations. The car is powered when energy is drawn from the battery and converted through an electric motor to power the drivetrain. Whilst quieter than a vehicle with an internal combustion engine, BEVs typically have superior acceleration compared to their conventional counterparts due to fewer gears, instant power and therefore increased torque.
PHEVs have an electric powertrain together with a combustion engine, which means they can be driven in several different modes; fully electric, solely on conventional fuel, or a combination of both. The combination of power from the battery and the combustion engine ensures PHEVs offer great driving performance while being highly-efficient due to a low CO2 output. Like a fully electric car, PHEVs also have a socket allowing them to be charged directly from an external electricity supply.
Electric Vehicles | Lower Ownership Costs
Did you know you can charge a fully electric car at home from as little as £5?
Charging your EV at home is the most convenient and cost-effective way to keep your car fully charged. If you have access to off-street parking, a home charge point is highly recommended when buying an electric car, as this acts as your personal day-to-day “fuelling” station. Why drive to a fuel station again when you can just top up your car from the comfort of your home?
In the same way you would charge your mobile phone overnight, an electric car can be charged while you sleep too. This means you wake up every morning to a fully charged car and peace of mind for your journey ahead. It’s also a fraction of the cost compared to paying for fuel. For a mid-sized fully electric car to charge overnight at home costs around £9 for a full charge and this would give you around 250 miles of range. The equivalent mileage in a petrol or diesel vehicle will cost around £33. In essence, you would save roughly £24 for every 250 miles you drive when switching to a fully electric car.
In addition to the cheaper costs to “fuel” an EV, there are also lower maintenance costs associated with running an electric car. In comparison to the hundreds of movable components in an internal combustion engine, the electric motor in an EV is made up of fewer parts. This means there the risk of a fault occurring is reduced, and in turn, it keeps the ongoing maintenance costs to a minimum.
Electric Vehicles | Grants & Incentives
The are several grants and incentives in place to encourage the uptake of Electric Vehicles.
You can get a discount on the price of brand new low-emission vehicle* through a subsidy provided by the UK Government. The grant is eligible to new electric cars with a list price of £35,000 or under and the Government will fund up to £2,500 off the cost of a new car, whether that is purchased outright or leased.
The Electric Vehicle Homecharge Scheme (EVHS) also provides grant funding of up to £350 towards the cost of installing an EV charge point at a domestic property across the UK. And for Scottish residents it’s even better news as Energy Saving Trust Scotland will also provide a further £250 support towards the installation.
Due to their low CO2 output, electric cars are also subject to lower road tax compared to cars with an internal combustion engine. Fully electric cars are subject to lowest road tax banding meaning you currently pay nothing if you drive a zero emission vehicle. The majority of Plug-In Hybrid Electric Vehicles (PHEV) are eligible to either £10 or £25 road tax in the first year, dependant on CO2 emissions., but this will increase to either £145 or £490 in the second year based on whether the value of the car is over or under £40,000.
Electric Vehicles | Tax Benefits
For businesses and company car drivers there are a number of tax benefits to driving an electric car, including some significant financial incentives, such Benefit in Kind (BIK).
From April 2021, company car drivers are subject to 1% BIK liability if they choose to drive a fully electric car. This means a 40% tax payer could pay as little as £16.67 per month in tax if they are driving a fully electric car with a P11D value of £50,000.
To put that in to perspective, a petrol car with a P11D value of £50,000 and a CO2 output of 100g/km would cost as much as £400 in personal tax per month to a 40% tax payer.
In the 2022/2023 financial year, the BIK liability on a fully electric car will rise to only 2%, which further reinforces why now is such a great time to move in to a zero emission vehicle.
But if a fully electric car isn’t right for you now, many plug-in hybrid models also benefit from lower BIK liability due to their low CO2 output. To understand more about how an EV can benefit you as a company car driver, please get in touch with one of the team to discuss your individual circumstances.
Electric Vehicles | Availability & Choice
The Electric Vehicle market is growing rapidly. In 2013, there were only 18 electric cars available on the market for consumers to buy or lease – today there are more than 130 full or part electric models available in the UK.
As of 2021 there are over half a million Electric Vehicles in the UK with 48% of those being fully electric. There are also over 24,000 public charge points across the UK which is treble the amount of fuel stations along Britain’s roads.
And, with the UK Government announcing they will ban on the sale of full combustion engine cars by 2030, now is the perfect time to make the switch to an Electric Vehicle, and here at Peter Vardy we are here to support you in that journey.
Electric Vehicles | Performance
Electric Vehicles are far from boring and would probably surprise most people with their level of performance. With instantaneous torque and rapid acceleration, electric cars can vastly outperform many conventional vehicles and make them really fun to drive.
EVs are also highly efficient due to integrated functionality, such as regenerative braking and eco driving modes, which optimise the amount of range available for those longer journeys. With fewer movable parts, EVs also offer a more relaxed driving experience due to no engine noise, no gears to change and generally being much quieter than cars with an internal combustion engine.