Should I wait… Or Buy an electric car now?

Should I wait, or buy an electric car now? 

The truth is ...There’s no easy answer to that, but what we can say is that if electric motoring does fit your lifestyle, then there are some very compelling reasons – many of them financial... 

In this short Blog post we have answered a number of questions that will help you work out if an electric car is right for you now! 

Do you have somewhere to charge it?

Do you have somewhere to charge it? It’s said that 90% of EV owners charge at home, which requires some form of off-street parking. If you don’t, and you’re dependent on nearby public chargers, then it’s possible that it could become much more expensive to charge your car, and that availability of the charge point would not be guaranteed.

What is your daily milage? 

First of all, what’s your daily mileage? Is it low enough that an electric car could cope, bearing in mind that the range you’ll get from the car might be cut by half in cold weather? Also, is it low enough that you could get away with only charging your battery to 80% on a regular basis, in order to conserve the life of your battery? These small tips can really go a long way in preserving the life of your battery.

Do you live in London? 

If you regularly drive in central London, electric motoring is a complete no-brainer because it earns you exemption from the Congestion Charge.

What government grants are available? 

The UK Government provides electric car buyers with a grant – known as the Plug-in Car Grant, or PiGC – of £3,000 to help towards the cost of their vehicles, provided the car costs less than £50,000. This incentive is included in the price you pay for the car. You don’t have to haggle for it – the dealer will automatically include it in the price.

Is it a company car? 

If you’re a company car driver, there’s only one equivalent benefit to be had, but it’s an absolute whopper. For most company car drivers, one of the biggest costs you face is Benefit-In-Kind (BIK) tax. But, as of April 2020, you’ll pay no BIK whatsoever if you go for an electric car. The year after, you’ll pay tax on just 1% of the car’s value, and 2% the year after that. This means that, for the next three years, you stand to save thousands of pounds each year. So, if ever the time was right for a company car driver to go electric, now’s the time.

We hope that these questions have provoked some thoughts within and have helped you come to a more robust conclusion with regards to going electric! 

If you need any further information, support or advise please do not hesitate to reach out l 01926 498434