Plug In Car Grants End – Are Electric Vehicles Still Cost-Effective?
On the 14th of June, the UK government announced an end to its remaining electric car subsidies. The move came with little notice and took effect immediately, leaving dealers scrambling to adjust vehicle prices on their websites. It also left drivers wondering whether going electric was still cost effective.
While the move is a financial blow, leasing an electric or hybrid car is still an excellent option that saves you money over the longer term. If you opt for an electric car leasing deal through Express Vehicle Contracts, you are guaranteed to get the perfect vehicle for your needs at an affordable monthly cost and save money on the road.
Why has the scheme ended?
The grant scheme ended to free up the funds to reinvest in other aspects of electric car technology. The scheme has historically increased the sales of electric cars across the country. However, with the increase in plug-in vehicles comes a need for more charging points. The government is reportedly putting the money it saves from ending the grant scheme into improving the public charging network.
It is not the first or only grant to have come to an end, and experts state that the ending of previous grants has had little effect on the number of electric vehicles sold or leased. Why is this? One reason is that drivers make most of their savings once they operate the vehicle. While electric cars are more expensive to buy or lease, reducing or eliminating the need for petrol or diesel, especially when prices are so high, brings an immediate benefit.
But electricity prices have risen?
Yes, the cost of heating and lighting your home has also risen steeply, but despite this, charging your car at home still saves you money. There are still grants available to have home charging points installed. You can check what is available to you while discussing your lease options with the team at Express Vehicle Contracts.
Once you have a charge point installed, check you are on the best tariff for electric vehicle charging. Many electricity suppliers offer specific rates for electric car drivers. You save money by charging your vehicle when the need for electricity is low, usually overnight. Coupled with a smartphone app that controls your charging so you can set it for the best times, you can save more money.
Saving money on tax
Reducing or removing the need for fuel is one of the most significant cost savings attached to driving an electric vehicle, but it is far from the only one. If you drive in London, you can go through low emission zones without paying the congestion charge. Some councils also reduce or remove residents' parking charges for electric vehicles.
Vehicle tax is another saving that is worth considering. If you drive an electric vehicle, you could be exempt or benefit from a significant reduction in your vehicle tax. It is worth checking what you are entitled to before you decide on the make and model of your EV. Your lease car specialist can help you with this and ensure you make the right decision for your budget. Other cost savings include lower ongoing maintenance costs. If you are looking for a business lease, you may save money through a salary sacrifice scheme.
Why is funding the charging network so important?
Many newer all-electric cars can travel over 200 miles on a single full charge. You could get from Leeds to Bristol without needing to charge. However, once you are there, you'll need to charge your vehicle to make the return journey. Similarly, if you are driving around all day or don't have access to a home charger, you need somewhere safe and secure to charge your car.
Improvements to the current network are needed to keep up with demand. More fast chargers and chargers in communities for those that cannot install a home charger are required to make the government's 2030 target to ban the manufacture of new diesel and petrol cars without the system grinding to a halt.
Leasing Your Next EV from Express Vehicle Contracts
Our team are experts in finding the right leasing deal for our customers. Whether you are looking at an all-electric vehicle or a plug-in hybrid, our team can talk you through the savings you can expect. Call us today to find out how much you could save with an electric car lease.
