The future of business transport
Electric cars are becoming more prominent on our roads with some of the most well known and trusted names in the industry releasing their own electric alternatives. With the future of motoring evolving, we explore the benefits to changing your business vehicle fleet to an electric lineup.
Growing demand for electric vehicles
With an evident rise in uptake to electric vehicles, statistics published by Next Green Car have shown new registrations of plug-in cars increased from 3,500 in 2013 to more than 227,000 by the end of August 2019. The most well-known car manufacturers have brought their own electric offering to the market and are set to build on these ranges going forward. UK charging networks such as Pod Point and Charge Your Car are also continually striving to provide charging points in more widespread locations to fulfill the demand for an increasing number of electric vehicles on the roads.
Electric vehicles as an investment
The Government Plug-in Car Grant issues a £3,500 grant towards the cost of purchasing a car and also an additional £500 can be applied for through the Electric Vehicle Homecharge Scheme, to help cover the cost of the installation of electric car charging points within homes. It is also possible to apply to the Energy Saving Trust for grants of up to £300. Road Tax exemption is also a benefit to the electric market having zero emissions and vehicles purchased under the value of £40,000. Looking towards your business fleet, EV business car drivers will be eligible for the lowest rate of company car tax (also known as Benefit-in-Kind, BiK). With the BiK rate set to drop in April 2020 with a dramatic decrease from 16% to 2%, which means you will only pay tax on just 2% of the car’s list price.
In today’s world, taking care of our planet is an issue that is becoming more evident for everybody. More organisations than ever before are realising their responsibility to put in place initiatives that will benefit their own business and the environment. Looking to update your company’s fleet to electric vehicles will be seen as a positive step towards helping to tackle carbon emissions and show a dedication to promoting more sustainable business travel.
The benefit of leasing electric vehicles
As electric vehicles are still new to the market they are still attracting a higher cost than petrol or diesel cars. Leasing vehicles can be a more cost effective way for businesses to provide employees with a company vehicle and in the case of electric cars, many people might not be aware that it common to have to rent a battery separately to the vehicle itself. In terms of a business it can be easier to lease the package of the car and battery as a whole. Leasing a vehicle also takes away some of the risk, with guarantees to cover periods for faults and maintenance. A leasing contract can also be set up to timescales that suit and in the developing field of electric vehicles, allows flexibility to upgrade vehicles as more suitable or more efficient models are available on the market.
In summary, transitioning your fleet to electric vehicles can seem a big step, but with many flexible options available, businesses can take advantage of the growing advancements in this sector, benefitting both their staff, their communities and the planet too.
About the Author
Darren Miller is the Marketing Director of Big Motoring World in Kent, the UK’s leading independent pre-owned prestige car supermarket discusses his top tips to consider when finding your perfect student car.