21 March 2023

What are the benefits of electric cars?

What are the benefits of Buying an electric car Today?

With the majority of manufacturers now offering electric motor options of popular models, there’s an entry point for every budget. Household names such as Mini, Citroen, Fiat, Nissan and Mazda offer entry level models starting at £20,000. Premium and luxury brands are also entering the market, with the likes of Porsche, Land Rover and McLaren offering plug in hybrid or full electric powers cars.

There is of course market leader Tesla. The Elon Musk lead manufacturer continues to be a pioneer in delivering innovative mass-produced electric vehicles. Aggressive pricing, leading battery tech and rumours of a new budget-friendly entry level model, appear to cement its place at the top of the EV market for some time yet.

Benefits of electric cars

But what are the benefits of an emission free vehicle? Being environmentally aware will be the main driver for a large number of people switching to electric powered vehicles. There are however a variety of additional benefits, ranging from lower maintenance costs to digital over the air updates that unlock new and improved functionality.

With fewer moving parts and software updates that unlock new capabilities, lower maintenance costs over a combustion engine are achievable, and the range of features your car offers over its lifetime could also expand dramatically, making it more efficient and helping lower running costs.

An epic road trip might not just be the remit of a gas powered car for much longer.

With petrol and diesel fuel costs being topical for conventional car owners, battery pack efficiency and range has continued to be a sticking point for individuals looking to make the switch.

Improving battery tech delivering increased improved driving range from a full charge, should mean a shift towards EVs becoming less about range anxiety and more about enjoying your driving experience.

An additional benefit of owning an electric vehicle are the number of concessions and incentives offered by both manufacturers and government schemes.

Tesla Model X Gullwing electric car finance finance electric car buying guide

What incentives are there for Electric Vehicles?

Currently the following schemes are in place to benefit UK private and business EV drivers:

  • London Congestion Charge – Avoidance of £15 per day congestion charge for vehicles meeting Euro 6 Standards emitting no more than 75kg/km of CO2 and minimum 20 miles zero emission range are eligible.
  • Ultra Low Emission Zone – EVs can enter the London Ultra Low Emission Zone, avoiding the £12.50 non-compliance fee. Which could save you up to £3500 for a daily work commute over a single year.
  • Vehicle Excise Duty – Zero emission vehicles are currently exempt from Vehicle Excise Duty as well as an exemption for luxury car surcharge until 2025.
  • 100% First Year Allowance (FYA) – Claimable by business customers for up to the entire cost of your electric vehicle for one year. The scheme is available to new vehicles and will currently run until March 2025. 
  • Company Car Tax (Benefit in Kind) – New and used EVs can be eligible for a 2% BiK rate, running until 2025.

Reasons to change to an electric vehicle

A number of cites have existing or planned daily congestion charges with enforced low or zero emission zones.

By 2024 its expected a a number of cities will have enforced low or zero emission zones or fully operational Clean Air Zones similar to London’s existing Ultra Low Emissions Zones (ULEZ), which itself is expect to expand into Greater London by late 2023. 

Fines of up to £180 are expected to be handed out to non-compliant vehicles entering zero emissions zones, with personal and commercial vehicles including Buses, Coaches, taxis, PHVs HGVs and LGVs receiving daily costs of £7-£50 dependant on vehicle classification.

To see how these restrictions apply to your specific vehicle visit the UK Government Low Emission Zone information page.

For more information about financing your own electric car, be sure to visit out Electric Car Finance Page, and for a deep dive on the latest on offerings from Tesla check out our ‘Brands We Love’ Tesla segment.

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