In less than 10 years, the PM’s ten-point green industrial revolution plan will take full effect. While pretty much every industry will be impacted by this deadline, it’s clear that there is more pressure on the automotive industry than ever to do their part.
Emissions are so high worldwide that in August 2021, the UN released a report from the IPCC stating a ‘code red for humanity.’ Unless we all change our consumption of fossil fuels quickly, the global impacts will be huge.
So how does this affect your car choice? Here’s why now is the time to switch to an EV:
A way to protect our planet
Quite simply, switching to an electric vehicle (EV) will instantly reduce your impact on the environment. And as more and more people opt for electric, it is the most significant step toward a greener future for the nation and the planet as a whole.
Looking at the data, annual CO2 emissions from your average petrol or diesel-powered vehicle equates to approximately 1,867kg. If you picture six years’ worth of the UK’s average recycling of glass bottles, you’ve hit the mark!
Pure electric vehicles produce 0kg of CO2, which automatically doesn’t disqualify the country’s efforts to reduce waste elsewhere.
More choice than ever before
Pretty much every car manufacturer on the planet has pledged to go all-electric by 2030, with some exceptions.
What’s more, you’re not limited to Toyota Prius and Tesla anymore. Everyone from Audi to VW has upped the ante. Range has vastly improved in recent years, meaning you can sit back and relax without worrying about the next time you have to recharge your vehicle.
No longer will you be able to settle for a traditional engine. Instead, you have the choice between city chic stompers like the Nissan Leaf to, the high-end Jaguar i-Pace, and everything in between! The catch? You need to plug in to “fuel up” rather than wait in line at the fuel station.
Next level buying support
Like a traditional motor, buying your next electric vehicle with car finance just makes sense. You get all the bonus perks of servicing and warranties, but more than that, you get to pay back your loan through low fixed monthly instalments.
Even customers with a poor credit history have more opportunities than ever before with the range of specialist bad credit car finance lenders available.
Zooming out, let’s talk about the plug-in grant on offer. To encourage drivers to make the switch to electric, the scheme covers up to 35% (up to £1,500 for cars) of the purchase price on selected electric vehicles. What’s more, you can use this grant alongside your car loan to make further savings. Winner.
The Electric Vehicle Homecharge Scheme also offers up to £350 off the cost of having a home charger installed – making it even cheaper to convert to an EV!
Cheap and affordable running costs
More great news. In light of the rising energy costs, owning an EV makes driving more affordable. Annual running costs are far cheaper (approximately 21%) than owning a petrol or diesel-fueled car. Throw in zero road tax for many EV models, and you’ve found yourself a winning formula.
Yes, upfront costs may seem pricey on the surface. But, as the industry continues to develop further technology, prices are currently coming down. Some models are even on par with their traditional combustion engine counterparts.
Charging on the go is a non-issue
Range anxiety has plagued news headlines for years until recently. While some EVs were struggling to hit the 160-mile range mark before needing a charge, today, most are smashing the 200 miles before needing a top-up.
Over the past year, charging infrastructure has vastly improved. Five years ago, approximately 11,000 charging points were dotted throughout the country. Fast forward to today, and there are over 35,000 public chargers available (with many free to use) and over 13,000 locations.
Plug-in chargers can be found in most major supermarket carparks, train stations, airports, big brand shopping complexes, fuel stations and more. And that’s all before you consider the thousands of charging points available on most major highways.
Say goodbye to plummeting depreciation
If you’ve ever bought a new car, you know all too well how much of the original value is lost when you come to sell it on once you’re done. Within a year, the value can drop anywhere between 24% to 40% for a traditional combustion engine vehicle.
On the other hand, EVs will only lose around 12% of their value each year – that’s twice as long as their counterparts! So you can hold on to more of your EVs initial value when it comes to selling.
Your driving experience matters
The beauty of owning an EV is that there is a model out there perfect for your driving lifestyle. Nippy city cars like the Nissan Leaf are a commuter’s dream, whereas the Tesla S ticks the family-friendly box as well as long-distance driving appeal.
The reality is, choosing your EV will all depend on your driving preferences. But, with smoother traction supported by energy-saving regenerative braking and excellent torque, you’ll be fast off the starting line!
Exceptions to taxes
Currently, owning a pure electric vehicle automatically places you in the zero-rated road tax category – meaning you have no road tax to pay.
But more than that, there are a growing number of “Clean Air” initiatives popping up in most major UK cities that will charge you to drive within the zone if your vehicle doesn’t match the enforced emission rules.
Driving in London’s Ultra Low Emission Zone (ULEZ) could snag you a £12.50 daily fee. While Euro 5 petrol, Euro 6 diesel and hybrids are currently exempt, this will change in the next few years.
The race is on to make the switch to an EV. Combined with the range of grants on offer, better range and knowing that you’re helping the planet, there’s never been a better time to go electric. Which EV will you choose?