It’s no secret that electric vehicles are experiencing a tremendous surge in popularity. In 2020 alone, there was a 66% growth in plug-in EV (BEV and PHEV) registrations compared to 2019. 2021 has proven to be a popular year with EV registrations too, taking the UK’s EV market share to an impressive figure. What’s more impressive about this is the fact that despite the COVID-19 pandemic, EV popularity has continued to rise, which is directly in contrast to conventional ICE (Internal Combustion Engine) vehicles which took a big hit because of the situation.
So why have electric vehicles seen such a boost in interest and usage in the UK? Well, to start with, they offer drivers in almost every corner of the country a unique range of advantages and benefits which we’re going to tell you about today. But there’s also the continued support from the UK government that helps people make the move to electric…
Government funding for electric vehicles in the UK
In October 2021, the UK government announced a new pledge about their investment into electric vehicles and their infrastructure across the country. The pledge totaled a whopping £620-million, and it forms part of the current administration’s recent ‘Net Zero Strategy’ that outlines their eco targets, as well as being a key aspect of the 2021 Autumn budget.
However, recently, the UK government cut the electric car grant that was typically set at a maximum of £3,000, down to £2,500. The grant given covers up to 35% of the vehicle’s purchase price (up to the set cut-off point which is now £2,500). The grant also now excludes cars that cost more than £35,000.
Whilst this may sound like a bit of a disheartening situation for budding EV drivers, it actually means that the funding will now be available for a longer period of time, and therefore be available to more and more drivers. There’s also a huge variety of electric vehicles available now, all catering to a wide variety of budgets and requirements, and with the news of a lower price threshold there’s the possibility that vehicle pricing may see some adjustment from manufacturers. It’s also worth noting that tax incentives, including company car tax rates for EVs and plug-in vehicles, will remain in place.
So, with the availability of the new grant being extended and the ability to take advantage of unique incentives, why else might you choose to get yourself into the driver’s seat of an electric or plug-in vehicle? Read on to find out…
Low running costs
Electric vehicles don’t use fossil fuels. That means no petrol or diesel that’s going to set you back a hefty sum to fill up every so often. Fuel has rapidly risen in price over the years, and with many individuals making longer and longer commutes on a daily basis, fuel consumption is a constant hassle for many ICE car drivers. Particularly with recent situations surrounding fuel, prices rose to record highs as a result of demand, not to mention the state of panic that many drivers experienced. None of that becomes a problem when driving an EV. Even when factoring in the additional utility costs of charging a vehicle at your home address – the cost is still significantly lower than filling up and consuming fuel. Plus, electricity prices typically remain a lot more stable, and finding the right deal on your home tariffs can bring those costs down even more…
Tax incentives
EVs also gain the benefit of paying zero road tax. Because UK road tax is calculated based on emissions (and EVs don’t produce any), they are road tax exempt. But it’s not just road tax that drivers experience savings from either. Individuals who acquire an electric vehicle as a company car or through a business contract can take advantage of significant BiK (Benefit in Kind) rates. For the 2021/2022 financial year that rate is just 1%, rising to 2% in the 2022/2023 financial year.
Lower maintenance costs
Conventional ICE cars are constructed using a huge quantity of parts and components. The engines themselves are notoriously complex when it comes to their make-up, and even the smallest fault inside them can result in enormous repair costs if it needs to be disassembled and rebuilt. Fault finding can often be a momentous task too – with so many parts across the entirety of a vehicle, the potential for problems can be huge.
With an EV, there are significantly less moving parts overall. Electric vehicles don’t use complex combustion engines and don’t require the additional components that come with them (like exhausts, fuel pumps, injectors, intake systems and so on). This reduction in overall components, particularly the moving ones, means that should anything need repairing, the costs are often significantly less and are much easier to pin-point. It also means that overall, there’s generally much less that could potentially fail and cause an issue.
An excellent driving experience with outstanding performance
If you haven’t experienced the way that an electric vehicle is capable of delivering power, you’re missing out. Power and torque can be delivered to an EV’s wheels almost instantly, resulting in rapid acceleration (not to mention that many EVs boast some pretty impressive figures when it comes to performance overall). But it’s not just the speed and power that’s solely impressive with EVs – because of the way they work, driving one is incredibly smooth and easy. With no gears, a much lighter overall build, and the ability to generate immense power from a standing start, electric vehicles are a joy to drive. Many EVs are also much more spacious inside too, so you can enjoy the benefits of a highly capable vehicle with the benefit of being able to drive comfortably with your family and all of your luggage with ease.
Contributing to a greener future
A big part of electric vehicles introduction to the world was the need to find a greener alternative to fossil fuels. Their potential for reducing the emissions generated on the road is huge, and this hasn’t gone unnoticed. With the impending ban on the sale of all new ICE vehicles (including hybrids) in 2030, electric vehicles will become significantly more common on UK roads, and it all contributes significantly to combating the world’s climate crisis and the government’s climate goals.
Ready to find out just how good an EV could be for you?
Get in touch with us at Flexed today by calling 0800 311 8290, or send us an email to talk@flexed.co.uk and talk to a friendly member of our team.
We can guide you through your options and discuss our impressive range of plug-in vehicles.