25 November 2019
The ULEV Experience recently held an Electric Vehicle Finance Workshop which covered a number of areas including Benefit in Kind company car tax reducing to zero percent for pure electric vehicles in April 2020. This could save drivers thousands of pounds each year in tax if they switched from a petrol or diesel car to an EV – as well as resulting in significant savings on running costs.
The event also provided a briefing about the other potential cost savings that can be enjoyed by businesses switching to EVs. Mel Creedy gave a presentation which showed how a Volkswagen Golf 2-litre Diesel costs almost £900 per month in terms of whole life costs, but a pure electric Volkswagen e-Golf costs less than £500 per month, with the fuel costs of £247.50 for diesel v £83.33 for electricity per month being one of the key differences. This would equate to a saving of around £14,000 over three years for the electric Golf compared to the diesel Golf.
If you want more information about the cost saving benefits of EVs, get in touch with us via our Contact Us page.