MYTH BUSTED: Owning an #EV will NOT leave your wallet feeling light! ⚡💼 Fact: As we adapt to the current economic landscape, it's beneficial to carefully consider the true financial dynamics of owning an Electric Vehicle (EV), compared to an Internal Combustion Engine (ICE) vehicle.
𝘓𝘦𝘵'𝘴 𝘶𝘯𝘤𝘰𝘷𝘦𝘳 𝘵𝘩𝘦 𝘮𝘺𝘳𝘪𝘢𝘥 𝘢𝘥𝘷𝘢𝘯𝘵𝘢𝘨𝘦𝘴 𝘰𝘧 𝘰𝘸𝘯𝘪𝘯𝘨 𝘢𝘯 𝘌𝘝 𝘥𝘶𝘳𝘪𝘯𝘨 𝘢 𝘵𝘪𝘮𝘦 𝘰𝘧 𝘴𝘶𝘴𝘵𝘢𝘪𝘯𝘦𝘥 𝘩𝘪𝘨𝘩 𝘧𝘶𝘦𝘭 𝘱𝘳𝘪𝘤𝘦𝘴:
💡 Fuel Cost Advantages: Even amidst fluctuating market conditions, utilising an electric car proves to be a wallet-friendly option, and will be while fuel prices are above £1 per litre - and realistically, we aren't anticipating a decrease below that level in the near future!
🔧 Maintenance Savings: EVs are indeed a blessing for your budget, with far fewer moving parts compared to ICE vehicles, resulting in considerably lower maintenance costs. To give you a clearer picture, annual tax and maintenance costs are projected to be around 49% lower than those for ICE counterparts.
🌏 Exemptions and Incentives: Embarking on the journey of EV ownership brings along a host of benefits, including exemptions from charges in London's Ultra-Low Emission Zone (ULEZ), functioning around the clock. This initiative, coupled with clean air zones in cities like Bath and Birmingham, showcases EVs as a favoured option.
💰 Moreover, EV enthusiasts can enjoy exemptions from Vehicle Excise Duty (VED) until April 2025, alongside attractive incentives for company car drivers, including low Benefit in Kind (BIK) tax rates.