Leasing an EV

An electric vehicle lease could pay for itself without costing the Earth

Katie Hill - Editor-in-Chief, My Green Pod

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Published: 30 October 2020

This Article was Written by: Katie Hill - My Green Pod

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This article first appeared in our Ethical Shopping issue of My Green Pod Magazine, distributed with The Guardian on 30 October 2020. Click here to subscribe to our digital edition and get each issue delivered straight to your inbox

Transport accounts for 34% of UK greenhouse gas (GHG) emissions – the highest contribution of any sector.

The way we drive makes the UK’s target of becoming zero carbon by 2050 unattainable, so earlier this year the government announced that the ban on the sale of new petrol, diesel and hybrid cars and vans would be brought forward from 2040 to 2035 – or possibly earlier.

Campaigners at Greenpeace and Green Alliance have said only a 2030 phase out will do, and that moving the ban to this date is ‘the single most important measure the government can take to get the UK on track to meeting its existing carbon targets.’

The year of the EV

Fortunately, there has never been a better time to switch to a pure electric vehicle (EV). 2020 has been dubbed ‘the year of the electric car’ and 2021 shows no sign of slowing – with releases in the pipeline for Audi, Battista, BMW, Fiat, Ford, Lotus, Rivian, Skoda, Tesla and others.

As the UK’s first and largest pure EV rental company, EVision Electric Vehicle Hire can get its electric cars to any UK location. Its fleet includes every electric car on the market – from high-end models like the Tesla Model 3, Jaguar I-PACE and Porsche Taycan to the small and sporty Renault ZOE, Kia E-NIRO and Vauxhall Corsa-e.

Leasing an electric car is a hassle-free process that can offer an extra level of reassurance if you’re new to EVs. When you take a long-term electric car lease from EVision, everything is taken care of – the car is delivered to your door and a free charging point is provided at your chosen location, whether at home or at work. You also get free access to the Tesla Supercharger network.

Worn tyres are replaced free of charge and a 24-hour helpline is provided, alongside roadside assistance and a replacement vehicle if necessary. It’s a full package (subject to 20,000 miles per annum) that costs as little as £11.51 (plus VAT) per day over a three-year period – and you can cancel, upgrade or downgrade your car at any time.

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To access special discounts and offers, contact EVision at mgp@evrent.co.ukor 01634 914063, or browse the site using evrent.co.uk/mgp

Supercharged savings

There are plenty of financial incentives that make leasing an EV even more attractive. Due to recent changes to benefit in kind (BIK) tax on company cars, you and your employer receive huge savings on income tax and national insurance when driving an electric company vehicle.

The combined savings usually more than pay for the rental of an EV, so you essentially get a free car.

BIK is a benefit that employees or directors receive from their employer, but which is not included in their salary. It could be gym membership, childcare vouchers or, in this case, an electric company car. If you don’t have a company car, you can still benefit financially from the reduced BIK.

You could also take a salary sacrifice – a reduction in gross salary – in exchange for a fully electric company car. Salary sacrifice includes an agreement between the employee and employer. The deduction is taken before tax and national insurance, resulting in a saving for both the employee and employer. The employer can make further savings by claiming back 50% VAT.

Electrifying our transport

By the end of September 2020 the UK had 12,367 public charging points; these days you’re no more likely to get stuck without charge than you are to be stranded with an empty petrol tank.

Electric cars now account for almost one in 10 new vehicle sales – a huge increase from the 1.1% of vehicles registered in 2015. The numbers reflect both the increase in demand for electric vehicles and the decline in demand for traditional, particularly diesel, vehicles.

While the figures are going in the right direction, EVs need to represent 38% of the market in 2025 if we are to achieve the emissions savings required in the UK, as estimated by Greenpeace and Green Alliance. With the current savings and incentives available to both employers and employees, EV leasing could well be the solution.

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