There has been a significant decline in the purchase of diesel vehicles throughout the UK. Many people are now turning to electric vehicles as an alternative. It’s common knowledge diesel cars have a negative impact on the environment. But what exactly are the financial benefits of owning an electric car? Well, we’re here to identify some of the advantages to help you make the switch.

Financial Benefits

One of the main attractions for purchasing an electric car is the potential financial benefit to be gained from it.

• Travel Cost: Charging your electric car can cost you only a few pounds. For a range of 100 miles in comparison to traveling 100 miles on petrol or diesel which can cost up to £13 in fuel. This difference in cost can save you a considerable amount. Over the course of a year up to the amount of £1,000.
• London Congestion Charge: Electric vehicles with zero emissions can enjoy an exemption from the London Congestion Charge. For more information regarding the various discounts and charge exemption, visit TFL’s discounts & exemptions
• First Year Allowance (FYA): Electric and low emission cars are eligible for the first year allowance which enables drivers to claim for up to 100% of the cost. If you turn to all-electric vehicles for your company car, the business can claim a year’s deduction for the cost of the vehicle. For more information see the HMRC internal manual.

Grants

• The UK Plug-in Car Grant is an incentive for potential electric car owners with a subsidy of up to £4,500 subtracted from the price of your new EV.
• The OLEV Grant allows owners to obtain £500 off the cost of their chosen home charging point.

There are clear financial rewards to be had when you make the switch to electric cars. Not only will you be driving a cleaner and quieter vehicle but one that can save you money on a daily basis.