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Around 80% of employees who have opted out of their company’s company car scheme are either ‘likely’ or ‘very likely’ to switch back to the company car – and many of them will plump for an electric vehicle.
That’s according to Drive-Electric, which has pinpointed the forthcoming change to Benefit in Kind taxation as a key driver of change. Battery-powered electric cars will incur zero company car tax from April 2020, which means employees could save thousands of pounds a year by switching to a pure EV.
Lower whole-life costs, the growing number of proposed Clean Air Zones, and motorists preferring the driving experience of EVs are also having an effect.
Commenting on the link between the return of the company car and achieving the EV targets set by the government, DriveElectric’s MD Mike Potter explained: “As long as incentives remain, the government’s target of all new car sales to be electric by 2035 – or 2032 – is achievable. In addition, private buyers will benefit from an increased supply of two to four year-old used electric cars, spreading the benefit of this investment.
“With a wide range of new EVs currently coming to market, supported by financial incentives, 2020 is the ideal year for business users to convert to electric – and today’s company cars become vehicles for private motorists in a few years’ time.”
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All of the following companies are individually authorised and regulated by the Financial Conduct Authority with a Limited Permission for credit broking. Each company is a credit broker not a lender: Marshall North West Limited; Marshall of Ipswich Limited; Marshall of Peterborough Limited; Marshall of Scunthorpe Limited; and Silver Street Automotive Limited. All of the following companies are Appointed Representatives of Marshall Motor Group Limited for credit broking: Pentagon Limited; Ridgeway Garages (Newbury) Limited and S G Smith (Motors) Beckenham Limited.
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Marshall Motor Group Limited is authorised and regulated by the Financial Conduct Authority to conduct insurance distribution as an ancillary insurance intermediary. All of the following companies are Appointed Representatives of Marshall Motor Group Limited for the purposes of insurance distribution: Marshall North West Limited; Marshall of Ipswich Limited; Marshall of Peterborough Limited; Marshall of Scunthorpe Limited; Pentagon Limited; Ridgeway Garages (Newbury) Limited; S G Smith (Motors) Beckenham Limited; and Silver Street Automotive Limited.
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