- Company car drivers could save around £3,974 in Benefit in Kind rates and £3,402 in fuel and tax savings over three years with a 100% electric car
- New fuel and tax cost calculator tools from Go Ultra Low reveal cost-savings for business and consumer motorists
- Government grants and incentives, such as Workplace Charging and Plug-in Car Grant, represent further thousands of pounds’ worth of savings
New figures from Go Ultra Low reveal that company car drivers could save around £7,376 by switching to a 100% electric car. This figure, calculated by comparing average electric and diesel models, includes a Benefit in Kind (BIK) rate saving of £3,974*, in addition to an average £3,842 fuel saving** over a typical three-year cycle of company car ownership.
New online cost comparison tools on www.goultralow.com provide fuel and tax cost savings for both company car drivers and private motorists. The cost calculators allow all new petrol and diesel engine cars to be compared side-by-side with every plug-in hybrid and 100% electric car from Go Ultra Low’s supporting manufacturers Audi, BMW, Hyundai, Kia, Nissan, Renault, Toyota and Volkswagen.
Poppy Welch, Head of Go Ultra Low, said: “Businesses should not be put off by the upfront purchase price of electric vehicles, but should instead focus on the fantastic savings they offer over the life of the vehicle. However, we know that many questions and concerns still remain in regards to electric vehicles and their viability for business. That’s why Go Ultra Low has developed a range of tools to offer businesses and drivers the information they need to choose the car that best suits their needs.”
Further cost savings are available too, as Government grants provide up to £4,500 off the price of pure electric cars, £2,500 off the price of eligible plug-in hybrid cars, and up to £8,000 off the price of a new electric van. Consumers can also benefit from up to £500 off the cost of installing an electric chargepoint at their home. To make commuting in a plug-in car even more viable, businesses can also take advantage of the Workplace Charging Scheme, which provides grants of up to £300 per charging socket.
Notes to editors
* Comparison between the total ‘Benefit in Kind’ tax payable for a 40% tax payer over three financial years from 2017, for the VW Golf GTD BlueLine 2.0 TDI 184PS BMT (£8,859) and VW e-Golf 100% electric car (£4,885). Savings calculated using the Go Ultra Low Car Tax Calculator, based on vehicle type, the P11D £ value and official NEDC vehicle CO2 emissions. This figure is obtained from official EU test data, intended for comparisons between vehicles and may not reflect real driving results. Calculations use independent data provided by Next Green Car and include the new vehicle tax rates from 1 April 2017.
** Fuel savings based on 2016 annual mileage company car mileage of 19,800 (source: DfT National Travel Survey 2016) and fuel costs of 3p per mile for a 100% electric car compared to 9p per mile for an average diesel car. Electric pence per mile figures include journey fuel (electricity) costs only, calculated using the Go Ultra Low Journey Cost Savings calculator with independent data provided by Next Green Car, charging at home using electricity priced at the UK average of 14p/kWh (source: Dept for Business, Energy & Industrial Strategy average annual domestic energy price statistics 2016). 3p or less per mile applies to BMW i3; Hyundai IONIQ electric; VW e-Golf and VW e-Up! Comparative diesel fuel cost of 9p per mile based upon the UK average new diesel car fuel consumption of 62mpg (DfT statistics December 2016) using diesel priced at 120p/litre. All costs based upon the official NEDC economy and range figures which are obtained from official EU test data, are intended for comparisons between vehicles and may not reflect real driving results. Please bear in mind that you may achieve very different results in real life. These results should be used for comparative purposes only.
Tax saving based upon VED rates for the first three years of ownership (totalling £440), for a new petrol or diesel car with average emissions of 120g/km of CO2 (Source: SMMT new car CO2 report 2017, average emissions) compared to zero VED for a 100% electric car costing less than £40,000.
About Go Ultra Low
The Go Ultra Low campaign aims to increase purchase consideration of electric vehicles by helping motorists understand the benefits, cost savings and capabilities of the wide range of plug-in vehicles on the market. The campaign aims to educate the public and fleet audiences about these vehicles by addressing outdated myths and highlighting benefits, including how they offer competitive practicality for both private and business users.
Goultralow.com provides a one-stop shop for information about owning and running electric vehicles, the makes and models available and the locations of the thousands of publicly available charge points.
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