The government has reduced the financial incentive for buyers of electric cars. In a similar vein, the government has removed it entirely for buyers of expensive models. The budget 2020 has slashed grant to buy an electric car by £500 to just £3,000, while also removing it for cars that cost more than £50k, including Tesla’s Model S and X. However, according to the Chancellor’s Budget document, the Plug-In Car Grant has been extended for a further three years to 2023. There is also the removal of the “expensive car” prestige road tax on all electric cars, which could lead to savings of as much as £320 per year from year 2 to year 5 of its life.<\/p>\n
Over the years, the grant has helped over 200,000 Britons to purchase low-emission cars and was originally meant to expire at the end of March. Consequently, there is a possibility of a decline in the demand for Electric OLEV in the short run, following the reduction in incentive. Chancellor Rishi Sunak has however stated that there will be a fresh investment of £403million to keep the cost of electric cars low for the next three years.<\/p>\n
Major stakeholders in the auto industry have also given their take on the recent development. Tom Clarke, head of electric vehicle strategy at LV= General Insurance, said according to a survey done by the company, 29 per cent of drivers are considering buying an electric car in the next five years.<\/p>\n
“While the cost of purchasing an electric car remains higher than a petrol or diesel car it’s vital that people are offered financial incentives to make it easier for them to switch to electric<\/em>,” Tom said.<\/p>\n The government has also pledged the investment of £500million for the installation of rapid charging hubs across the country, allowing drivers to replenish the batteries in their electric cars as quickly as possible. <\/p>\n About Genus Leasing <\/strong><\/p>\n Genus Leasing is a one-stop-shop for everything car rentals, providing fantastic deals for budget and luxury car rentals, car leasing, and chauffeur services. <\/p>\n Media Contact<\/span>
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