1. Significant tax savings and government grants
From April 2020, as a move by the government to encourage the switch to low emissions vehicles, the taxable benefit on company cars will change significantly. Plug in Hybrid Vehicle (PHEV) BiK rates will drop further. As an example, a 40% rate taxpayer will pay almost £10,000 tax per year on a Range Rover Sport SDV6, whereas a driver of a Range Rover Sport P400e plug in hybrid will pay almost half that cost. Full electric vehicles (BEV) take this further with benefit in kind rates of 0% for 2020/21, 1% for 2021/22 and 2% for 2022/23, meaning there will be very little tax to pay. Therefore by choosing an electric or hybrid company car, it is possible to significantly reduce your tax bill from 2020/21 onwards. Also with the intensive of the government Plug-In Car Grant you can claim up to £3500 off the price of a Jaguar I-Pace.
2. The range and battery life of electric cars has improved
Whilst older electric cars are typically limited to ranges below 100 miles, newer models can travel further. With a mix of urban and motorway use, a Jaguar I-Pace can attain a range of 292 miles on the WLTP test schedule. Jaguar gives a battery warranty for 8 years and up to 100,000 miles. Newer batteries suffer fewer problems with degradation and require many tens of thousands of miles to see any significant reduction in range. The batteries can also be recycled.
3. Charging is becoming easier, quicker, and incentivised!
Charging points are growing rapidly, both in number and the charging speed. While charging at home will be a convenient option for many, there will also be a need for fast charging stations at work. The average commute each day in the UK is now 16.7 miles. This equates to around 2 hours charge per day at home or just over 30 minutes at work using a fast charging point. You can apply for a £500 grant for home installation, and the same amount per socket installed in the workplace.
4. Cheaper running, servicing and repair costs
Costs to buy or lease an electric vehicle can be more expensive than comparable petrol or diesel models, but running costs and fuel are lower. Fuel costs can be cut by up to 80%. General servicing costs are lower for electric vehicles than for petrol or diesel models.
5. Enhanced driving experience
Electric cars benefit from instant torque, meaning quicker and smoother acceleration with a quiet and refined drive. Jaguar I-Pace can accelerate from 0-60mph in 4.5 seconds. The extremely low centre of gravity provides a dynamic and exciting driving experience.