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What are the benefits of Hybrid and Electric for Company Car drivers?
Diesel cars have been a number one choice for most Northern Ireland drivers for many years. With mindsets changing and manufacturers moving away from production on diesel vehicles we look at other options and how choosing cleaner engines like hybrid and electric for your business can benefit you or your employees financially.
Is it goodbye diesel?
It will take a number of years for diesel vehicles to be obsolete in Northern Ireland. In fact, many drivers are still opting for the diesel and will continue to do so for a few years. Some manufacturers are producing highly efficient diesel engines that prove very popular for van and car drivers in NI.
Hybrid, Plug in Hybrid, Fully Electric.
Brands like Toyota and Nissan have been leading the way on hybrid and electric vehicle respectively. The first Hybrid vehicle produced by Toyota was the Prius in the late 1990s. Since then technology has moved rapidly and we now see Hybrid as the replacement to diesel across the Toyota range. Highly advanced technologies over the years allow other manufacturers to follow the Hybrid / Electric path such as Kia, Hyundai & Mitsubishi. German brands like BMW, Mercedes and Volkswagen have also successfully launched hybrid and electric models to their ranges and producing less diesels.
How does it benefit the company car driver financially?
Currently hybrid and electric company car drivers can benefit financially in terms of a reduced BIK (Benefit in Kind) meaning that there is less company car tax paid. We have worked out a simple example when you compare a self-charging Hybrid like the New Corolla to a popular diesel choice the Astra.
Toyota Corolla New 1.8 VVT-i Icon Hybrid Auto
19% BIK
£74.73 Per Month
£896.80 Per Year
Vauxhall Astra Hatchback 1.6 CDTi Elite Nav Auto
30% BIK
£130.90 Per Month
£1,570.80 Per Year
Source www.comcar.com 2018/2019 Tax Year & based on a £30k per annum salary
What Next?
Most company car drivers will already be aware of the hybrid and electric models available but may not have driven one. We expect to see demand and the shift from diesel to alternatives rise dramatically in the next 12 - 24 months.
Want more info?
At Fleet4U we are specialists in contract hire and leasing & can provide written quotations for all makes and models including Hybrid and Electric. If you would like more information on how you or your business can save money by switching your current fleet - get in touch with us today on 0283 855 0578
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Posted on 4th February 2019 at 11:49 AM
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