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Electric/Hybrid: Is now the right time to consider a change?

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Hyundai Kona Electric

Hyundai Kona Electric

Skoda Superb iV

Skoda Superb iV

Hyundai Kona Electric

In short, Yes. With advances in battery technology, infrastructure and financial incentives you would be very foolish not to explore what an alternative fuel vehicle could offer you and your business.

The government is not shy in its commitment to CO2 reduction with a ban on all new petrol and diesel models by 2040 or sooner. As such vehicle manufacturers are now taking alternative fuel far more seriously.

For years electrified vehicles have been on offer from the likes of Nissan, Hyundai, Peugeot and of course Tesla but now every major manufacturer including Volkswagen-Audi, General Motors and Ford have adopted the technology and are proceeding at pace.

This year will see an explosion of both hybrid and full electric models enter the market and yet consumers still have concerns about how the technology works, range and recharge times.

The Hyundai Kona Electric SUV, for example, boasts a range of 278 miles, 0-62 mph in 7.9 seconds and can be recharged to 80% in 75 minutes using a 50kW DC charger. When you consider 12,000 miles per year equates to less than 33 miles per day – range anxiety shouldn’t give you cause for concern.

Of course, hybrids and plug-in hybrids negate this perceived problem entirely by combining a traditional combustion power unit with an electric motor.

All electrified vehicles have the ability to charge their batteries by regaining energy when slowing or under braking and with that exception a hybrid vehicle is therefore powered exclusively by a fossil fuel.

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Skoda Superb iV

Skoda Superb iV

Skoda Superb iV

Plug-In hybrids are different in that they allow you to top-up the battery from an external power source and in some instances allow you to run in full electric mode.

The New Skoda Superb iV plug-in hybrid offers a range of 35 miles in electric mode and when combined with the 1.4 petrol engine generates an astonishing 218PS at only CO2 28g/km.

Now for the really good news and the reason why now is the perfect time to take a closer look. As an incentive to encourage more business users into alternative fuel vehicles, from April 2020 benefit in kind rates will be cut to 0% for full electric vehicles rising to 1% from April 2021 and 2% from April 2023.

Hybrid and plug-in hybrid vehicles will also see significant reductions depending on their CO2 output and electric range. The BIK (benefit in kind) for the Skoda Superb iV will be 10%, 11% and 12% over the next three years.

When compared to a typical manual petrol hatchback, a 40% tax payer could save over £8,000 by going electric between now and 2023 all while reducing their carbon footprint. So, if your car is due for renewal or if you manage a fleet, a hybrid or electric option could be both a timely and financially rewarding move.