The UK plugin electric vehicle market share, at 13.25% in April 2021, was quite impressive again despite significant cuts in government incentives. Vehicles that qualify for the incentives have now also been restricted to vehicles that cost less than £35,000. There are, however, quite a number of other benefits still available for people and businesses looking to get into the age of electric mobility. These include a benefit in kind tax (BIK) and a Salary Sacrifice scheme.
Under the BIK, if one uses a company car privately, including for commuting, one has to pay tax on the value of the company car, which depends on how much it would cost to buy the car and the type of fuel it uses. The value of the car is reduced if one has the car on a part-time basis, pays something towards its cost, or it has low CO2 emissions. For EVs, this tax is actually 1% until April 2022 and then it’s increased to only 2%. Under the salary sacrifice scheme, an employee can pay for an electric car each month using their gross salary, before tax and other contributions are deducted.
In the UK, just like probably everywhere else, traditional automobile dealerships are still keen to push sales of ICE vehicles over EVs, so a lot of them don’t go out of their way to sell the benefits of EVs to prospective customers despite all the progress made over the last 10 years with regards to the number of EV models available on the market. The Nissan Leaf, alongside a few other models, was pretty much all that was available back then. Now in 2021 there are well over 70 models available and it is difficult to browse every EV available on the multiple OEM platforms and associated dealerships.
WeVee, a next-generation leasing broker focusing only on electric cars, wants to improve the customer experience for EV shoppers by proving a platform where one can see every electric car available in the UK in one place. This will allow consumers to make an informed decision backed by support from EV experts at the EV-only focused firm. WeVee says it wants its customers to get the perfect EV lease deal with the best prices, helping communities speed up the switch to zero-emission cars.
90% of new UK cars are financed, and WeVee is going to focus on 3 leasing verticals, Personal, BIK, and Salary Sacrifice leasing options to tailor the best value proposition to individuals and businesses looking to go EV. Business leases will be its anchor segment and WeVee will ride on the strong partnerships across the industry as a competitive advantage. WeVee has already helped over 800 people switch to electric and is now scaling up its platform and business to help more families and businesses make the switch.
All images courtesy of WeVee