Why the time to buy an Electric Car is right now in the UK?

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Phillip Hammond, then transport secretary just before Christmas 2010 claimed that the year 2011 would be a great one for the electric car, but he was absolutely wrong!

According to recent figures from the UK car industry, the electric car revolution may very well be around the corner, with an upwards of 6000 plug-in cars bought into the country in March 2015 alone compared to a modest 1200 plug-in cars bought in March last year, which translates to an astounding 400 percent increase.

Powered by a convention engine and an electric motor, plug-in hybrids witnessed a sales rise of more than 900 percent over the same time according to reports from SMMT (Society of Motor Manufacturers and Traders).

Owing to the depreciating oil prices, traditional motoring is much cheaper, but this may have got you thinking that electrical vehicles have lost their appeal. However, this is hardly the case, and if this trend still continues, there may very well be another 30,000 electric vehicles added to the country’s fleet of electric vehicles in this year alone.

 With car insurance cover expected to be low on these vehicles as well, it certainly seems to stack up for the consumer.
Two electric cars on charge at a plug-in point on a sunny dayBut this good news does have its fair share of bad news as well, with the £5,000 government subsidy on each new car being eliminated when this lot of 50,000 electrical vehicles is sold, and this could very well be achieved much before the end of the year.

There’s a lot that has changed since 2011 starting with the increased number of plug-in models to choose from compared to six and now 27 that are inclined to receive government incentives.

Adding to this, there has also been a significant increase in charging points, with 300 locations in the country where you can replenish power, which will also entitle you to receive a motoring rebate of roughly 2p per mile.

These rebates have played a significant role in exemption of road tax, free entry to London’s busy zone, and just the fact that you receive an up to £5,000 rebate when you purchase a new vehicle.

But with the revelation of these numbers, it is important to note that roughly 31,000 government rebates have now been fulfilled, with another approximately 19,000 up for grabs before the scheme ends. So if you’re thinking of investing in an electric vehicle, you might have to speed things up sooner rather than later.

Larry Wood – car dealer and owner of a showroom in North London says that this car tax rebate is one of the sole reasons for the increased sales of plug-in hybrid vehicles such as the Mitsubishi Outlander PHEV.

In fact, Mitsubishi has sold more than 10,000 Outlander PHEV SUV’s, making it Britain’s best selling electric car. Mr. Wood further states that people will still buy electric cars even without the £5,000 rebate owing to the fact that most of his customers are not only attracted to the low capital costs of electric vehicles, but also ​the discounted rate of car tax.

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