The UK plug-in electric vehicle market share, at 13.25% in April 2021, was again quite impressive despite significant cuts in government incentives. Vehicles eligible for the incentives are now also limited to vehicles that cost less than Â£ 35,000. There are, however, a number of other benefits still available to individuals and businesses looking to enter the era of electric mobility. These include a tax on benefits in kind (BIK) and a wage sacrifice scheme.
Under the BIK, if a company car is used privately, including for travel, a tax must be paid on the value of the company car, which depends on the cost of purchasing the car and the type of fuel used. ‘She uses. The value of the car is reduced if one has the car part-time, pays something for its cost or if it has low CO2 emissions. For electric vehicles, this tax is actually 1% until April 2022, then it is increased to just 2%. Under the wage sacrifice program, an employee can pay for an electric car each month using their gross salary, before deducting taxes and other contributions.
In the UK, as probably everywhere else, traditional car dealers are still keen to promote sales of ICE vehicles over electric vehicles, so many of them do not go out of their way to sell the benefits of the vehicles. electric vehicles to potential customers despite all the progress made over the past 10 years in the number of EV models available on the market. The Nissan Leaf, alongside a few other models, was pretty much all that was available at the time. Now in 2021, over 70 models are available and it is difficult to browse all the electric vehicles available on the multiple OEM platforms and associated dealers.
WeVee, a new generation leasing broker focusing only on electric cars, wants to improve the customer experience for electric vehicle buyers by proving a platform where one can see all electric cars available in UK in one place. This will allow consumers to make an informed decision, backed by support from the company’s EV expert support only. WeVee wants its customers to get the perfect EV rental contract with the best prices, helping communities accelerate the shift to zero-emission cars.
90% of new UK cars are funded, and WeVee will focus on 3 rental verticals, personal rental options, BIK and Salary Sacrifice to tailor the best value proposition to individuals and businesses looking to switch to EVs. Commercial leases will be its core segment and WeVee will build on strong partnerships across the industry as a competitive advantage. WeVee has already helped more than 800 people switch to electricity and is now expanding its platform and business to help more families and businesses switch to electricity.
All images are courtesy of WeVee