As we move towards an all-electric future, it is important to look at how the landscape will change in the coming years in the automotive industry. As the electric car revolution is still in its infancy, there is still a lot to be ironed out over the coming years and it is vital that business owners keep up to date with the latest news as this could have a significant impact on company car ownership.
One aspect which businesses (and individuals) can benefit from greatly by making the switch is that electric vehicles fall into Vehicle Excise Duty (VED) band A. This means that they are tax-free and this is one of the major attractions of making the switch.
It is also important to consider warranties for electric vehicles. Similar to fuel-powered automobiles, the car will come with a manufacturer warranty that will cover the cost of repairs. In addition to this, there will be manufacturer warranties for the battery which are much longer. Seeing as electric vehicles are more complex, it also means that repairs can cost much more than a petrol or diesel car. For this reason, it is vital that the car is always under warranty and this may mean that extended warranties will need to be purchased. These are now available from some specialist providers and are a smart investment.
Making the change
It is clear then that an all-electric future will bring big changes to the automotive industry. We are seeing more motorists than ever currently making the switch and this can be attributed to the Government’s 2040 ban on petrol and diesel, the excellent range of electric vehicles currently available and the low running costs. This change in public perception is evident by looking at the plummeting sales of diesel vehicles and the rise of alternatively fuelled cars.
With such big changes on the horizon and still many questions that need answering, it can be a complex and daunting time where old rules no longer apply. There will be changes in legislation and regulation, but specialist global legal businesses like DWF Law can help businesses and individuals to navigate these challenges for a smooth transition.
The all-electric future is almost upon us, which is an exciting time because these fantastic vehicles will benefit the public, businesses and the environment. Although exciting, there is still a great deal of uncertainty over what exactly an all-electric landscape will look like. How automobiles are paid for and maintained could be hugely different to what we are used, and this could lead to some growing pains. However, there is always guidance available and in the long run it will certainly prove to be the right move.
For businesses, making the switch sooner rather than later can be beneficial. You can benefit from Government grants towards the cost of an electric vehicle, money towards the cost of a charging point, tax breaks and lower running costs. Not just this, but an electric vehicle can also bolster the image of the brand and show them as one which is eco-conscious and progressive.
The Government’s clean air plans have accelerated the electric car revolution, and this can be daunting because it is so different to what people have become accustomed to, but it will prove to be a smart move down the line.