How amazing new EVs like the VW ID.3 Neo are cheaper for UK customers than petrol ones

The VW ID.3 Neo are cheaper for UK customers than petrol ones-The amazing new EV

Price as an obstacle to the electric car transition is now not a problem according to key resources like The Guardian , which is reporting on the Autotrader update on the car market. According to the Autotrader the average EV cost is now £785 cheaper than fossil fuel equivalents, recognising this as a key milestone in the EV transition for personal and business customers in the UK.

As the Guardian notes, the average listing for a new electric car is £42,620 compared to the £43,405 for a new petrol model. While this takes into account aspects like any grants and discounts, this is not considering the cheaper running costs and whole of life costs which EVs do present. Even more so since the Iranian war has effectively sky-rocketed the price of oil.

As The Guardian do highlight, the Autotrader is but one marketplace in the UK to procure a vehicle, although it is the largest. This doesn’t detract from the underlying importance of the messages for new customers, personal or business, on what type of fuel they should choose next.

While historically “range” was seen as a key hurdle in the uptake of BEVs, more recent battery improvements have seen electric cars offer more range and quicker charging times than most customers actually need. However, with manufacturers needing to recoup their investment, the price of electric cars was seen as a fundamental issue.

Particularly so for personal / retail customers who do not enjoy the seismic benefits that company car and salary sacrifice customers enjoy. As we have discussed in the e-car lease guides, there are obvious financial reasons for moving your fleet and sal sac schemes to zero-emission.

But for a PCH or PCP customer, the cost-savings of the fuel and the servicing / maintenance have been the fundamental route. So, to now be at point where there is even more price parity for an EV is certainly a big step in the right direction.

For contract hire (leasing) customers there are a range of payment options which do help make this an affordable proposition. While amazing new lease options, like the ID.3 Neo, are going to offer similar cash prices to their equivalent combustion Golf, many of these vehicles will utilise some form of finance.

With our team at e-car the foremost product is contract hire and our website allows you to decide upon a payment in the first month which meets your needs and requirements. While many customers will refer to this as a deposit or downpayment, in our industry we refer to it as the initial rental.

The amount you pay in month one is not a refundable deposit, nor does it make the overall cost of the agreement cheaper due to interest savings (which is more common in cases of hire purchase and personal contract purchase). The Initial Rental / Payment is generally payable around 7 - 10 days AFTER delivery (but beforehand in a minority of cases).

The “no-deposit” arrangement is actually defined by our team as a No Initial Rental contract. On our website you simply select the “1” in the monthly rental box and this is suggesting that you wish to make a payment in month 1 equivalent to just one of the monthly rentals. So a “1 + 35” is a contract hire agreement where you pay a one-month initial rental followed by 35 rentals.

To help customers further we add a “total amount payable” summary, so that the overall cost of the lease is presented to them before the enquiry. Not only does this help a customer understand the complete cost when comparing their initial rental / deposit options, it also ensures the 2 – 4 year commitment is an affordable one.

While a no-deposit lease is a common request for our team, we do always suggest that a personal customer does ensure that their credit history and income / expenditure are suitably monitored. Because of the absence of any financial commitment upfront, the finance provider / lender we work alongside may look into the application more carefully.

This is where credit reference agencies like Experian are useful, as they highlight what finance companies will see. So when you are applying for a no-deposit leasing deal on the new VW ID.3 Neo, this is a practical step.

So how will the newVW Neo ID.3 perform? Is it a good EV?

•  50kWh - with a usable battery of 50 kWh this RWD SUV offers 125kW (168hp), top speeds of 99mph and 0-62 times of 8.0 seconds. Real-world ranges suggest a combined 160 miles in colder weather with warmer temperatures to allow for 225 miles (on a full charge) - 195 miles combined . The 11kW AC allows for 0-100% charging times of 5 hours and 30 minutes with the 105 kW DC enabling 10-80% in 26 minutes. The ID.3 has Bidirectional charging – a V2L option of 3.6kW via the exterior outlet. It has a 158mpg equivalent, 385L cargo volume (1267L with the seats down). It cannot tow. The heat pump is available as a cost option;
•  58kWh - with a usable battery of 58 kWh this RWD SUV offers 140kW (188hp), top speeds of 99mph and 0-62 times of 8.0 seconds. Real-world ranges suggest a combined 190 miles in colder weather with warmer temperatures to allow for 260 miles (on a full charge) – 225 miles combined . The 11kW AC allows for 0-100% charging times of 6 hours and 15 minutes with the 105 kW DC enabling 10-80% in 27 minutes. The ID.3 has Bidirectional charging – a V2L option of 3.6kW via the exterior outlet. It has a 157mpg equivalent, 385L cargo volume (1267L with the seats down). It cannot tow. The heat pump is available as a cost option; and

•  79kWh - with a usable battery of 79kWh this RWD SUV offers 170kW (228hp), top speeds of 99mph and 0-62 times of 7.1 seconds. Real-world ranges suggest a combined 226 miles in colder weather with warmer temperatures to allow for 350 miles (on a full charge) – 300 miles combined . The 11kW AC allows for 0-100% charging times of 8 hours and 30 minutes with the 183 kW DC enabling 10-80% in 26 minutes. The ID.3 has Bidirectional charging – a V2L option of 3.6kW via the exterior outlet. It has a 154 mpg equivalent, 385L cargo volume (1267L with the seats down). It cannot tow. The heat pump is available as a cost option.

Want to know more about going electric?

Head to our dedicated  Volkswagen special offers  section or speak to our experts directly on 01942 910 001 or by emailing us at [email protected]