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The Beijing Motor Show of 2024 has been a busy one, with a real focus on the new EVs set to hit the UK between now and 2030. A diverse line-up, we have seen a whole host of different options, from small cars to luxury cars to pickups, which are looking to help the UK meet its 2035 net zero obligations.
And it is refreshing to see more product, and from a range of manufacturers, for our leasing customers to enjoy. The obvious concern for many car producers in Europe and the US is that the Chinese brands will continue to grow and dominate in the battery electric sphere.
With nearly 50% of their new cars in battery format their cultural shift to electric transportation is far more rapid than our own in the UK (and far more than much of mainland Europe). But as the show demonstrated, brands like Arcfox, BYD, Denza, Exeed, GWM and iCAr could be making their way to our shores.
With technology advancements and cost-effect purchase / lease price, we can understand just why there is this concern in the market.
And the UK is still a work in progress for helping customers to move into new and used electric cars. The media have not been particularly quiet when it comes to their opinions on this sector; some good and others a little bad. One of the recent stories is the treatment of VAT which has been making its way around several media outlets and sources. As reported, the Government have confirmed certain routes forward further to the House of Lords report on the EV strategy.
One of the issues circulating EV lifestyle is the way in which VAT is applied to charging. As many customers are probably aware, your domestic electricity incurs a lower rate of VAT at 5%, which helps contribute to the cheap overnight tariffs which many companies in the energy sector are offering. As per our website, the cost of charging is key to understand cost per mile and the Whole of Life cost of your new EV, especially when you compare this to petrol and diesel alternatives.
If you charge outside of your home, at a public charge point or service station, you may also be aware that the standard rate of VAT applies. This means that the charging session is subject to the 20% VAT threshold as opposed to the 5% at home.
Many objectors and political pressure groups have united to debate this, suggesting that the discrepancy in VAT is creating a more unaffordable situation for those who rely on the public network to charge.
With many rapid / quick charging sessions already subjected to higher tariffs (often over 80 pence per kWh compare to the sub-10 pence tariffs at home), the additional 15% in VAT is making some EV drivers somewhat frustrated at the different treatment. However the Government has refused to alter its opinion and will not bring about any VAT changes in the near future.
While disappointing, this is why e-car lease do include supported tariffs in our EVC™ and ensuring that the cost of charging at home / work is treated with due care and attention.
Looking to keep momentum of EVs going is the BMW-owned Mini brand, who already have their updated Cooper Electric and Countryman Electric available for the UK’s leasing market. Sitting between these two options (in size) the “first-ever” Aceman is looking to provide a small SUV option, with more room than the ever-popular Mini Cooper.
Key features on the exterior include - bold wheel arches in black, a 17”-19” alloy choice, practicality of 5 doors, octagonal grille, powerful LED lights and sleek horizontal designs. On the interior the circular OLED feature is in place, with seven MINI experience moods and a choice of Classic, Exclusive and Sport. For more information on the latest Mini Aceman, just head over to the Mini website to have a look for yourself.
As well as the three trim / specification levels on the Aceman (Classic, Exclusive and Sport), there will be two models available:
For more information on leasing the new Aceman EV just head to our Mini section on e-car lease, or simply call our expert team at e-car lease on 01942 910 001 or email at [email protected] for more information or advice.
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