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Improve your company's chances of opening a credit line

Corporate
Financial

To implement our incredible loveelectric employee benefit, the company first has to apply for credit from our leasing partners. Whether the company is suitable, and eligible for credit, depends on a couple of factors. 

Every application is approved or denied on a case-by-case basis. As such, there’s lots of ways businesses can improve their chances of approval, as well as some general good practice to increase the likelihood and speed up the process.

There’s no ‘magic formula’ for a company being approved for credit. However, below we outline all the ways a company can improve its eligibility.

Ready to elevate your company? Get in touch. 

Keep company accounts in order

Applying for credit from the UK’s largest funders can sometimes involve a somewhat in-depth examination of a company’s books.

If your company Net Worth is below £500,000, then there is a reduced chance of a company being granted a credit line. If successful, it may also mean a smaller line of credit is opened for your business, at least initially. This, in turn, means that fewer cars will be available to employees.

However, one of our funders will accept a guarantee from a UK-based parent company - but it can not be based abroad. If a company with a Net Worth of <£500,000 can demonstrate strong year-on-year growth for multiple consecutive years, it has on occasion been granted full credit.

When examining company accounts, key figures to be in the green are:

  • Cash at Bank
  • Working Capital
  • Net Worth

These numbers will give a strong indication of how likely the company is to have credit approved.

Make the Funders’ life easy

Even though applying for a line of credit is a B2B transaction, there’s still a human team at the other end processing the application. It doesn’t hurt to put forward the best application from the outset. 

Here are some simple hygiene factors that will speed the application process up and potentially grant some good faith with the application team.

  1. Provide a landline number - Due to fraud prevention reasons, funders will not accept mobile phone numbers as the main point of telephone contact. A company must provide a landline number.
  2. Accurate and pinpoint details - Do not abbreviate names, provide full names and details. Although it may sound trivial, fill out the application with the utmost accuracy. This is especially important in regard to names, as the funder will use the precise details provided to run credit checks. For example, do not abbreviate ‘Sammie’ to ‘Sam’ - the name must match exactly how it appears on official documentation.
  3. Banking details are correct - We have recently introduced a checker within the application to avoid any accidental mistakes and number mistypes. 

Why do we need your company’s banking details? 

At the application stage, it’s simply to confirm that your business has a UK bank account via a PAYE check.

Once the benefit is live, the company pays the first month’s lease initially before providing the use of the car to the employee. This then becomes a Benefit-in-Kind, with the cost reimbursed to the company in the same month via the employee’s gross salary.

This request will appear as a direct debit, with nothing being billed until the vehicle is due to arrive. We’re regulated by the Financial Conduct Authority (FRN743264), so rest assured that this is completely normal practice for a salary sacrifice model.

Apply for the right amount of credit

The application process can be time consuming, which is why we encourage all of our business clients to initially request a credit line that covers roughly 10% of their eligible workforce.

Many companies implement the scheme on a ‘tester’ basis, requesting only a small amount of credit - just enough to cover only one or two cars, say. Inevitably, employees find out about the incredible savings that can be made, but the company doesn’t have enough credit to offer the benefit.

The company then has to apply for a credit line extension. For a lot of our client companies, this adds unnecessary workload that can be easily avoided by initially applying for more credit. 

This is why our application form autofills with a figure of 10%.

It isn’t a necessity to progress the application with this figure, a business can apply for as many - or as few - cars as they require. We can always request more credit for the business further down the line, but 10% is our recommended figure to aim for.

Ready to introduce the world's best employee benefit? Get in touch

Size and Length do matter

Although many leasing companies will pretend it doesn’t, they actually do really care about your company size and its length of trading.

As a general rule of thumb, companies with more than 20 employees who’ve been trading for over 2 years typically fare best during the application process. However, this isn’t a hard and fast rule. Young companies with two years of trading - but only a handful of employees - can still be approved if the company accounts show a healthy balance sheet.

In short; the bottom line for approval is the company’s bottom line.

Attention Company Directors

One of the main reasons that companies are refused credit is due to the condition of the Company Director’s credit report.  If you have a poor credit score, take a look at Experian’s Top 10 Tips to Improving your Credit Score.

Insurance underwriters create their quotes based on trends and data. On occasion, underwriters have found a correlation between a director’s poor credit score and the company defaulting on payments (if required).

This means that if the Company Director has a less than favourable credit report, their business will likely only receive credit from one of our funders.

Other important notes for Directors:

  • Directors (or authorised signatories) must be UK based
  • Must have three years of personal address history. 
  • When the company applies to implement loveelectric’s employee benefit, funders will only run a soft credit check on the Company Director - it does not affect their credit score or credit history.

Let loveelectric be your advocate

By choosing loveelectric, companies don’t just get the greatest green employee benefit, they get a whole team of advocates. 

Thanks to well-established professional relationships with the country’s largest and most trusted leasing companies, we’re able to appeal decisions and fight on your behalf. We do absolutely everything we can to get your application approved.

That’s a loveelectric guarantee.

Company Eligibility Checklist

Our handy eligibility checklist outlines the 10 key criteria our funders rank applicants on. 

Download our checklist below and see if your company is ready to implement the world’s best green employee benefit: attract and retain the best staff, hit stringent Corporate Social Responsibility targets and boost brand image - all without paying a penny.

A checklist of all the key eligibility criteria for a business being approved for credit.

Key Takeaways from COP27

News

With each passing Conference of the Parties of the UNFCCC - better known as COP - the urgency of climate action grows increasingly clear. The window of opportunity to keep the global temperature from rising by 1.5C grows narrower by the day.

COP27 is arguably the most important meeting of nations the globe will see, with the opening statement from President von der Leyen sending a stark message: 

“The climate is changing faster than our capacity to adapt. So the world must deliver better and faster. The global fossil fuel crisis must be a game changer. And my friends, let us not take the highway to hell; let us earn the clean ticket to heaven. That is our responsibility.

This stark warning to the world’s leaders set the stage for two weeks of informative lectures, keynote speakers and intense negotiations between countries from every continent. Transport is the largest emitting sector of greenhouse gas emissions in the UK, producing 24% of the UK’s total emissions in 2020 (406 MtCO2e or 406 million tonnes of carbon dioxide equivalent.) 

The easiest way to reduce your carbon footprint is by going electric.

Below are some of the highlights of COP27.

Why keeping the temperature from rising by 1.5C is so important

The overarching goal of COP27 is to limit the globe’s temperature from reaching 1.5C above pre-industrial levels. Currently, the figure is around 1.1C, with devastating effects already taking place. 

Take the recent floods in Pakistan, for example. The country’s Prime Minister, Shehbaz Sharif, addressed heads of state with facts about the floods, both equally as heartbreaking as they are concerning:

  • 33 million people impacted
  • Affecting an area covering the size of three European countries
  • 7x the average of extreme rain in the south of the country
  • 8,000km of metal roads destroyed
  • 3,000km of railway track damaged
  • 4 million acres of crops washed away

Unfortunately, natural disasters like floods, droughts and tornadoes will become increasingly commonplace and with fiercer intensity if global leaders do not meet climate goals. A research article published by the European Geosciences Union examined and compared the effects between a 1.5C rise and a 2C rise, with the key differences outlined in the infographic below.

Infographic comparing the detrimental effects of a 1.5C rise in warming, compared to 2C.
Source: Carbon Brief

As outlined above, even a rise to 1.5C of warming will have catastrophic effects on the globe’s crops, sealife and freshwater supplies. At 2C, nearly the entirety of the world’s corals would be at risk of bleaching, wiping out huge swathes of ocean life.

At COP27, there was increased concern around the language used by global leaders. As reported by the Guardian, “some countries are pushing for a return to Paris language, which centres on ‘well-below 2C’”. Losing the clear target of 1.5C and replacing it with language open to interpretation may lead to an acceleration in climate degradation and broken commitments. 

Which countries are the worst polluters?

Every year, the Climate Change Performance Index is released. It compares the climate performance of 59 countries and the EU - all of which cumulatively account for 92% of global greenhouse gas emissions.

5 key takeaways are from the data:

  1. One of the only positive outcomes from COVID-19 was a sharp decline in global emissions, falling by 5.4% around the world. 
  2. China is the globe’s largest polluter, with the US following close behind. They are also two of the largest producers of oil, coal and gas worldwide - just like the UK.  
  3. Russia’s invasion and subsequent war in Ukraine has had a huge impact on the uptake of clean energy across the globe. Instead of funnelling resources into renewables, countries worldwide are scrambling to find alternative sources of fossil fuels to not rely on Russia’s gas export and fund Putin’s war.
  4. CCPI has left the top three spots blank, reflecting the fact no country is currently doing enough to hit emissions targets.
  5. Chile takes 6th place (or 3rd place out of all countries ranked), trailing behind only Denmark and Sweden. This enviable position is thanks to low per-capita emissions and a commitment to net zero by 2050.

JustStopOil

One of the most prevalent anti-fossil fuel movements is JustStopOil. The environmental activists have demonstrated across numerous countries, from climbing gantries on busy motorways to infamous orange-paint publicity stunts.

The group aims to “ensure the government commits to ending all new licences and consents for the exploration, development and production of fossil fuels in the UK”. This is key to achieving the all-important 1.5C temperature limit, but what impact do their tactics have on public perceptions of climate change?

Scientist Dr Michael E Mann surveyed over 2,000 respondents, with 46% reporting that JustStopOil’s choice of protests actually decreased their support for efforts addressing climate change. 40% of those who took the survey stated JustStopOil’s demonstrations had no effect with only 13% reporting the tactics increased their support.

You’re probably breathing polluted air

One of the biggest topics of conversation at COP27 has been air quality. The World Health Organisation hosted a panel discussion about the impact of climate change and subsequent environmental issues on the cleanliness of the air we breathe.

The starkest figure is that over 90% of people breathe air which is polluted beyond WHO air quality limits, causing over 7 million premature deaths. This is especially prevalent in cities and built-up areas, such as London.

We’ve previously discussed the exponential rise in SUVs across the globe in our Ultimate Tesla Leasing Guide, but they are easily becoming the most popular vehicle body type. But at what cost? With carbon emissions from SUVs nearly 10% higher than average, petrol and diesel SUVs have no place in a future where our children aren’t breathing in polluted air.

By one estimate, SUV drivers could collectively save c. 9 million tonnes of CO2 every year by switching to an electric alternative.

Be the change. Switch to an electric car and eliminate your tailpipe emissions: no more nasty NOx and CO2 spewing from your exhaust when picking up the kids or driving through your local town. 

Drive the change

We know that the main barrier of entry into all-electric motoring is cost. By removing the deposit and drastically reducing the monthly cost by up to 60%, loveelectric’s employee benefit allows drivers the best opportunity to go green. 

With half of all new cars due to be electric by 2025, employers and employees alike have an unprecedented opportunity to lower carbon emissions without making any compromises. 

Whether you’re an employer looking to hit CSR targets, improve brand image and retain/attract the best staff, or an employee wanting to save big on fuel costs, leave a better world behind for your children and drive the best the automotive industry has on offer.

There are no two ways about it: loveelectric is the best green employee benefit on offer. 

We hope to see even more fantastic incentives for businesses to improve their green credentials from COP27.

Electric cars to enjoy a favourable BiK rate through to 2028

News
Financial

Today, the UK Government confirmed in their Autumn Statement that their world-leading, ultra-low Benefit in Kind (BiK) tax rate for EVs will remain at 2% until April 2025 before rising by just 1% each financial year until 2028. This minor rate increase will enable thousands of basic taxpayers across the country to access a new electric car for the first time. 

In this blog, we illustrate how the new BiK rate will affect EV drivers on a salary sacrifice lease – and, because of the slight increase, how salary sacrifice continues to be the most affordable way to access a new electric car. 

Car driving through mountain pass
Photo by Hendrik Morkel on Unsplash

We understand why getting a new car is one of the biggest decisions our customers will make. 

There are so many options: whether you want to go electric, petrol or diesel, personal lease or buy, and which make and model to go with, there’s a lot to weigh up.

That’s why a salary sacrifice benefit can seem like it’s too good to be true. At loveelectric, we save our drivers up to 60% on their new electric car lease – incomparable savings that make joining the electric revolution feasible for many for the first time. 

Love the sound of driving a new electric car at a fraction of the cost? Get in touch.

We can keep our prices so low due, in part, to a favourable Benefit in Kind (BiK) rate. This rate, a type of tax, is the contribution made to HMRC when an employee receives a work benefit. BiK is calculated from the emissions produced by the car – so a battery electric vehicle (EV), with zero tailpipe emissions, creates a much smaller BiK contribution than a car powered by fossil fuels. This ultra-low BiK rate for EVs is part of the UK government’s key commitments to encourage the adoption of EVs to meet the nation’s target of decarbonising road transport. 

However, like all taxes, BiK rates are subject to change – but, today, the UK Government announced that EV BiK rate will remain incredibly low, only increasing by 1% each year from 2025 to 2028.

How does salary sacrifice work?

Salary sacrifice is a fantastic way to make the most of your salary. Put simply: you receive a benefit in return for a small part of your gross salary. 

You may have heard of the cycle-to-work scheme, where you give up a small portion of your salary and receive a bike in return. At loveelectric, our scheme is just like cycle-to-work – but for EVs. Employers lease a car on behalf of an employee and, each month, the employee pays for the lease using part of their gross salary. In return, employees drive away with a fully insured, wholly maintained, new electric car. 

Learn how we stack up to our competitors

While ‘salary sacrifice’ may not be the most appealing phrase – who wants to sacrifice their salary? – the benefits gained from the small ‘sacrifice’ vastly outweigh the salary reduction. You get to drive away in a new car and save on income tax. That’s what we call a win-win situation.

Most importantly, salary sacrifice makes leasing and operating a new electric car affordable and accessible for more people than ever before. We’ve spoken at length about how passionate we are about democratising access to electric cars – but how can drivers actually save up to 60% on a new electric car lease? 

Benefit in Kind: the winning formula

The magic lies in the low Benefit in Kind (BiK) rate. BiK rates are a form of tax an employee has to pay for receiving a perk or benefit related to their employment. HMRC requires all cars on lease as an employee benefit, such as salary sacrifice, to pay a certain level of BiK tax. The vehicle’s CO2 emissions determine this rate: the higher the CO2 emissions, the higher the tax. With zero tailpipe emissions, electric cars have a substantially lower BiK rate than their petrol or diesel counterparts.

Benefit in Kind Vehicle Rates: April 2022 to March 2028

On November 17th, the UK Government confirmed that the BiK rate for EVs will increase by just 1% each year from April 2025 until March 2028. This incredibly low rate has had a huge real-world impact: the monthly rate drivers pay for an EV through salary sacrifice is much lower than what they’d pay through a personal lease or an Internal Combustion Engine (ICE) car on salary sacrifice.

Read more about how EV and ICE salary sacrifice leases compare

And perhaps most importantly, this favourable policy has had a massive impact on EV uptake across the UK as more people than ever before can access affordable electric cars, helping the country take a step towards meeting its net-zero goals. 

Number of electric cars registered in the UK (2018 - 2022 projected)

Keeping the BiK rate as low as possible for as long as possible is an essential step to ensure the UK meets our zero-emission targets.

In their Autumn Statement on November 17th, the UK Government confirmed that they will retain their world-leading, ultra-low BiK with the rate rising by just 1% each year between 2025 and 2028. To ensure that drivers know how this change might impact their paycheck - and how much you’ll save on a new electric car - we’ve crunched the numbers to help you make an informed decision.

The new BiK rates, illustrated

With an incredibly low BiK rate locked in until 2028, the UK government has secured a world-leading policy that will democratise access to electric cars. Drivers across the country will be delighted to hear that EV BiK tax rates will remain substantially lower than fossil-fuelled cars for the foreseeable future. 

To illustrate how the small increases from 2025 will impact drivers, we have created a series of examples for various electric car choices and tax bands (marginal tax rate). The examples shown assume a 36-month contract, with an annual mileage allowance of 5,000 miles through loveelectric's salary sacrifice scheme.

** Note – BiK tax is calculated by multiplying the P11D (or payroll) value of car by BiK % and your marginal tax rate over the next 12 months: 

BiK tax = (P11D x BiK %) x Marginal Tax Rate

Vauxhall Corsa E: The impact of the annual BiK increase
Kia EV6 Electric Estate: The impact of the annual BiK increase
Tesla Model Y Hatchback: The impact of the annual BiK increase

As you can see, the new, higher BiK rate does impact the overall lease price of each vehicle. However, the savings are still incredibly high compared to the gross monthly lease cost for every vehicle at each tax band. Salary sacrifice, even with this BiK tax increase, will still be the cheapest way to access electric cars - especially when compared to a personal lease or leasing a fossil-fuelled car. 

Vehicle Excise Duty

A low Benefit in Kind rate is not the only favourable tax position that EV drivers benefit from. Another substantial tax saving is on Vehicle Excise Duty (VED). Commonly referred to as ‘car tax’ or ‘road tax’, VED is split into two different parts: the First Year Rate (FYR) and the Standard Rate (SR). 

Electric car drivers have historically enjoyed numerous VED tax breaks. 

VED varies for cars registered after 2017 according to the carbon dioxide (CO2) emissions of the vehicle. Thanks to their zero tailpipe emissions, they were exempt from paying both the FYR (which could be up to £2000 for petrol/diesel vehicles) as well as the £140 flat-fee for the standard rate. 

VED system for cars registered after 2017. Source: HMRC

Additionally, a one-off tax surcharge is typically applied to any car that costs over £40,000 new, but electric cars were able to swerve that cost too.

However, like BiK rates, the VED system is subject to change. While these rates have increased most years depending on inflation, zero-emissions cars have been exempt - but today’s Statement informed us that electric cars will now generate VED. 

From April 2025, EVs will no longer be exempt from VED. What this figure will be is not clear at this stage, but we will update our customers and this blog as more information is revealed. 

The future of EV salary sacrifice

The UK currently boasts a world-leading policy that democratises access to electric cars. Through an unbeatable Benefit in Kind tax rate, drivers across the country can access new, zero-emissions electric cars for the first time at fantastic prices. 

Today’s announcement in the Autumn Budget has helped clarify EV BiK rates, ensuring certainty for the future electric car salary sacrifice market. 

While we will see the end of the ultra-low 2% EV BiK rate after 2025, the new rate/increasing rates are still incredibly beneficial and will see drivers making huge savings through salary sacrifice compared to a personal lease or leasing an ICE car. 

The electric transition is underway – and maintaining a low BiK rate is a critical piece of the UK’s net-zero future. 

Autumn Budget 2022: What does it mean for electric car salary sacrifice?

Financial
News

Jeremy Hunt’s Autumn Budget - unveiled on the 17th November 2022 - may leave many across the UK feeling concerned about their finances.

The cost of living crisis is affecting people up and down the country. With lots of political upheaval, emergency budgets and unclear messaging around the country’s economy - many of our customers are looking for reassurance and clarity. 

Here’s what the autumn budget means for you.

A world-leading, ultra-low, Benefit-in-Kind rate

The most important aspect for drivers is the Benefit-in-Kind (BiK) rate - this is the tax set against your vehicle if it was acquired via your employer. Currently, it’s at 2%. That tax rate is locked in until April 2025, where it’ll then rise incrementally by 1% until 2028. In practice, this will mean the BiK rates will be as follows:

Table demonstrating the Benefit in Kind Vehicle Rates between April 2022 and March 2028

The marginal increase in the BiK rate has a minimal effect on this excellent employee benefit. Even with the BiK rate increasing by a fraction year-on-year, salary sacrifice will remain the most affordable and hassle-free way to get behind the wheel of an electric car.

We’ll soon have a detailed article explaining how the increased BiK rate from April 2025 onwards will affect the monthly cost of our electric car leases. But the bottom line is that it’s good news.

National Living Wage

Another excellent perk to the salary sacrifice model is that it’s open to any employee in a company that signs up. No deposit required with next-to-no admin compared to a traditional lease. 

In fact, the only stipulation is that the cost of the electric car lease doesn’t bring you below minimum wage once it’s been taken from your salary. The National Live Wage equates to £9.50 an hour for over-23s, but as of April 2023, the rate will increase to £10.42 an hour. The Government says this should equate to a £1,600 annual pay rise for a full-time worker.

With this National Living Wage threshold increase, those with a salary of c.<£28,000 may find the number of electric cars available to them has reduced slightly. But that doesn’t mean there aren’t still great deals to be had! 

The best-kept secret in all-electric motoring…

The MG4 from MG Motors is without doubt the most affordable and fastest way of joining the all-electric revolution. The monthly price for an MG4 is incredibly low with some of the fastest lead times for any vehicle across the industry. Those with an annual salary of £24,000 can get the MG4 for as little as £287/month net cost - with 5,000 miles per annum, a 36 month term and fully comp insurance! Not to mention the subsequent fuel savings.

(Figures and pricing correct at time of writing - November 2022 - may be subject to fluctuation and factors such as driver’s age, address and motoring history)

Vehicle Excise Duty

Often referred to as ‘car tax’ or ‘road tax’, Vehicle Excise Duty (VED) has two distinct parts: the First Year Rate (FYR) and the Standard Rate (SR). 

Drivers of electric cars have historically enjoyed numerous VED tax breaks. Thanks to their zero tailpipe emissions, they were exempt from paying both the FYR (which could be up to £2000 for petrol/diesel vehicles) as well as the £140 flat-fee for the standard rate. Additionally, a one-off tax surcharge is typically applied to any car that costs over £40,000 new, but electric cars were able to swerve that cost too.

As electric cars gained popularity, it was inevitable that VED exemption would end. The exact figure hasn’t been released at time of writing (17th November), but we’ll update with the latest figures as soon as they’re released.

Found yourself in a new tax bracket?

Due to the unique way salary sacrifice works, an increase in tax actually makes an electric car a better deal. 

For many employees in England, they may suddenly find themselves in a new tax bracket. The Autumn Budget lowered the threshold for the 40% tax band, footing many with a higher tax bill overnight. 

The good news is that this actually translates to an even larger saving on an electric car. The general rule of thumb is that the more tax you pay, the more you save. So why not take a look at that Model 3 you’ve had your eye on and see if the monthly cost now works for you.

Why the cost of electric car leasing will drop

Even though it may feel as if electric cars have been around for decades, the all-electric boom has only really happened in the past few years. This is a problem for leasing companies, as they don’t have enough data to accurately predict what the value of all-electric models will be in 24/36/48 months time.

The cost of a monthly lease is entirely dependent on the residual value of the vehicle: how much will that car be worth once your lease agreement is complete. The leasing company will then calculate a monthly cost that takes into account the resale value of the car plus their profit margin.

Currently, there’s little data to draw on as electric cars simply haven’t filtered down into the used market yet. Leasing companies are risk averse, so to mitigate the potential for loss, increase the price of the monthly lease in case the vehicle doesn’t hold its value.

Industry experts predict it will take around three to four years before lease prices begin to drop.  Thanks to a burgeoning used market, leasing companies will have far more data to draw on by 2025 - just in time for the BiK rate to increase. 

The drop in monthly cost may not be enough to counteract the increased BiK rate, however it may make that price-hike a bit less pronounced.

Smart charging: the clever solution for all EV drivers

Charging
Guides

Smart devices are becoming a regular fixture in our everyday lives. They help us save time and money and - critically, as energy becomes more expensive than ever - help optimise resources.

We’ve come a long way from the 3-pin chargers: since June 2022, all UK home charge points must have smart functionality. At their most basic, they are internet connected (including nice visual tools in a mobile app) – at their most powerful, smart charging allows you to take advantage of lower energy price tariffs to save money, time and the environment. 

This guide dives into everything you need to know about intelligent EV charging. We’ll cover:

  • What smart charging is;
  • How smart charging will help you save time, money and the environment, and;
  • The current options on the market - and the future of smart charging.

** This blog includes paid partnerships. We reinvest our commission in two ways: firstly, by delivering an exclusive discounted offer for loveelectric customers, and secondly, by redirecting any remaining commission into causes that support the health and regeneration of our environment. Click here to learn more about our commitment to people and the planet.

What is smart charging?

Smart charging is the future of charging: the most affordable, green and intelligent way to recharge your EV. 

With most people charging their electric cars at home, EV owners want to get the most out of their energy. Indeed, 65% of EV drivers believe energy efficiency is the most critical factor when purchasing an EV charging station

The primary goal behind smart charging is to optimise energy usage while charging electric cars. ‘Smart’ refers to technology connected to the internet via Bluetooth or wifi, creating links between household tools to optimise our lives. This network is also known as the Internet of Things.

So, what does this mean for you? Smart charging capabilities are a convenient way to charge when electricity demand is lower and there is a lot of renewable energy on the grid. When demand is lower, electricity is cheaper; when there is lots of renewable energy on the grid, the electricity you use is better for the environment. 

Of course, you can manually plug and unplug your EV to take advantage of these lower rates – but a smart charger takes care of it for you. Simply plug in, set your preferences and relax.

Some EVs also have inbuilt features to schedule charging at off-peak times, including:

  • Tesla Model 3
  • Hyundai Kona
  • Kia Niro
  • MG ZS EV
Get your new electric car with built-in smart charging – up to 60% off. 

However, for most current models, you’ll need to install a smart charger to take advantage of these benefits.

Benefits of smart charging

Smart charging is incredibly beneficial for both the driver and the energy market. Indeed, smart charging will play an essential role in the future of a balanced and well-maintained electricity grid. But these benefits aren’t limited to the energy market – smart charging has massive perks for drivers, companies and network operators alike. 

Benefits for EV drivers

It’s easy to think that it doesn’t really matter when and where you charge your car. As long as it gets charged, right? 

Smart charging is fantastic for drivers for two main reasons: it saves you money, and it’s better for the environment. 

Through your smart charging app, you set your preferences for when your car charges, when you need the car to be fully charged, and even during what weather you’d prefer to charge. That means that you can take advantage of lower energy tariffs, choose whether you want your electricity to come off the grid or your pre-installed solar system, and optimise the renewable energy ratio in your car’s battery.

Image via Smart Home Charge

Energy tariffs

Let’s chat about energy tariffs. Low tariffs = low energy costs. When you choose to delay your charging until low tariffs kick in, you can optimise your charge, reducing the load on your wallet. Utilising a smart charger and an EV-specific energy tariff lets you take advantage of incredibly low 12p/kWh prices. 

Read more about how the price cap affects your EV charging bill

On the hunt for the right tariff for your new electric car? There are loads of tools out there to help your find the perfect tariff for you.

Not only does choosing an EV-specific energy tariff help to relieve the stress on your wallet, it also reduces the pressure on our environment. While the grid's ratio of renewable to unrenewable energy is improving month on month as more renewable sources are added, many environmentally-conscious EV owners want to be more in control over the origin of the electricity that powers their car.

The renewable to fossil-fuel-generated electricity ratio on the grid changes daily. And what is the main contributing factor? The weather. When the sun shines, solar stations kick into gear; when it rains, more hydropower flows into the grid; when the wind blows, wind turbines start cranking. As an EV driver, having a smart charging system that prioritises charging on sunny, rainy or windy days above overcast and still days will help you control the total emissions generated by your daily commute. 

Of course, the most cost- and environmentally- efficient option is prioritising charging from a pre-installed solar system in your house. Emissions-free and cost-free driving – so long as the sun shines. 

Alongside the cost and environmental perks, drivers benefit from a range of other bonuses from smart charging. These include:

  • Convenience: Your smart charger handles it all - just plug in and forget
  • Charge smarter: Smart chargers optimise charging speeds
  • Charge safer: Before charging, smart chargers test the connection between vehicle and device to protect your home’s electrical circuit
  • Control: Simply set your preferences and monitor your charge from your smartphone

Benefits to businesses

Smart charging isn’t just great for drivers – it’s also fantastic for businesses. 

Businesses that install smart charging at their offices enjoy the same cost- and environmental- benefits as at-home smart charging. But there are a few business-specific benefits, including monitoring EV charging remotely, worry-free billing and control over the business’ electricity consumption.

Benefits to the grid

What happens if every EV starts charging simultaneously, you might ask. With EV numbers increasing year on year, the number of electric cars plugged in and relying on the energy grid at the same time through smart chargers will overload the network – right?

In fact, optimising when you charge your car is not only cheaper but also helps in balancing the stress on the grid. As the number of EV drivers grows, the pressure on the grid to charge all of these cars will increase. Charging electric cars at a period of lower electricity usage – generally at night – can help reduce the pressure on the grid.

Technically known as load shifting, solving this problem is the UK Government's primary goal in their 2021 The Electric Vehicles (Smart Charge Points) Regulations. A 2016 report from My Electric Avenue found that one in three distribution networks would not cope with more than 30-70% of the car fleet being electric and charged at home. A smart, interconnected charging network will ensure that all electric cars are fully charged, at the lowest rate to drivers - and at different times from their EV neighbours. 

Coming into effect in June 2022, the Smart Charge Points Regulations introduced new requirements, including:

  • Data connectivity
  • Default off-peak charging
  • A random delay at the start and end of the charge
  • Additional security

How does smart charging work?

Smart charging really couldn’t be more simple. Once your smart charger is installed, simply set your preferences – minimum charge level, what time your car should be fully charged by, preferred renewable electricity ratio, and the minimum charge level (in case of an emergency). Then simply plug your car in and let the smart charger do the rest. 

While you relax and get on with your evening, your smart charger relays your preferences through a centralised cloud-based management platform. The AI then considers your choices and selects the best time to optimise your charging. 

That’s right: no more pesky late-night service station trips, just smart charging and stress-free commutes.

In a smart EV charging station, you’ll generally find:

  • A charging unit, typically attached to a charging cable
  • Ethernet, Wifi or Bluetooth connection, to allow the user to communicate with the charger
  • Smartphone app, to communicate the user’s preferences with the charger

Via Smart Home Charge

Which smart charger is best for me?

So, how can you get your hands on one of these futuristic chargers and take control of your electricity spend and environmental impact? 

Here are a couple of our favourite solutions.

Egg Charging

Egg’s cracking smart chargers are a fantastic fix for anyone looking for a fuss-free solution so they can focus on enjoying their emissions-free ride. They’ve brought everything we love about smart charging into one tight shell. 

On their basic package, you’ll get a fully installed charger. Egg Plus, their premium subscription, gives you access to their smart charging capabilities. Through the Egg Plus smart charging app, drivers set their preferences, plug in and forget – the app handles the rest. 

Their chargers work with all electric cars, so you’ll have peace of mind that your car will be ready when you need it. 

Browse our full range of electric cars

We also love their flexibility: you can either pay for your smart charger upfront or through monthly payments. 

Egg is best for you if:

  • You’re looking for a fully-integrated service, including installation, smart charging app and maintenance
  • You’d like to pay for the charger in a one-off payment
  • You want to sort out payments separately from your salary

We’re not yolking around: we’ve got a fantastic deal for loveelectric drivers! Egg has thrown in their premium Egg Plus service for our drivers at no extra cost. That’s a smart charger, free installation, a smart charging app and loads more for just £24.50 per month. The future is sunny-side up.

Rightcharge

There are some things in life that come together and just feel so … right. And Rightcharge really has nailed it with their smart charging bundle: by helping EV drivers find the perfect smart charger and energy tariff for them. 

Just like finding your perfect electric car, Rightcharge knows that chargers and energy tariffs aren’t one-size-fits-all. Coupled with their handpicked network of installation companies, you can have your charger installed in less than three weeks and save an average of £360 each year on your EV electric bill. 

And for those looking to bump their home’s green credentials, Rightcharge has optimised their chargers for low-carbon energy. Their clever charge point can schedule charging for the early morning when electricity is at its cleanest and cut your carbon footprint by an average of 25%. 

Rightcharge is best for you if:

  • You’re after complete flexibility and a bespoke service
  • You’re looking for both a smart charger and advice on the best energy tariffs to help save you money
  • It’s important for you to find the greenest way to charge your car

Best yet? Enquire and order via the link below, and we’ll donate our £20 referral fee to Asthma UK.

Find the right charger for you

What we do with our commission 

Transparency is the name of our game, so here’s the small print, upfront and centre! Yes, we do make a commission from our partnership with Egg and a referral fee from Rightcharge. However, our priority is to provide the best options to our drivers so they can loveelectric at the lowest cost and lowest fuss possible. 

That’s why we’ve committed to reinvesting our commission. We do this in two different ways:

Firstly, these exclusive discounted offers save our drivers money and stress. Smart chargers are required for every electric car, and there are some costly options. We’ve already done the homework, so you know that you’re getting the most comprehensive and cost-effective charger. With Egg, our drivers save £108 over three years; Rightcharge’s smart charger and tariff combo can save drivers up to £400 per year. 

Secondly, we redirect any remaining commission into causes that support the health and regeneration of our planet. We currently support Asthma UK on their Clear Air campaign, and we are excited to launch our new partnership with Ecologi to aid climate action in the near future. 

As a B Corp (Pending), giving back is a critical part of our work. Partnerships with companies like Rightcharge and Egg allow us to build upon this positive impact.

Read more about our pledge

What to look out for in a smart EV charger

Like all tech, smart chargers are constantly evolving – so finding a charger that can adapt to these changes is essential. 

When researching smart chargers, make sure that it can keep up with evolving software and features. As smart chargers generally connect to the cloud via wifi or plug-in internet, essential updates often install automatically. 

It’s also essential that your smart charger is durable enough to last the lifetime of your car. High durability means that you don’t have to buy a new charger every time you want to get new features – helping you reduce waste, keep your charging optimised and streamlined, and giving you the best service possible. 

The future of smart charging

We are undergoing a shift in how our energy is produced and used. As we move from centrally generated fossil fuels to distributed but intermittent renewable energy, the pressure on our environment will begin to cede – but it also presents new challenges. 

Smart charging signifies a huge step forward in battery and electric car technology, unlocking massive gains not just for electric cars but also for personal and business electricity use and the electric grid as a whole.

And a huge capability unlocked by a smart charging network is Vehicle to Everything (V2X) technology. V2X tech transforms your EV car battery into a portable battery that can power your home and office – or even help balance the electricity grid. 

What powers this capability - and one of the most exciting abilities in V2X tech - is bidirectional charging. Smart home chargers symbolise the beginning of bidirectional charging in our homes that will support a fully renewable electricity grid. When the wind stops blowing, and the sun stops shining, a nation with an EV in every garage, driveway or on-street parking presents an opportunity to store excess renewable energy in their batteries. Bidirectional charging – charging an EV when the grid has high renewable energy and using that charge to power your home or office when the grid has low renewable energy – will form a core foundation of our future energy system. 

Also known as Vehicle To Grid (V2G), bidirectional charging will see EVs become symbiotic with the power grid. A trial in 2018 by Kaluza, a pioneering UK research and development project on V2G systems, used AI and market signals to charge vehicles at the cheapest and greenest times automatically. Since most cars spend up to 90% of their time parked, a smart charger effectively turns an EV into a mobile electricity storage device to help balance the grid. Kaluza’s research found that EV drivers in the trial could earn as much as £725 yearly simply by plugging their cars in when they were not in use. Extrapolated across the UK, V2G tech could save £3.5bn per year in grid infrastructure reinforcement and electricity storage and generation. 

V2G and V2X technology have the potential for real-world impact that benefits both customers and the grid. There’s no doubt that electric cars, coupled with robust smart charging tech, will form the basis of a robust, green electricity grid. 

Image credit: James Upright

The future of transport is electric. The massive cost and environmental savings that can be made simply by switching to electric are undeniable – and throwing smart charging into the mix can increase these savings while supporting a robust and green electricity grid. 

We’re delighted to work with Egg and Rightcharge to provide multiple options to our drivers to access the most up-to-date smart charging points. These partnerships, alongside our unbeatable salary sacrifice offers, help us build momentum in the electric revolution. 

Ready to loveelectric too? Check out how you can save up to 60% on your next electric car - making the best decision for your wallet and the planet.

Ultimate Tesla Leasing Guide

Electric Vehicles
Guides

If you’re in the market for an electric car lease, then Tesla is probably the first brand that came to mind. The American automaker has become synonymous with electric cars. However, due to the brand’s market saturation, it can be difficult to separate the important information from the filler.

Below is our comprehensive guide to leasing a Tesla. We’ll include:

  • A brief history of Tesla Inc.
  • A short glossary explaining the terms you may come across
  • A quick rundown of every Tesla model
  • Their Supercharger Network
  • Fun things to try in a Tesla
  • Servicing your Tesla

A Brief History of Tesla Inc.

Founded in 2003, the company began life as Tesla Motors, attributing its namesake to the electrical engineer and inventor Nikola Tesla. After injecting USD$6.5million of cash investment in 2004, Elon Musk became its largest shareholder and took over as CEO in 2008.

After four rounds of funding and releasing its first vehicle - the Tesla Roadster, Tesla had amassed $187 million in investment – USD$70 million of which was Musk’s personal money. 

The company went public in 2010, offering 13.3 million shares at $17 each (now worth $227 each at the time of writing), raising a further $226 million and began production of the Tesla Model S at its Fremont site in California. It was a runaway success, becoming the best-selling plug-in car worldwide in 2015 and 2016. 

Tesla’s third offering - the Model X - was released in 2015, aiming to take a chunk out of the luxury SUV market. It too, was a success, although it still demanded quite the price premium, making it unviable for most motorists.

After acquiring the photovoltaics company SolarCity in 2016, the company changed its name to Tesla Inc. in 2017 in an effort to reflect their expansion into industries aside from auto-manufacturing. 

2018 saw the mass rollout of the world’s most popular electric car - the Tesla Model 3. The intention behind the Model 3 was to make Tesla accessible for the average motorist, serving as an entry point into premium all-electric motoring. It worked. In 2021, it was the UK’s best-selling electric car, shifting nearly 35,000 units. 

Seeing out Tesla’s S-3-X-Y lineup is the Model Y. Released in 2020, this all-electric crossover marked the end of an era for the automaker. After a decade of dominating the all-electric car market, Tesla started to tease the introduction of two vehicles: an all-new Roadster and the Cybertruck.

As it currently stands, Tesla Inc. is the most profitable car manufacturer on the planet, selling more electric cars than any other established automaker by quite a large margin. In the first six months of 2022, Tesla sold c.550,00 electric cars globally. Their current market cap hovers around USD$690 B - which is more than the trailing 10 automakers combined. 

It’s fair to say that the future is very bright for Tesla. 

Already convinced? See how you can save up to 50% off a brand new Tesla.

How much will a Tesla Model Y cost as the BiK rate increases?

It was announced in the Autumn Budget 2022 what the Benefit in Kind tax rate is going to be for electric cars up to 2028. We've written a full rundown of what that means for drivers here, but the upshot is the UK will have a world-leading BiK rate on electric cars.

For those looking ahead, you may be interested to know how this will affect pricing on Tesla's most popular models. We've outlined an approximate rundown of the exact costs for a Tesla Model Y lease from now, all the way up to 2028.

(The most affordable option is to get one now!)

An inforgaphic of how much a Tesla Model Y will cost with the changing BiK rate.

A Short Glossary of Tesla Terms

The electric car industry is awash with acronyms, confusing jargon and brand-specific terms. Tesla is no exception. Here’s a quick rundown of some of the terms you may come across and what they mean for Tesla.

Plaid - This is used to describe Tesla’s top-performance models. An obscure pop culture reference to the film ‘Spaceballs’, where the increasing speed of a spaceship is measured as follows; lightspeed, ridiculous speed, ‘ludicrous’ speed and then culminating in ‘plaid’.

Ludicrous Mode - As mentioned above, Ludicrous Mode refers to the film ‘Spaceballs’. Found in Plaid models and earlier Performance models, once engaged the mode boosts acceleration, adjusts battery power and enables launch control. It’s essentially a ‘go fast’ button.

Autopilot - This comes as standard on every new Tesla, although its name is somewhat of a misnomer. Autopilot is actually an ‘advanced driver assistance system’ rather than full-blown autonomous driving. Tesla has stated that it’s intended for use with a “fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment.”

Supercharger Network - This is Tesla’s dedicated charging network, allowing compatible models to regain over 200 miles of charge in just 15 minutes. Until 2016, any Tesla owner could charge for free, utilising this exclusive network of electric chargers. There have been patchy promotions over the years for first owners to qualify for free Supercharging, but as a general rule of thumb, Supercharging for Tesla owners is no longer free.

RWD vs. AWD - This simply denotes whether power is going to the two rear wheels (rear wheel drive), or all four wheels (all-wheel drive). All-wheel drive is typically a bit more stable and able to put power down more consistently, hence why the more performance-orientated Tesla models will only come in AWD. 

Standard vs. Long Range vs. Performance - These are typically the three variants across Tesla’s lineup. As Tesla’s entry-level car, the Model 3 comes in a ‘standard’ RWD option. Opt for a ‘Long Range’ option on either the Model 3 or Model X, and the battery is optimised for eking out every last mile before recharging. The ‘Performance’ option on the Model 3 or Model Y ups the power, increasing top speed and improving 0-60mph figures. Above that are the Plaid options, as previously mentioned.

Side profile of a white Tesla Model 3
Source: pngplay

Model 3

The jewel in Tesla’s crown, the Model 3 represents a market dominance within the automotive industry unseen since the Ford Model T. For many, the Model 3 is synonymous with the term ‘electric car.’ It may even be the only all-electric make and model they know. 

That isn’t by chance. It sold nearly 3x as many units in the UK as its closest rival in 2021. This equated to a 18.23% UK electric car market share that year, cementing the Model 3 as a staple of our roads.

It’s the automaker’s ‘base-model’: the most accessible point of entry into the Tesla ecosystem. But don’t be fooled. This isn’t a stripped back sub-offering riding on the coattails of its famous red ‘T’ emblem. There’s a reason it’s the globe’s best-selling electric car.

Pie chart outlining the UK's best-selling electric cars of 2021

So what’s all the fuss about?

Car sales are built on trust, and the ultimate trust automakers can offer to families is safety. Tesla leads with how rigorous its safety standards are for every model. The Model 3 is no exception.

Tesla builds the Model 3 with high-strength steel that offers increased structural rigidity and higher occupant safety. The heavy battery packs are spread across the entirety of the floor pan, keeping the centre of gravity incredibly low and close to the ground. This isn’t unique to the Model 3 - nearly all electric cars have low-slung battery packs. However, as a saloon car, there’s an even smaller risk of rollover.

Each small design choice accentuates the minimalist philosophy Tesla was aiming for. The door handles sit flush with the panel, wheel covers optimise aero-efficiency, and the sleek body lets the Model 3 slice through air with minimal drag.

A minimalist approach is taken on the interior, too. A large central touchscreen handles everything; SatNav, speed, entertainment, charge level, air conditioning - the list goes on. Everything is controlled, displayed and adjusted via the touchscreen.

I want to be faster than a supercar, but still have enough room for my partner and 3 kids - is the Model 3 a good choice?

Take your pick. The Model 3 comes in three variations - all of which get increasingly bonkers. Regardless of variant, the car receives over-the-air updates that keeps the software updated. This means the Model 3 is constantly evolving, passively gaining new features, higher performance/range and better comfort.

Tesla Model 3 RWD infographic highlighting key performance specs and a short blurb.
Tesla Model 3 RWD Performance & Specs: Figures sourced from Tesla's model configurator
Tesla Model 3 Long Range infographic highlighting key performance specs and a short blurb.
Tesla Model 3 Long Range Performance & Specs: Figures sourced from Tesla's model configurator
Tesla Model 3 Performance infographic highlighting key performance specs and a short blurb.
Tesla Model 3 Performance Specs: Figures sourced from Tesla's model configurator

If any of those options sound like your next car, see how you could save up to 50% on a brand new Tesla Model 3.

Side profile of a white Tesla Model X
Source: pngplay

Model X

The rise in popularity of the Sport Utility Vehicle (SUV) has been exponential. Previously, there were distinct body styles for specific applications. If drivers needed a vehicle that was capable off-road, had a lot of space inside for farming or outdoor equipment - they’d buy a 4x4. Most families drove around in hatchbacks. Whilst country-types bought estate cars - mainly Volvos - to house their muddy labradors.

Beginning in earnest with the Ford Explorer over in the US during the early 1990s, SUVs infiltrated the UK market over the next two decades. To create them, manufacturers would often graft a hatchback body and engine onto a heightened chassis and slap an SUV badge on the bootlid. The unfortunate downside to this was increased fuel consumption, making the SUV segment incredibly inefficient. 

By 2010, there were over 35 million of them across the globe. In 2020, that number had grown by over 5.5x - reaching 200 million vehicles in operation

If automakers weren’t making an SUV, they weren’t in the running. Even a pioneering market disruptor like Tesla has to play by some rules. Cue the Model X - putting the ‘Sport’ back into ‘SUV’.

With immense performance and - most importantly - zero tailpipe emissions, the Model X is the ultimate machine for the active modern family. There’s up to 92 ft³ of storage inside the cabin, a tow capacity of 2268 kg and those iconic Falcon Wing doors make loading kids/cargo/baggage into the car much easier. 

Utility doesn’t get in the way of modcons and futuristic design. The exterior has the lowest drag coefficient (0.24 Cd) of any SUV on the market, allowing air to glide over the body with ease, maximising both range and performance. 

Inside, Tesla has reinvented the wheel, replacing the traditional circular steering wheel with a yoked design. It’s not to everyone’s taste, but allows an unobstructed view of the digital instrument cluster and 17” infotainment touchscreen in the centre of the dash. HEPA filtered air circulates throughout and a plethora of wireless and traditional charging points are scattered throughout the cabin. 

As the old adage goes, you can only have two: performance, reliability, and affordability. But at loveelectric, we don’t agree. The Model X may currently be the most premium Tesla on the market, but that doesn’t mean it shouldn’t be affordable. With our salary sacrifice benefit, we’re able to slash the monthly cost of a Model X lease by up to 50%.

Don’t believe us? See for yourself here.

The luxury SUV option: Model X (Dual Motor AWD)

A lot of SUVs on the market can take liberties with the key ingredients, lacking in the ‘sport’ department or making little practical sense on the ‘utility’ side. The Tesla Model X nails both. 

  • Range: 330 miles
  • Top speed: 155mph
  • 0-60 mph: 3.8s

The ‘Lambo Killer’: Model X Plaid Edition (Tri-Motor AWD)

For those who’d like the fastest production SUV on the planet. For the individual that looks at a Lamborghini Urus and thinks, “it’s nice, but a bit slow for my liking.” The mad Plaid Edition has acceleration that most dedicated sports cars could only dream of, a licence-revoking top speed and a range that’ll put even the most anxious of drivers at ease.

  • Range: 311 miles
  • Top speed: 163mph
  • 0-60 mph: 2.5s
Side profile of a white Tesla Model Y
Source: pngplay

Model Y

The Tesla Model Y sits between the Model X and Model 3 as an amalgamation of both. A best-hits collection of the lineup that precedes it, offering maximum versatility for any application. 

If you’ve got a large family, then this is the Tesla to go for. With seven seats as standard on the Long Range variant, each second row seat folds completely flat, allowing drivers to completely customise the internal configuration. This allows drivers to fit luggage, skis and the family dog with ease. There’s also additional storage in the ‘frunk’ - the space freed up by the omission of a traditional engine.

Go for a Model Y lease and you’ll receive a load of great spec as standard. The panoramic glass roof keeps the cabin feeling bright and spacious, with the high-tech keyless entry system turning your phone into a digital car key. Tesla’s iconic 15” horizontal touchscreen adorns the centre of the dash, controlling and displaying every one of the vehicle’s functions.

As we looked at the rise of the SUV with the Model X, the Model Y appeases another emerging market: the crossover. This is essentially a compact-SUV. Or a small hatchback with a heightened ride. The waters are somewhat muddy, however Tesla’s pricing of the Model Y sits squarely between the Model 3 saloon and the full-fat Model X SUV. 

Regardless of the bodystyle designation, the Model Y is the last in Tesla’s original model lineup and offers an absurd amount of practicality and performance for the money. It would be an even better deal with up to 50% off the monthly cost. Luckily, loveelectric’s salary sacrifice scheme allows drivers to do just that. 

See how much you could save on a Tesla.

The world’s first desirable MPV: Model Y Long Range (Dual Motor AWD)

Thanks to its configurable seating, the Model Y is essentially a multi-purpose vehicle (MPV). However, MPVs have a bit of an image problem, which is why the Model Y is often referred to as the more marketable ‘crossover’. In reality, names and designations are irrelevant. This is an incredibly capable, all-electric, family vehicle. 

  • Range: 318 miles
  • Top speed: 135mph
  • 0-60 mph: 4.8s

For a supersonic schoolrun: Model Y Performance (Dual Motor AWD)

Astronomical acceleration is achieved thanks to a few key upgrades. The performance edition comes with uprated brakes, lowered suspension and aluminium alloy pedals (they don’t actually help with performance but ‘feel’ sporty). Most noticeable are the 21” Überturbine wheels, which increase the overall aerodynamics of the car.

  • Range: 303 miles
  • Top speed: 155mph
  • 0-60 mph: 3.5s
Diagonal view of a white Tesla Model S
Source: pngplay 

Model S

“The quickest acceleration of any vehicle in production.” 

It’s quite an achievement. The first car in Musk’s S-3-X-Y roadmap, the Model S became the manufacturer’s first commercially available, viable and successful car.

It includes all the bells and whistles of any modern electric car. Tesla’s now synonymous 17” touchscreen adorns the centre of the dash, there’s HEPA air filtration throughout with the unique yoke steering wheel allowing an unobstructed view of the digital instrument cluster. There’s enough room for three adults in the back, with extra leg and headroom and wireless charging from a stowable armrest.

Upon its release, the Model S began gunning for established luxury saloons. It had Germany’s big three in its sights, looking to take a chunk out of the executive and company car market that BMW, Mercedes-Benz and Audi have dominated for decades.

It did this by looking like an understated, ‘normal’ car. No fancy frills or shouting about its all-electric powertrain. The Tesla Model S simply looks like how an executive car should. It also has adaptive suspension, ensuring that ride quality is superior and luxurious no matter the road conditions. 

But its party trick was an incredibly low Benefit-in-Kind (BiK) rate. This made the Model S attractive to companies and employees alike, who could save a huge tax bill by ditching diesel and switching to an all-electric vehicle instead.

Which is actually still the case. Via loveelectric’s salary sacrifice scheme, drivers can save hundreds of pounds a month on a Tesla lease. No deposit required, short lead times.

Sound too good to be true? See how it works here.

The executive option: Model S (Dual Motor AWD)

Compared with its rabid Plaid alternative, the base Model S seems somewhat tame. Compared with any other vehicle though, this is still one of the fastest mass-produced vehicles on the planet with an industry-leading range figure.

  • Range: 375 miles
  • Top speed: 149mph
  • 0-60 mph: 3.1s

The fastest production car in the world: Model S Plaid Edition (Tri-Motor AWD)

An obscene amount of performance, delivered without the roar, scream and pollution of internal combustion. The performance figures speak for themselves.

  • Range: 348 miles
  • Top speed: 200mph
  • 0-60 mph: 1.99s
Side profile of the original Tesla Model Roadster
Source: Autoblog

Roadster

The Genesis of all that came after it. Released in 2008, the original Tesla Roadster served as a litmus test for desirable electric cars. Taking clear inspiration from the Lotus Elise, this two-seat sportscar answered the question of what an electric car can be, rather than what it should be.

With a range of 245 miles from a single charge and an 0-60mph time of 3.7s - the Tesla Roadster was an all-round showcase of where zero tailpipe motoring was heading. It was never destined for mass-production in its original form, shifting only 2,400 units at a cost of USD$111,000.

But it did make Tesla profitable, earning $1million on $20million of revenue as of July 2009. This may be a modest figure by the company’s standards today, but proved that there was demand for desirable electric cars - so the American automaker got to work and produced the Model S. 

As we’ve already explored, the Model lineup was crafted to assert total dominance over the electric car market. The Model 3 to overtake Germany’s big three in company car stakes, the Model S as a plush exec car, Model X to elbow out other big premium SUVs and finally the Model Y to satisfy crossover fanatics.

Tesla’s books look slightly different today than they did in 2009. There are a few more zeros and decimal points in their current earnings calls, with over $3billion (yes, with a ‘b’) in profit for Q1 of 2022 alone. 

With shareholders happy to be part of a company that prints money, Tesla has afforded itself a large amount of wiggle-room to go back to its roots. What roots they are. The upcoming Tesla Roadster takes everything the manufacturer has learnt since its 2008 debut and crammed it into a sleek four-seater. 

Rear quarter profile of a red modern Tesla Roadster
Source: pngplay

The new Tesla Roadster - electric motoring, redefined

There’s no two ways around it, which is exactly why Tesla has used it for the strapline - it’s “the quickest car in the world.”

This all-wheel drive monster is a behemoth of figures and stats. Thanks to 10,000 Nm of torque, acceleration is brisk. From a standing start, the Tesla Roadster 2024 will reach 60 mph in just 1.9s, or if the national speed limit is just far too slow for you - it’ll do 0-100 mph in 4.2s. If you’ve got the gumption to keep your foot flat to the floor, this rapid acceleration will see the car top out at over 250 miles per hour. 

File this car under ‘effing fast’.

But this ballistic performance doesn’t mean you’ll be visiting charging stations a quarter-mile at a time. In fact, Roadster owners will barely have to visit one at all thanks to its 620 mile range. 

The cherry on top? There’s four seats. Enough room to terrify the whole family.

With a top speed that should be measured in Mach rather than miles-per-hour and a 0-100 mph time that’ll put fear into even the steeliest of nerves, the new Tesla Roadster allows Musk to make his 2008 dream a reality, creating the car its original forefather should always have been.

Although still in pre-production, we hope to have this incredible vehicle available via salary sacrifice as soon as it hits UK shores. In the meantime, why not see how much you could save on your favourite electric car?

Front view of the stainless steel Tesla Cybertruck
Source: pngplay

Cybertruck

For those who’d like to live out their Tony Stark fantasies, the Tesla Cybertruck may well be the ticket to glory. Entering mass production at the end of 2023, this cyberpunk, brushed steel, angular, video game truck will likely be available in the UK the year after - Tesla Cybertruck lease coming in 2024. 

Tesla’s strapline for the Cybertruck is: “Better utility than a truck with more performance than a sports car.”

Let’s start with durability. The body - or ‘exoskeleton’ - is made from Ultra-Hard 30X Cold-Rolled stainless-steel. Tesla say this will help to eliminate dents, long-term corrosion and damage. Essentially an exterior shell, this method of production should increase passenger safety in comparison with traditional manufacturing practices. 

Another headline feature is the Armour Glass. This glass and polymer-layered composite is said to redistribute high-impact force in the event of a crash or impact, absorbing a large amount of the energy and thus increasing damage tolerance.

Unfortunately, this became a literal headline feature at the unveiling of the Tesla Cybertruck. To demonstrate this impenetrable and shatterproof glass, Musk asked a colleague to throw a steel ball at the front window of the Cybertruck - only for it to shatter. They repeated the experiment with the smaller, rear window. Only for that to shatter too.

Cynical minds may say this was a viral marketing stunt intended to shatter. Others say the window was slightly open due to a previous on-stage test involving a hammer, causing the glass to have reduced strength. Watch the incident below.

What about the Tesla Cybertruck’s performance, range and handling?

Well, if you’re in the market for a Tesla Cybertruck lease, the performance figures are typically Tesla: impressive.

With such a powerful drivetrain and low centre of gravity, it should handle the copious amounts of torque well and have great traction. It’ll need it. Tesla claims a 0-60mph time of as little as 2.9s, putting this utilitarian metal beast in the same leagues as supercars and superbikes. Range will be up to 500 miles from a single charge, dwarfing any figure we’ve seen from a Tesla so far.

Tesla Supercharging station
Source: Neo Tan via Unsplash

Supercharger Network

Tesla’s Supercharger Network stands as one of the biggest investments in charging infrastructure the West has seen and remains the gold standard for reliability, speed and number of locations.

The Tesla Supercharger network launched in 2012 with what has been retroactively dubbed the ‘V1’, with a max power output of 100 kW. These were later replaced by the V2 which has a max power output of 150 kW. Many of these are still in operation, with 150 kW rapid charging being a suitable amount of capacity for most applications.

Then the V3 arrived in 2019, touting a 250 kW maximum power output. This equates to around 15 miles per minute of charge or a charge rate of 1,000 miles per hour. Tesla stated that this new capacity will cut the amount of time spent charging for drivers by around 50%

Incentives to use the Supercharging Network have waned over time. Unfortunately, the days of having to convince people to buy a Tesla are long gone, with early adopters currently reaping the benefits of having a little electric faith.

  • Unlimited Supercharging for life was offered during the following dates: any Model S or Model X order before 17th January 2017 or between 2nd August 2018 and 26th May 2019. 
  • Between May 2017 and September 2018, existing Tesla owners were given referral codes: this allowed five friends free supercharging for life if purchasing with their code.
  • Supercharging credits were phased in as a continuation of the network, with Model S and Model X orders between 15th January 2017 and 2nd November 2018 receiving 400 kWh of free supercharging. 

In November of 2021 the automaker announced its Non-Tesla Supercharger Pilot, opening up a number of its 35,000 global supercharger network to non-Tesla owners in an effort to encourage more people to switch to electric cars. It’s currently live in a host of European countries, including; France, The Netherlands, Norway, UK, Spain, Sweden, Belgium, Austria, Denmark, Finland, Germany, Luxembourg, Switzerland, Iceland. 

Tesla are currently crunching the numbers to see if completely opening the network would be viable, but it’s an encouraging move from the globe’s largest automaker. 

Somebody using Tesla's central touchscreen
Source: Jonas Leupe via Unsplash

Fun things to do in a Tesla

As ‘Plaid’ and ‘Ludicrous Mode’ demonstrate, Tesla isn’t a company that takes itself too seriously. There’s a whole host of hidden functions, easter eggs and fun things to do with your new Tesla. So we’ve compiled a list of everything a new owner should try at least once. 

Fart mode - One to entertain the kids with, fart mode is tucked away in ‘Toybox’ within the Application Launcher. It’s essentially a digital whoopee cushion and allows drivers to “fart on demand”, or “fart on turn signal”. There’s seven unique noises to choose from, including the ‘Falcon Heavy’ and ‘Neurastink’. You can even broadcast the sound externally if desired.

Dance with your X - If external farts are a bit understated, then why not try the ‘Holiday Light Show’ feature on the Model X? This turns your £100k+ electric car into a Christmas miracle. To activate the mode:

  1. Hold the ‘T’ logo at the top of the screen for 5 seconds
  2. Once the text box appears, type in ‘holiday’ or ‘ModelXmas’ and press OK.
  3. Exit the car, shut the doors and stand 2m+ away
  4. Press the lock button on your key and watch the show.

Change the sound of your horn - If you’re not content with the sound of farts, then why not completely customise the sound of your horn? Simply enter Boombox via Toybox and hit ‘Horn sound.’ Enter a USB drive with all of the noises you’d like to choose from and your Tesla will play the first five seconds of any audio you choose.

Carpool Karaoke - Anything that allows drivers to avoid James Corden is a win. So why not create your very own episode of Carpool Karaoke using Tesla’s in-built ‘Caraoke’ feature? Simply navigate to Media Player, select the dropdown menu and change the source to ‘Caraoke’. Browse through the song list and sing like nobody's listening!

Romance Mode - Another gem from the Toybox, this turns the screen into a cosy virtual fireplace. Tesla says “cue the music, and get your romance on!”

Become a top DJ - Head into the Toybox and select ‘TRAX’, this is where your new career begins. Choose from a plethora of instruments and create the next viral sensation. (Psst. It’s a bit like Apple’s Garageband.) 

Play some arcade games - Head into the ‘Entertainment’ menu and select ‘Arcade’, here you can play a whole host of videogames. From Atari classics like Missile Command and Super Breakout, to modern works of art like The Witcher 3 or Cyberpunk 2077. The amount of computing power within modern Teslas essentially allow it to turn into a mega-gaming console, capable of running even the most demanding games with ease.

Turn your Model Y into a giant remote control car - Tesla’s Smart Summon feature allows drivers to manoeuvre their vehicle, just by using the Tesla app on a smartphone. Get it into a tight parking space or inch it forward out of a puddle. For a detailed guide on how to use Smart Summon, take a look at Tesla’s website.

Fancy trying out all of these fun modes in your very own Tesla? See how much you could save on a brand new Tesla here.

Tesla FAQs

  • What are the lead times for a Tesla?

In the current climate, lead times do often vary. However, we have a section entirely dedicated to displaying lead times for all our vehicles - including Tesla. Click here to search through all of our makes and models and get the latest lead times for each.

  • I don’t live near a Tesla service centre, is that a problem?

If you’re looking into Tesla leasing, then one thing you may be concerned with is how close you are to a Tesla service centre. However, maintenance intervals are generous, with many of the following jobs being able to be carried out by a Mobile Tesla technician. Simply book an appointment via the Tesla app.

  • Brake calliper and fluid checks are required every two years
  • Cabin air filter replacement every 2-3 years
  • A/C desiccant bag replacement every 4 years
  • Tyre rotation every c.6250 (which is generally much less than ICE vehicles)
  • Software updates and issues that can’t be sorted remotely or ‘over the air’

A service centre appointment would only be required for more serious issues.

  • I’ve ordered a Tesla from the website, can I transfer my order over? 

Yes, we just need the RN number. 

  • How do I use my phone with the car once it's been delivered? (wait 24 hours and you'll be assigned as the driver)

Due to being a lease, the reservation number (RN) / vehicle won’t show in your MyTesla account. Once you take delivery of the car, please allow 24 - 48 hrs maximum, before having full access to the Tesla app. The vehicle will be automatically linked to the email address you provided at time of order. 

  • What are the financial benefits of switching to a Tesla?

In short, numerous. Thanks to zero tailpipe emissions, Tesla drivers are exempt from all low emission zones: London’s ULEZ and Congestion Charge, the vehicles don’t have any Vehicle Excise Duty either.

For businesses, the Benefit-in-Kind (BiK rate) is incredibly favourable, locked at only 2% until 2025. Compare this with the average petrol or diesel BiK rate of between 20 - 37%.

These benefits aren’t actually exclusive to Tesla owners - but to everyone that drives an electric car.

The favourable BiK rate is actually how loveelectric is able to offer Tesla Model 3s, Model Ys and Model Xs for up to 50% off. It isn’t too good to be true, it’s simply a great benefit that all businesses can implement to help their employees reduce costs and their carbon footprint. See how it works here.

Join the glittering Tesla-rati

Tesla was founded in 2004 as a simple start-up, looking to create a vehicle for the niche electric car market. Two decades later, it’s the largest automaker on the globe. Their vehicles continue to dominate the electric car market, squeezing out industry stalwarts like Ford, Volkswagen and Mercedes-Benz.

As we’ve demonstrated above, there’s a reason Tesla’s electric car model lineup took the company from bespoke car maker to global manufacturer. 

If you’d like to join the 100,000s of Tesla drivers already on UK roads, click below.

Electric Car Statistics, Facts and Figures: Everything you need to know about EVs

Electric Vehicles
Guides

There’s a lot of data, statistics, facts and figures concerning electric cars. Here, we’ve consolidated the most important and poignant for complete ease of access.

Here’s an overview of our statistics roundup:

  1. The average distance of a car journey in England is only 8.3 miles
  2. Tesla’s market cap of $690.76 B is around $90 B more than the trailing seven OEMs’ market cap combined.
  3. September 2022 marked the registration of the 1,000,000th plug-in car in the UK.
  4. China currently produces 76% of the world’s lithium-ion batteries
  5. The world’s best-selling electric car is the Tesla Model 3

loveelectric helps you get behind the wheel of an electric car for a fraction of the monthly cost. Fancy a Tesla Model 3 for up to 50% off? Get in touch.

Electric car statistics UK

Since 2019, manufacturers have been scrambling to offer up as many all-electric models as possible. With the average development of a car from concept to sales floor being around two to five years, the amount of electric cars sold year-on-year since 2018 seems even more impressive.

A graph demonstrating the amount of electric cars sold in the UK by year 2018 - 2022 YTD

By the end of 2022, many project that sales of electric cars could shoot up to 300,000 units. September’s stats make this a hefty goal, but encouraging nonetheless.  

With the all-electric revolution in full swing, let’s take a look at how healthy the UK’s electric car market is.

September 2022 marked the registration of the 1,000,000th (one millionth) plug-in car in the UK - a huge milestone. Not only that, but September also saw the cumulative number of pure electric cars on UK roads reach over 572,000. 

So, with over half a million on the road, what were the best selling electric cars of 2021?

Pie chat demonstrating the UK's best-selling electric cars of 2021

It will probably come as no surprise to most that the Tesla Model 3 takes the top spot, selling nearly 3x as many units as its closest rival. The Model 3’s reign will long continue; however, the Kia Niro EV stands as one of the best deals in motoring, full stop. Its combination of range, practicality and bulletproof reliability all come at an incredibly affordable monthly lease price.

If you’d like a more detailed rundown of how much loveelectric’s salary sacrifice can save you on an electric car, we’ve gone through some real-world examples of exactly how much it’d cost to take out a lease with us.

Electric vans

It’s not just electric cars that are seeing a dramatic uptick in popularity though. Electric light commercial vehicles, such as vans, are becoming more prevalent up and down the country. As of September 2022, there were c.30,000 all-electric vans on UK roads

This rapid uptake is mainly due to the vast increase of models on offer. Vans like the Ford E-Transit and E-Transit Custom offer businesses a familiar and reliable workhorse - without the associated emissions from dirty diesel engines. It’s especially useful for business operators in London, who are able to swerve the Congestion Charge and ULEZ payment entirely thanks to the zero tailpipe emissions an all-electric van offers.

2021 was also the year that saw a 240% increase in growth for electric van registrations upon the previous year. We’ll touch on this in more detail later, but it’s incredibly important if we’re to reach our net zero goals, for heavy industry to make the switch to all-electric powertrains. 

The used electric car market

As our previous graph demonstrates, the mass uptake of electric cars only really began in 2019. This put the used electric car market on hold. But as 36 month lease deals came to an end, HP terms were completed and a plethora of new models hit the market - a strong used market began to emerge.

In 2021, demand increased by 119.2% resulting in 40,228 second-hand electric cars being sold. Now, with 7,530,956 used cars changing hands the same year, c. 40,000 electric cars doesn’t sound like many.

But, by the end of Q2 2022, electric cars accounted for 1 in every 105 used car transactions - a boost of 57.1%. This ever-increasing figure is a big win for electric cars. 

An even more encouraging prediction is that electric cars will edge out diesel cars in popularity among buyers by the year’s end. Month-on-month, statistics show an increasing lack of popularity for the coal-rolling combustion engine - down another 14.5% in September 2022.

To round out the UK statistics, let’s take a brief look at the latest sales figures.

A graph demonstrating the number of electric cars sold in the UK by month in 2022

Want to beat the used market and get a brand new electric vehicle for up to 50% off the traditional monthly lease cost? Join the thousands who already loveelectric.

Electric vehicle sales statistics

Now that we’ve got a firm understanding of how the UK’s electric car market is looking, let’s zoom out and examine how EVs are doing globally. After all - if the planet is to reach its Net Zero Goal by 2050, the vast majority of personal transport will need to be decarbonised. 

Which OEMs are selling the most electric cars?

As would be expected, Tesla dominates all-electric car sales across the globe. The American automaker holds an 18% share of all EVs sold worldwide - an astronomical figure when taking into account the number of competitors.

Here’s a rundown of the automakers leading the way in global EV sales (as of 2022 H1):

  1. Tesla Inc. - c. 550,000
  2. BYD - c. 325,000
  3. General Motors - c. 250,000
  4. Volkswagen Group - c. 225,000
  5. Hyundai Motors - c. 190,000

With Tesla shifting in excess of 200,000 units more than its closest competitor, Musk’s all-electric brainchild certainly has the market in its grip.

However, companies such as BYD and General Motors (now a subsidiary of Wuling Motors) are certainly nipping at the heels of the top spot. Neither are household names to drivers in the UK. But both companies are investing hugely in the Asia Pacific market - producing nearly all of the electric cars on offer to the Chinese market.

The result is a clear split between Western and Eastern markets. Tesla has a monopoly over Europe and North America, with BYD and Wuling Motors battling for the incredibly important Chinese domestic market.

Some of the globe’s most established automakers - Honda, Toyota and the Stellantis group, for example - are really falling behind with their electric offerings. 

For now at least, here’s how the world’s largest automakers are shaking up.

Largest manufacturers by market cap:

  1. Tesla - $690.76 B
  2. Toyota - $182.65 B
  3. BYD - $95.79 B
  4. Porsche - $84.37 B
  5. Volkswagen - $76.33 B
  6. Mercedes-Benz - $59.69 B
  7. BMW - $50.02 B 
  8. General Motors - $49.03 B  

(Source: Companies Market Cap)

What’s extraordinary, is Tesla’s market cap of $690.76 B is around $90 B more than the trailing seven OEMs’ market cap combined - topping out at $598.15 B.

As would be expected, this market domination translates to cars on the road. Below are the globe’s best-selling electric cars of 2021.

The globe’s best-selling electric cars of 2021

  1. Tesla Model 3 (501,000)
  2. Wuling HongGuang Mini EV (424,000)
  3. Tesla Model Y (411,000)
  4. Volkswagen ID.4 (122,000)
  5. BYD Han EV (87,000)

(Source: Statista)

Unsurprisingly, the Model 3 and Model Y alone accounted for 912,000 of all electric cars sold across the globe in 2021. Eastern outlier Wuling (parent company of General Motors) managed to eke out the Tesla Model Y to the number two spot with the HongGuang Mini EV.

This little electric car couldn’t have a more divergent design philosophy to the Tesla, but may just represent a revolutionary way of considering what an electric car can - or indeed should - be.

Side on view of the Wuling G Mini EV on a yellow background.
(Source: Wuling via Wired)

So, what’s the best deal in all-electric motoring?

With a retail price equivalent to only £3,400, the Wuling HongGuang Mini EV may just be the most affordable way to get behind the wheel of an electric car. For that price, expectations may be low. Simply nothing more than a novelty.

But that’s not the case. With a range of 106 miles from its dinky 13.9kWh battery and a top speed of 62mph - the HongGuang Mini EV may just be the perfect city car.

Electric car battery statistics

The headline component for all electric cars is the battery pack. It largely determines the range of the car and has a huge impact on the overall cost of electric vehicles in general. In fact, the average cost of an EV’s battery pack is around £5,600.

Headline battery facts

The most popular type of battery to use in electric cars is a lithium-ion battery.

The weight of the battery pack typically depends on the capacity, however they can weigh anywhere between 100 - 600kg. Here are two real-world examples:

  • The 85kWh battery in a Tesla Model S 2017 model, weighs 544kg. This is around 25% of the car’s overall weight (2,188kg).
  • A more modestly sized 22kWh battery from the Renault Zoe weighs 235kg, which is only 16% of the car’s total weight (1,470kg).
  • Using the table below as a guide, the Tesla Model 3’s 75kW battery weighs around 538kg - nearly a third of its total 1,700kg kerb weight.
A comparison table demonstrating the size of a battery with its average weight.
(Source: Weight of Stuff)

As battery technology continues to advance, the significant weight of battery packs should improve.

There are typically three types of cell formats used in electric car batteries, these are:

  1. Cylindrical cells - The most cost-effective and common in all-electric cars. They’re manufactured in a smaller format than the other cells on this list to ensure heat is efficiently dissipated - prolonging the life of the battery. Common formats of cylindrical battery are 18650 and 21700, with the number essentially determining the size of the battery and its capacity. 
  2. Prismatic cells - Ranging between 20 to 100 times larger than cylindrical cells, these cells can deliver more power and store more energy. Their unique casing allows superior heat management than cylindrical cells, too. This type of cell is the most popular among Chinese manufacturers. However, they’re steadily gaining popularity amongst Western manufacturers and may soon become the go-to choice for electric cars.
  3. Pouch cells - The most powerful of all cell types. Pouch cells are created to deliver maximum output whilst using up the smallest physical footprint. Unfortunately, they’re also the most mechanically sensitive. Because of this, extra structures and protection are required during the assembly process to protect them from damage.

Battery efficiency

The weight of a battery pack doesn’t determine its overall efficiency within a vehicle. Battery tech is perpetually evolving and improving, with engineers constantly squeezing higher-energy density cells into batteries.

This constant battle between weight and capacity culminates in a ‘sweet spot’ for electric cars. The following graph demonstrates the kg/kWh for specific electric models - the lower the figure the better. 

A table demonstrating an electric vehicle's weight per battery pack capacity
(Source: Inside EVs)

As demonstrated by the above graph, Tesla continues to outclass much of its competition. Even though most of its models tip the scale at around 2,000kg, the use of high-energy dense battery cells gives the American automaker an edge and a much higher efficiency rating than its competition. 

This extra Tesla magic does come at a cost though. A very literal, higher, financial cost.

As the size of the battery pack drops, so does kg/kWh efficiency. But vehicles such as the Fiat 500e and Honda e (34.8 kg/kWh and 45.6 kg/kWh respectively) are not designed to travel incredibly long distances.

They’re the perfect city car. Zero tailpipe emission driving at a far lower cost than petrol/diesel alternatives. 

Manufacturing

Due to the astronomical demand for lithium-ion batteries, countries around the globe are trying their best to ramp up production. 

  • China currently produces 76% of the world’s lithium-ion batteries
  • The United States creates 8%
  • The remaining 16% of production is spread mainly across Europe 

With China leading the way in regards to battery production, Europe is ramping up its efforts and opening a number of gigafactories across the continent.

A gigafactory is a very large battery production facility, deriving its name from the gigawatt (GW) - a unit of energy equivalent to 1,000,000 x kilowatts (kW). 

Tesla will soon have three gigafactories to its name: Nevada, Berlin and Texas.

Britain is going to need 175 GWh of battery capacity by the year 2035 to supply the estimated 3 million+ EVs on UK roads. As it stands, the UK currently only has three gigafactories planned or open:

  • Envision AESC in Sunderland. Open. Capacity: 1.9 GWh in 2025, 1.9 GWh in 2030.
  • Britishvolt in Blyth. Under construction. Capacity: 20 GWh in 2025, 30 GWh in 2030.
  • Envision AESC in Sunderland. Planned. Capacity: 11 GWh in 2025, 25 GWh in 2030.

The projected output of 57 GWh in 2030 is simply not enough to meet demand and a measly amount compared to European counterparts. By 2030, Germany will provide around 34% of Europe’s GWh capacity. Britain’s input? 5%. 

Battery degradation

A topic occasionally mentioned by drivers reluctant to make the switch to electric, battery degradation is often presented as the ‘smoking gun’ against EV uptake. In reality, the effects are negligible.

  • Battery degradation averages only 12% after 6 years of use.
  • The globe’s most popular electric car - the Tesla Model 3 - has a battery degradation rate of only 2.5% after 18 months of use.
  • German engineering prevails with the Volkswagen e-Golf, losing only 3.1% of its capacity after three years.

Unlike a petrol or diesel car, which is completely scrapped at the end of its life, electric cars have a circular economy. That is, even when a battery pack degrades to the point of being unusable in an electric car, it’s recycled. The precious heavy metals within the old battery are recovered and reused in fresh new batteries.

Not just that, but old batteries are also used to bolster the electricity grid. This takes the pressure off the grid at peak times. 

If you’re worried about the battery degradation of a specific vehicle, check out Geotab’s EV Battery Degradation Comparison Tool.

Battery degradation and constant improvements to battery tech are two of the strongest arguments for leasing an electric car via salary sacrifice. Once the average 36 month lease is completed, the battery may have somewhat waned and tech will have significantly improved. With salary sacrifice, the leasing company takes on that risk.

Simply hand the car back at the end of your term and replace it with a brand new one. 100% battery health with all of the latest battery advancements.

If you’d like to learn more about leasing via salary sacrifice, why not get in touch and see how we can save you £100s per month on the latest electric car.

Electric vehicle charging statistics

Fast chargers (22kW or more) account for only one in seven of all EU charging points. This is considered inadequate for real-world usage.


The Netherlands is the gold standard for EV infrastructure

In regards to the increased load on electricity grids thanks to the uptick in EV adoption, grid simulations suggest that between now and 2030, EV loads in major car markets should not pose significant challenges. This impact should be even further mitigated via the introduction of more domestic smart chargers. 

Electric vehicle green and emission stats

Decarbonising personal transport is imperative in keeping the globe’s temperature from rising by 1.5°C. Cars and vans accounted for around 8% of global direct CO2 emissions in 2021. However, road transport alone is responsible for 17% of global greenhouse gas (GHG) emissions and has grown by 2-3% each year over the past 20 years (Mercure et al. 2018), a figure which loveelectric is helping to reduce. 

For reference, the average reduction in specific fuel consumption (measured in litres of gasoline equivalent per 100 km) between 2010 and 2015 was 1.5%. 

By 2020, the European market had seen a huge surge in electric vehicle sales as increasingly stringent CO2 emission limits were introduced. The result? A decrease of 12% in specific fuel consumption, the largest year-on-year change ever recorded on the continent.

Due to the manufacturing process of batteries, electric cars do have a larger upfront carbon cost initial carbon outlay to produce them. However, over the entire lifecycle of the vehicle, a petrol car emits more than 3x the CO2 than an all-electric alternative.

Any electric car bought from 2030 onwards will be even greener, decreasing CO2 emissions fourfold thanks to an EU energy grid that’s increasingly more reliant on renewable energy.

The best electric cars for acceleration, range and towing

Top 10 Fastest Accelerating Electric Vehicles

Thanks to the instant torque and immediate power delivery an electric motor offers, the average 0-62mph time for an electric car is 7s. Below are the quickest accelerating electric cars. We’ve excluded variations of the same model as it would just be filled with variations of the Tesla Model S and Porsche Taycan. All times denote the 0-62mph time in seconds.

  1. Tesla Model S Plaid - 2.1s
  2. Tesla Model X Plaid - 2.6s
  3. Porsche Taycan Turbo S - 2.8s
  4. Audi e-tron GT RS - 3.3s
  5. Mercedes-Benz EQS AMG 53 4MATIC+ - 3.4s
  6. Kia EV6 GT - 3.5s
  7. BMW iX M60 - 3.8s
  8. BMW i4 M50 - 3.9s
  9. Fisker Ocean Extreme - 3.9s
  10. Smart #1 Brabus - 3.9s

(Source: EV-Database)

Top 10 Electric Cars with the Longest Ranges

The term ‘range anxiety’ definitely holds less heft than it did even three years ago. Battery packs are constantly improving, offering better efficiency and lengthier stints between charging points. Infrastructure across the UK is also much better than it was even just a few years ago, alleviating the fear of being caught with no juice and no charger.

The average range for an electric car is 214 miles, however if you’d like a range figure of c.300+ miles - here are your best options. Slight variations of the same model have been excluded and all figures are based on EVDB’s ‘real range’ figures. 

  1. Mercedes-Benz EQS 450+ - 395 miles
  2. Tesla Model S Dual Motor - 360 miles
  3. Mercedes-Benz EQE 300 - 320 miles
  4. BMW iX xDrive 50 - 315 miles
  5. BMW i7 xDrive60 - 315 miles
  6. Fisker Ocean Ultra - 315 miles
  7. Polestar 3 Long Range Dual Motor - 305 miles
  8. Tesla Model 3 Long Range Dual Motor - 300 miles
  9. Hyundai IONIQ 6 Long Range 2WD - 300 miles
  10.  Porsche Taycan Plus - 295 miles

(Source: EV-Database)

As impressive as these range figures are, it’s important to put into perspective what most of us actually need on a daily basis. According to the Department for Transport, the average car trip distance in England is only 8.3 miles.

For a lot of people, the ‘one big trip’ a year is what holds them back from making the switch to an electric car. But not getting an electric car because you’d have to charge up a couple of times on a single journey, once a year, is like wearing ski boots year-round because you go to the Alps for a week in February!

In fact, the average UK citizen has cut their yearly mileage by 40% since 2002, down from 7,193 to 4,334 miles. That includes every form of transport too; walking, cycling, railway, bus, driving etc.

Top 10 Electric cars with the biggest towing capacity

With all the torque offered by an electric motor, most larger capacity all-electric cars make excellent tow vehicles. With lots of city cars on offer, the average tow weight capacity for an electric is only 881 kilograms, however we don’t want that to dissuade the caravan aficionados among our readers. Here are the vehicles with the largest towing capacity (in kg) - minor variations of the same model have been omitted.

  1. BMW iX xDrive 40 - 2,500kg
  2. Tesla Model X Dual Motor - 2,300kg
  3. Polestar 3 Long Range - 2,200kg
  4. BMW i7 xDrive60 - 2,000kg
  5. Fisker Ocean - 1,815kg
  6. Mercedes-Benz EQC 400 4MATIC - 1,800kg
  7. Audi e-tron 55 quattro - 1,800kg
  8. Volvo C40 Recharge Twin Pure Electric - 1,800kg
  9. Kia EV6 GT - 1,800kg
  10.  Mercedes-Benz EQA 300 4MATIC - 1,800kg

(Source: EV-Database)

Whether it’s towing a caravan, outpacing a supercar or travelling 390 miles on a single charge - loveelectric has access to every electric car on the market. Get behind the wheel for a fraction of the usual cost.

Future of electric vehicles

What does the future hold for electric cars? Personal transport must decarbonise, at scale, in order to hit GHG targets. Aside from ditching your car completely, switching to an electric car is the most impactful thing an individual can do to reduce their carbon footprint.  The easiest way for this to be achieved is ditching ICEs and going electric. World leaders and the greatest global economic superpowers know this, which is why a slew of emission regulations continue to be introduced.

Global regulations coming into play

The CAFE standard

The most common regulatory structure to incentivise rapid adoption of lower emission technology, is the Corporate Average Fuel Economy (CAFE) standard. 

Unfortunately, CAFE standards didn’t drive down fuel consumption in the EU between 2017 and 2019. However, in 2020, a new EU target was introduced dropping average CO2 emissions by 12% in a single year. This may sound like a modest figure, but that’s the same reduction achieved during the entirety of the 2010s.

In May 2022, further increases in the stringency of fuel economy regulation was introduced. This most recent regulation mandates yearly improvements of 8% until 2025 and 10% in 2026.

ASEAN member countries

After a series of workshops in 2021, ASEAN created a report to address emissions targets. It contained a number of recommendations of how to ensure that fuel economy standards became a priority and would contribute to economic, environmental and societal goals.

European Union

The Fit-for-55 package includes a regulation requiring fleet emission reductions - from 2021 onwards - of 55% for cars and 50% for vans by 2030, and 100% for both by 2035. This legislation essentially mandates that all new cars and vans sold from 2035 onward must have zero tailpipe emissions.

Car makers respond and commit

All-electric cars are the future. The world’s largest automakers are responding to legislation and the seismic shift in buying habits, committing big in 2021 to electrified offerings:

  • Toyota: 3.5 million annual electric car sales by 2030 and the rollout of 30 BEV models
  • Volkswagen: All-electric vehicles to exceed 70% of European and 50% of Chinese and US sales by 2030, and by 2040 nearly 100% to be ZEVs
  • BMW: 50% of vehicles sold to be fully electric by 2030 or earlier
  • Volvo: Become a fully electric car company by 2030
  • Mercedes-Benz: All newly launched vehicles will be fully electric from 2025

Announcements made in 2022:

  • Ford: One-third of sales to be fully electric by 2026 and 50% by 2030, with all-electric sales in Europe by 2030
  • General Motors: 30 EV models and BEV production capacity of 1 million units in North America by 2025, plus carbon neutrality in 2040

The auto industry’s commitment to ditching petrol and diesel coincides with an ever-increasing number of charge points across the UK. Experts predict that by 2030, there’ll be c. 300,000+ public charge stations - equivalent to nearly 5x the number of fuel pumps currently on UK roads.

Trucks also need to adopt all-electric powertrains in order to reach the net zero CO2 emissions target by 2050

  • More than 170 electric truck models were available outside of China in 2021
  • Electric trucks accounted for only 0.3% of global truck sales in 2021
  • In line with the IEA’s Announced Pledges Scenario, electric trucks must account for 10% of global truck sales by 2030, and 25% by 2050 to reach Net Zero goals.

Electric Car Stats - Numbers go up, CO2 comes down

These electric car statistics are just a minor cross-section of an incredibly deep and complex industry. However, the outlook is positive. Manufacturers are producing more electric cars, batteries are becoming cheaper and charging stations will soon be as common as pumps.

Want to do your bit for the environment and decarbonise your personal transport? Get in touch.

Electric cars, slow holidays and ethical pensions: how employee benefits went green

Guides
Corporate

The spotlight on addressing climate change and environmental regeneration is brighter than ever before. In the wake of the health and economic crisis brought about by Covid-19, people are more aware of their impact on the world around them and how they can contribute to a cleaner, more enjoyable environment for all.

Indeed, this environmental focus feels even more imperative in the workplace. Never before have companies been so under the microscope regarding their impact on the world around them.

In the workplace, employees are putting sustainability and positive action on the agenda by requesting greener employee benefits. Here, we run through some of the best.

Secure the next generation of incredible talent with loveelectric. Our salary sacrifice electric car benefit shows the world that your company cares about the environment – and saving your employees money! 

Why green benefits matter

Like all business strategies, employee benefits evolve with the workforce's needs. In addition, the current focus on social, environmental and political activities has forced businesses to reconsider how they make decisions. 

It’s clear that companies that bolster their environmental and social responsibility will have the pick of the most talented employees. The Purpose Pulse Report found that 71% of Millenials and Gen Z’s see climate change as the biggest challenge facing their generation – and that concern directly impacts where they choose to work. In addition, Deloitte’s 2021 Global Millenials and Gen Z Survey revealed that 44% of Millenials and 49% of Gen Z’s have made choices about what work they do, and whom they do that work for, based on their values. 

Green benefits are a fantastic way to show the world that your company is aligned with this green consciousness and prioritises positive action in fighting climate change. 

Source: Flores (2021)

Green or otherwise, employee benefits are a fantastic way to ensure that your employees are happy and motivated in their job. The Society for Human Resource Management found that 92% of employees said great benefits were important to their overall job satisfaction. Additionally, sustainability activities clearly have a positive impact on employees across several measures, including employees’ perceptions of their company (Skudiene and Auruskeviciene, 2012), engagement (Hejjas, Miller and Scarles, 2019), motivation (Kim and Scullion, 2013), job satisfaction (Lee and Chen, 2018), and general wellbeing (Ahmed et al., 2020).

Ensuring that your employees are happy, motivated and aligned with your values is critical in the post-lockdown economy. The ‘Great Recession’ has had a significant impact across nearly every sector. With plenty of time during lockdown to consider what is important to employees, flexibility, great benefits, and access to wellbeing support have jumped to the top of the list for many – and they’re willing to shop around for the right place to work. 

Aligning your company’s brand with sustainability is excellent for business, too. Not only do green companies attract and retain top talent, but they also increase their bottom line.

So, what green benefits are employers choosing?

1. Cleaner commutes

Employee commutes can be one of companies' most considerable collective carbon emissions. However, by rewarding employees with incentives as part of their benefits packages, commutes can be greener and new, healthier habits can be formed – all while reaping the rewards of more engaged, happy and committed employees.

Cycle to work

Photo by Metin Ozer on Unsplash

Reducing our reliance on fossil fuel-powered cars is an excellent way to save on carbon – and a bike is a great substitute. 

The cycle-to-work scheme is an example of a ‘salary sacrifice’ initiative, where employees sacrifice a small portion of their salary each month in exchange for a bike of their choice at a reduced cost. 

Not only does the cycle-to-work scheme help reduce your organisation’s carbon generation and help your employees save a substantial amount on a new bike, but it also promotes greater health benefits for your employees. Illness as an outcome of physical inactivity costs the NHS up to £1 billion per year, and encouraging people to take up more active forms of transport can support the health of your organisation.  

Electric cars

Image by James Upright

Like the cycle-to-work scheme, an electric car salary sacrifice benefit gives employees access to a new electric car – at a fraction of the cost. 

At loveelectric, electric car salary sacrifice is our bread and butter. Salary sacrifice dramatically cuts the cost of electric cars for your employees, helping you retain your best talent and boosting your company’s green credentials.

A salary sacrifice is a scheme in which an employee foregoes a portion of their gross salary in exchange for a benefit. You may be familiar with other salary sacrifices, such as pensions or childcare schemes, where a part of your salary will go to one of these benefits. The loveelectric salary sacrifice scheme allows you to obtain an electric car for up to 50% less on the monthly cost.

While employers can run an electric car salary sacrifice scheme in-house, it is a complex area that sits at the intersection of employment, tax, financial services, and commercial law. At loveelectric, we take the headache out of salary sacrifice, working with employers across the UK to help them implement an EV salary sacrifice scheme – reducing their admin, saving their employees money and helping them tread lighter on the world around them (without sacrificing style and performance). 

If you’d like to learn more about how electric car salary sacrifice works, we have several in-depth articles on how the benefit works, insights on the tax benefits of a salary sacrifice scheme, and a run-down of our most frequently asked questions.  

Of course, getting your next bike or electric car on a salary sacrifice scheme is not just for your commute, either! Whether you work from an office, at home or in a hybrid situation, employees can use their electric car for whatever purpose they need – brilliant news for the remote working revolution.

2. Remote working

The Covid-19 lockdowns had a huge impact on every aspect of our lives – and how we work is no different. After discovering the benefits of remote and flexible working, it’s clear that those who want to go back into the office full-time are in the minority: since lockdown, the percentage of workers who wanted a flexible working model jumped from 38% to 63% (McKinsey & Company, 2021). 

Source: McKinsey & Company, 2021

There are so many reasons to love remote working. First, it builds your company’s environmental credentials, reducing your company’s collective carbon emissions overnight as employees cut their commute from across town to across the hall. Indeed, rushing back to the office can be one of the most carbon-intensive choices your company can make: if everyone in the UK worked from home four days a week, the amount of nitrogen dioxide, which is the primary pollutant generated by traffic emissions, would be reduced by around 10%.

Not only does remote working offer the greatest flexibility to your team and the lowest carbon emissions to your company as a whole, but it also indicates high trust, leading to greater job satisfaction and motivation. Remote working shows employees that a company is forward-thinking and supportive of an outstanding work-life balance. You’ll also see greater productivity in your team as office distractions are reduced to a bare minimum.

Flexible working arrangements are becoming increasingly common for employers to offer their workforce. This perk demonstrates to  employees that their company is forward-thinking and makes it easier for them to achieve a positive work-life balance. On top of that, it builds a company’s green credentials. Employees that aren’t required to commute to the office every day help reduce collective emissions. Plus, this benefit helps them save money too, making it a win-win for all.

3. ‘Slow’ holidays

We all know the tremendous carbon cost of taking a plane versus opting for the train – but what’s to be done when you want to get a week of summer sunshine on your holiday? 

Slow holidays are one of the most interesting green benefits out there. Instead of trying to maximise their holiday time by getting there as quickly as possible, employees are offered extra holiday days when those days are used for travel via low-carbon transport.

And the carbon savings are massive. Taking the train between European cities costs the planet six times less CO2 than flying. For example, a journey from London to Madrid would emit 43kg (95lb) of CO2 per passenger by train – compared to a whopping 118kg by plane.

Source: EcoPassenger, via BBC

While implementing slow holidays is an internal benefit your company can consider, organisations like Byway help travellers organise their slow travel itineraries, taking the fuss out of planning your next low-carbon holiday. 

4. Green pension options

The growth in funds invested in Environmental and Social Governance (ESG) principles has rapidly increased in recent years. Indeed, global impact funds took in nearly $350bn in 2021, compared with $165bn in 2019.

The same holds true for green, or high-impact, pension funds. It is estimated that moving one £100,000 pension pot from a traditional portfolio of oil and gas companies into a high-impact fund is the equivalent of taking five or six cars off the road. And with approximately £3 trillion of UK pension funds currently invested, offering a green choice to where your employees can invest your pension can have a massive impact on individual, organisational and country-wide carbon emissions. 

Many employers may be surprised that the default pension fund on their scheme is heavily invested in oil, gas and tobacco. However, changes to UK government policy in June 2022 mean that pension schemes must measure and publish how their investments support the Paris Agreement climate goal

Not only is offering a green alternative to your employees’ pension options a fantastic way to show that you are taking positive action, it’s also a great financial option for your team’s future financial position. Across six different categories of funds and over a five-year period, Morningstar found that sustainable funds consistently outperformed their standard counterparts by between 0.54 and 1.91%.

Photo by Towfiqu barbhuiya on Unsplash

The employee benefits industry is going through a green revolution. There are many fantastic options out there that show your employees – and potential new talent – that your company is aligned with their values. 

At loveelectric, we are passionate about taking the fuss out of salary sacrifice so you can enjoy the benefits as soon as possible. Once you’ve signed up (it takes just 10 minutes!), we handle all of the admin at no extra cost to you from order to delivery. 

Choosing an electric car over a fossil-fuelled car is the single biggest decision you can make to reduce your carbon footprint. Choosing to loveelectric at your company is the stress-free way to amplify that change. 

9 Downsides to Electric Car Salary Sacrifice Schemes to watch out for

Corporate
Guides

It all sounds too good to be true, right? There must be a catch.

With electric vehicle (EV) salary sacrifice schemes claiming to save up to 50% on a new electric car with no deposit, it’s not surprising that’s the first question people ask us. 

Well, we’ve got some great news: there’s no catch. It really is as good as it sounds.

However, like any financial decision, there are still some things you need to look out for and consider before your company signs up to an EV salary sacrifice scheme - or you put your order in for your new car. 

Here at loveelectric, we’re all about transparency. Here’s your checklist for what to look out for when you’re deciding on your latest employee benefit. 

Transparent Pricing

At loveelectric, we don’t want any of our customers to come across hidden fees or nasty surprises. Unfortunately that isn’t the case for all salary sacrifice providers. We’re currently the only company in the UK that allows prospective drivers to get a quote directly from our public website. 

No ‘price upon enquiry’, unnecessary sales calls or artificially inflated monthly payments later down the road. Just enter your salary and mileage, we’ll give you a monthly figure. 

We’re so transparent about our pricing in fact, we’ve even written a whole blog detailing our pricing structure. This isn’t a typical business practice, but then we’re not a typical business. Our goal is to make the transition over to electric cars as affordable and seamless as possible. 

In terms of cost to the employer, we can clarify that with one word: nothing. Introducing the loveelectric salary sacrifice scheme into a company is completely cost-neutral. 

Table highlighting the difference between the UK's most popular salary sacrifice providers
Key comparisons between the UK's most popular salary sacrifice providers

Early-Termination Policies 

If you’re an employer, the early-termination policy may well be the most important aspect of any salary sacrifice scheme. It determines how much the employer is liable for if an employee is unexpectedly dismissed whilst engaged in a lease agreement.

Here’s what to look out for.

Some of the electric car schemes claim to absorb the financial risk of an employee unexpectedly leaving the company. Sounds too good to be true? It is. To make sure they’re not taking on any risk, the salary sacrifice company artificially inflates the monthly costs as soon as the lease term begins. This passes the cost onto employees, leaving your staff footing the bill ‘just in case’.

Keep an eye out for when the early termination protection kicks in, too. At loveelectric, it starts for employees after 3 months, and employers after 6 months. Nearly all of our direct competitors will only offer protection after 6 months. Some companies also place limits on how many vehicles can be returned. Even the biggest providers limit the amount of returns to 10% of total cars. With us, it’s unlimited.

For those who go on parental leave, loveelectric offers a period of 12 months rent-free for your electric car. Just a little congratulatory gift from us, to you. 

Oodles of Admin 

The implementation of a salary sacrifice car scheme is an exciting prospect for employees and employers alike. One of the joys of implementing a salary sacrifice scheme is the boost in employee morale. The excitement of receiving a brand new electric car, saving money on monthly outgoings and affording them the ability to drive a wholly modern car.

That’s exactly how it should stay: a joy

Our goal is for your experience to be seamless and stress-free. Right from the preliminary stages of enquiry, our experts will guide you through the process and clearly communicate everything needed for a successful funding application. Once the scheme is up and running, we’ll even carry out ‘lunch and learns’ with your colleagues, letting everyone at the company know about what’s on offer.

So beware of salary sacrifice companies burying your staff in a mountain of paperwork. This is usually a sign that once the dotted line is signed they become surprisingly difficult to get hold of. At loveelectric, joining our salary sacrifice scheme marks the beginning of our working relationship - not the end.

Lead times

Long lead times is a problem plaguing the entire automotive industry as a whole. Semiconductor shortages, supply chain issues and increased demand have all driven the wait times for cars skyward. We’ve explored why there are such long lead times in more detail here, but the bottom line is electric cars are becoming increasingly popular and supply simply can’t keep up. 

Calculating the lead time has become a central part of the buying process and is often the deciding factor for many drivers choosing their next vehicle. Delivery times often shift as manufacturers struggle to get parts or receive unexpected delays.

Long lead times can’t be avoided, but they can be mitigated. If a salary sacrifice provider owns the cars on offer, it hugely limits the stock that customers can choose from. As loveelectric is an independent broker, our customers get access to over 350,000 vehicles from our vast network of dealerships. That means more stock, more choice and a shorter wait.

Electric car stock woes are set to ease by the latter end of 2023. In the meantime, make sure your chosen salary sacrifice provider has enough stock to get your employees behind the wheel. We know this can be the most frustrating part of taking out a lease, which is why we have a section outlining the lead times for all of the electric cars we provide.

A silver car on an assembly line being put together by robotic arms
Credit: Lenny Kuhne via Unsplash

Stay Green with a BCorp

Implementing an electric car salary sacrifice scheme with a company that isn’t a BCorp is a bit like getting a vegan burger from McDonald’s. Sure, it’s a more ethical choice than meat - but it still leaves a bad taste in your mouth.

By choosing loveelectric, employers are choosing to implement the most ethical option from start-to-finish. We only offer electric cars for a start, and are one of a select few salary sacrifice providers that are BCorp pending. 

Why not enhance those guilt-free, zero tailpipe emission motoring miles and see why you should join the thousands of drivers who already loveelectric.

Exclusivity

The biggest barrier of entry for any prospective driver is almost completely out of their control. The bottom line is that if a company doesn’t qualify for the scheme, then there’s no way their employees can get an electric car via salary sacrifice.

This can be both disappointing and frustrating for employees and businesses alike. We want to support every business to empower their employees to get behind the wheel of the latest electric car. But the scheme may just not be the best fit for every organisation. 

There’s no definitive rules for ensuring a company is approved, however there are some general rules of thumb that can bolster the likelihood.

Nearly all businesses within our scheme have been trading for at least two years, have a clear and concise account history and are profitable. 

Flexibility 

With the current energy market and cost of living crisis, we’re big fans of remaining agile and flexible in regards to energy supply. ‘Full bundle deals’ on the other hand, package up an electric car, home charger and energy deal in one go.

This may work for some, but a full bundle deal leaves employees with no options if personal or financial circumstances change. Unlike others, loveelectric allows full flexibility on chargers and tariffs, giving individuals the best deal for them - even if things don’t go as planned.

Right to Own the Car

Whether or not you’d like to own your personal vehicle outright is really down to personal preference. Some people simply like to know a car is completely ‘theirs’. Others see it as a financial asset; something tangible that can be sold if needs be - although it’s incredibly rare that a vehicle will ever go up in value.

In real terms, leasing via salary sacrifice is often a far better option. It is of course much cheaper than buying outright, and not a convoluted and complicated process like a costly PCP/HP deal. 

When it comes to salary sacrifice, you do not have the right to own the car. This is a critical distinction to make, as some providers may say you can buy the car at the market rate when the lease term ends. This isn’t incorrect, but the wording can be somewhat misleading.

To be clear, a salary sacrifice company has no obligation to sell you the car at the end of the term.

Companies like Octopus and Tusker may allow you to purchase the car outright at the end of the lease term, for market rate. However, the purchase value isn’t disclosed until the final month of the lease agreement making it incredibly difficult to plan practically in advance. 

If the balloon payment at the end of the agreement is far higher than the employee expects, then there’s likely to be a long wait between returning their current car and getting another lease vehicle to replace it.

Credit: Cytonn Photography via Unsplash

Cost of Insurance

There’s no war around it. Electric car insurance can be a pricey aspect of making the switch.

When taking out an electric car lease via salary sacrifice, it’s important to note that the insurance for the car can’t be personal insurance as you’d typically get for a car owned outright. We’ve previously gone into more comprehensive detail around how insurance works, but here are the basics.

As the lease technically sits with the company rather than the employee, the cover required for the driver must be fleet insurance. It’s for tax purposes, too. To be considered as an employee benefit, the electric car must be logged as being used on a fully commercial business (this term is inclusive of personal use too.)

The upshot is that this type of cover does come with a higher price tag than the personal equivalent.

To make this as cost effective as possible for all employees, we’ve partnered with LLG. Opt for our all-in-one maintenance package and as a driver you’ll get coverage for everything below - all included in the monthly cost:

  • Repairs
  • Maintenance
  • Servicing
  • Breakdowns
  • Roadside assistance
  • Replacement tyres for wear and tear
  • Cap clean cover
  • MOTs
  • Accidents

Even though the price of insurance may be higher, the savings made on fuel, maintenance and servicing easily offset this increase in cost. it’s also important to note that we don’t make any additional fees on this insurance: the savings go directly to our drivers.

The Upside

Salary sacrifice still remains the most affordable and convenient way to get behind the wheel of an electric car, however as we’ve seen, not all schemes are created equal. Our goal at loveelectric is to mitigate and eliminate any downsides associated with our proposition, ensuring drivers and businesses enjoy a smooth ride on their all-electric journey.

Employer?

love to join? Help your employees benefit from one of the best employee benefit schemes going without it costing you a penny. Drop us an email and we’ll be in touch within 24 hours.

Employee?

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