The Charge to Electric - the time is now

Published 31 October 2019
in Advice
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At Pike + Bambridge, our vision continues to be simple; to change the way the world buys cars.

Our Private Client Concierge department aims to be the number one provider of vehicles to Directors and Senior professionals throughout the UK.

I wrote earlier this year of the need to move to electric being hampered by concerns over range, and most importantly the lack of options in terms of models available, without incurring prohibitive cost.

Unlike much of the policy work the government is involved in at present, this summer saw a clear and swift decision that completely changed the tax perspective for those with the ability to run cars through their business.

From April 6th 2020, fully electric cars will incur 0% benefit in kind tax for company car drivers.

Research recently released by Deloitte suggests that these changes could see a ‘typical’ 40% tax payer with a company car, save over 95% in company car tax over a 4 year “total cost of ownership” (TCO) period.

At Pike+Bambridge, our focus is on senior professionals and Directors, rather than the large 100+ vehicle fleets the research on this subject tends to focus on.

For example, our research suggests that a typical Private Client Concierge customer, driving one of our core models, for example a Range Rover Sport, Mercedes GLE, or BMW X5, could save a significant amount of money switching to electric.

The table below highlights that for those who have long been advised to avoid the company car and instead take their main car personally, now do have the option to take the car through the company once again.

Obviously there are many things to consider, over and above simply the tax savings, and indeed this is where our expert team comes in. What is more our focus on the premium manufacturers and excellent supply terms has never been more appropriate, as Audi’s e-Tron, Jaguar’s I Pace and Tesla’s Model X lead the way in 4x4 fully-electric options.

Pike + Bambridge are the only independent vehicle broker wholly focused on an expert, advisory approach to help professionals save both time and money.

The next few years represent the most fundamental shift in automotive technology, ownership patterns and routes to market in the last 100 years. We are here to help professionals navigate it with the minimum of hassle.