Why Drivers Are Making the Switch to an Electric Car

Open charge point after making the switch to an electric car

In October 2021, the Office for National Statistics reported that over half of younger drivers are looking to switch to an electric car within the next decade. That’s a serious swathe of motorists jumping ship from petrol and diesel vehicles.

But why are drivers making the switch to an electric car, and what benefits could it bring you to follow suit?

The benefits of switching to an electric car

Better for the environment

EVs are playing a major role in the transition to net zero. EVs are all-round better for the environment than their petrol or diesel counterparts – even factoring in the amount of energy required for both their initial production and ongoing running.

For a start, they don’t produce any carbon dioxide, so reduce air pollution. In fact, one electric car can save around 1.5 million grams of CO2 from entering the atmosphere.

Plus, because EVs don’t use diesel fuel, they don’t produce nitrogen oxides, which are harmful particulates that have been linked to poor health indicators, including respiratory illnesses and heart disease.

Minimal noise pollution

As well as reducing air pollution, EVs help with noise pollution, as they’re significantly quieter than petrol or diesel vehicles.

This makes a difference to traffic-dense urban areas, but the relative quietness of EVs also makes them more enjoyable to drive, too. The most you’ll hear from an EV is the slight whirring of its electric motor – you’ll no longer be competing with the rumbles and revs of an engine.

Getting ahead of the petrol ban

From 2030, the sale of new vehicles powered by either petrol or diesel will be banned. You’ll still be able to buy second-hand petrol or diesel vehicles, and there’s wiggle room for hybrid cars too, but otherwise new non-EVS are being phased out in the UK.

Increasing numbers of drivers are making the switch to an electric car in order to get a jump on the petrol ban before it becomes law.

Range

Concerns about the short range of EVs have often put potential buyers off. However, as EVs have begun to take hold of the market, the industry has made leaps and bounds in terms of improving their range.

If you’re considering making the switch to an electric car, it would be worth evaluating your driving habits and needs. If you’re not regularly making long, cumbersome motorway journeys, then your weekly car travel is likely more than within the range of an EV.

Improved charging

As more individuals opt to make the switch to an electric car, both private and public changing infrastructure is rapidly improving. From domestic wall boxes to public charging spots, the options are both getting better and appearing with greater frequency. In fact, some supermarkets offer free charging hubs, and businesses are moving in similar ways to offer employees the chance to charge EVs as they work.

Motorists who opt for Teslas can also benefit from the company’s Supercharger network, which is one of the best charging networks for EVs around.

The UK Government’s Rapid Charging Fund is designed to meet the ever-increasing consumer demand for EV charge points. By 2035, the plan is for around 6,000 high powered charge points to be readily available across the country’s motorways and major A roads.

Low running costs

Admittedly, the initial purchase of an EV can be expensive. However, once you’ve made the switch to an electric car, there are far lower running costs involved.

There’s inevitably variation between the make and model of vehicle, as well as between electricity providers, but a full charge of an EV only costs a few pounds, which is significantly less than it costs to fill a tank with fuel. Given the fluctuation in fuel prices, this is one of the key benefits to EVs at the present time.

There are also various incentives for switching to an EV, from benefitting from a plug-in grant through to tax exemption for company cars.

Plus, EVs are both cheaper and easier to maintain compared to gas-powered vehicles, as they have fewer parts and generally suffer less wear and tear.

Find out how we can help you switch to an electric car

If you’re ready to make the switch to an EV, our helpful team can get you a no-obligation electric car loan quote in minutes. We’re easy to reach on 01246 458 810, or you can email us at enquiries@mycarcredit.co.uk.

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8 Benefits of Getting an Electric Car on Finance

Man using the console on his electric car

More and more people are choosing an electric car on finance. With good reason too. The choice combines the benefits of electric cars on their own with the flexibility and convenience of ever-popular car finance.

In this post, we’ll dig a little deeper into the trend with 8 benefits of buying an electric car on finance.

1.   Fuel costs

Firstly, there are the benefits of electric cars compared to getting a petrol or diesel vehicle on finance. Now more than ever, people are looking to get away from the unpredictable (and generally sky-high) fuel prices. Electric vehicles are the best alternative.

According to EDF Energy, it costs around £7 for 100 miles of range from a rapid charge point. Even in a relatively efficient 50mpg car, that would require around 9 litres of fuel – costing at least £14 with today’s fuel prices.

2.   Running costs

When you choose an electric car on finance, you also benefit from lower running costs. Aside from fuel, electric cars require less maintenance than those with internal combustion engines because they have fewer moving parts. At present, fully electric vehicles are also completely exempt from road tax. Not to mention the money you’ll save on inner-city emissions charges, with lots of cities looking to follow suit after London.

3.   Spread the cost

Now onto the benefits of an electric car on finance specifically. Despite the cost advantages above, there’s no denying that electric vehicles come at a premium. At the moment, that’s because they’re produced in smaller numbers and use newer technology. But that doesn’t mean you have to wait until they become more commonplace to make the switch.

Car finance allows you to spread the cost of your electric car over two, three, four or even more years. Over 48 monthly payments, a £3,000 difference between a petrol and electric car becomes just over £60 a month, plus a little interest depending on the rate you’re offered.

4.   Get the latest model

When electric cars were in their adolescence, range was one of the biggest stumbling blocks. Drivers were put off by cars that could only achieve 100 miles or so before they needed charging. Now, those worries have been swept aside with a standard electric car easily achieving upwards of 200 miles from a single charge.

That said, if you want the widest range, you’re best going for a newer model. Without car finance, you may have to settle for an older model and frequent recharging. By opting for an electric car on finance, you can enjoy the freedom of better range – not to mention all the other state-of-the-art features you’ll get with a newer model.

5.   And carry on doing so

Enjoyed driving one of the latest electric cars? You can continue to do so with the right car finance on your side. Personal contract purchase (PCP) deals, for example, come with an optional balloon payment at the end of your deal. In simple terms, you make monthly payments towards the cost of the car, then choose whether you want to make one final, bigger payment to own it outright when your term ends.

If you want to stay up to date and swap your electric car for a newer model, you can do exactly that. Give the car back, sidestep the balloon payment, then take your pick from whatever the car world has to offer in a few years’ time. With the current pace of electric vehicle developments, there could be some pretty impressive cars to choose from.

6.   Stay ahead of the curve

Because finance makes it easier to switch to an electric car, it allows you to do so right now. That means you won’t spend the next three, four, five or even more years wanting to make the switch – but putting it off.

Here’s why that’s such a boon – the sale of new petrol and diesel cars will end in 2030. The closer we get to that date, the more demand there is for electric cars and the infrastructure that supports them. We’re talking about home chargers, above all else.

By getting an electric car on finance, you can make the switch before most other drivers. You can get to grips with driving an electric car, kit out your home with a nice charger and then sit back while everyone rushes around in a few years’ time.

7.   Don’t forget the environment

Have we really listed six points before getting to the environment? Apparently so. Because there’s no combustion to generate power, electric cars don’t emit harmful gases as they drive around. That’s not to say they’re completely eco-friendly at present.

According to the UK Government’s energy brief, just over 40% of electricity is generated by burning fossil fuels. That means that electricity and electric cars still impact the environment to some extent. However, it’s undeniably far less than the impact of petrol and diesel cars. As time goes on, that 40% share will only decrease, making electric cars even better for the environment.

8.   Improve your credit score

Some people looking for an electric car on finance worry that their credit score isn’t up to scratch. Over time, that can also affect applications for loans, mortgages and even tenancy agreements. Thankfully, car finance is one of the areas where there’s a bit more leeway.

It’s absolutely possible to find car finance for poor credit. n doing so, as long as you keep up with repayments, you may also improve your credit score over time. That means your electric car on finance could well be the reason you get accepted for tenancies, mortgages or loan applications in the future.

Start your electric car journey today

If you want to make the switch to electric without the big upfront costs, My Car Credit can help. Using our large network of trusted lenders, we aim to find a deal that’s great for all kinds of drivers. Contact us today on enquiries@mycarcredit.co.uk if you have any more questions about getting an electric car on finance.

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Are Second Hand Electric Cars Worth Buying?

Electric car at charging station

From minimising your environmental footprint to eliminating petrol expenses, electric cars (EVs) offer some seriously good benefits. Purchasing new can be expensive, which leaves many Brits asking the question, “are second hand electric cars worth buying?”

Like any big purchase, it’s important to consider the pros and cons before signing on the dotted line. If you’re thinking about making the switch to electric, or you’re just interested in finding out more about the EV trend, this article is for you.

Read on as we cover everything you need to know about buying second-hand electric cars and whether they’re a good investment.

A nation of EV enthusiasts

Before we get stuck in it’s worth taking a moment to recognise just how popular EVs are becoming in the UK. The nation has wholeheartedly embraced eco-friendly vehicles, with the latest statistics revealing that while overall car sales slumped in 2021, the EV market experienced an impressive growth rate of 66% from 2019.

Around 175,000 new EVs were registered on British roads in 2021, with best-sellers like the Tesla Model 3 representing more than 25,000 individual sales.

In total, more than 700,000 plug-in vehicles were registered by British motorists in November 2021. This includes more than 350,000 fully battery-powered EVs and almost 350,000 plug-in hybrids. These figures put the UK on track to hit more than a million registered EVs by the end of 2022. A huge achievement!

There’s plenty to love about EVs but are second hand electric cars worth buying? Below, we spotlight some key factors to consider when making a decision:

Your lifestyle

Whether you buy new or used, it’s worth factoring in your lifestyle when deciding whether to make the switch to electric. EVs are a terrific concept and do offer “eco prestige” but for some motorists, they’re simply not convenient.

For example, access to off-road parking, so you can easily recharge your EV overnight, is desirable. Many second-hand EVs don’t offer the same rapid-charge technology as newer models, which makes off-road parking essential.

Similarly, if you’re driving long distances a second-hand EV may not offer the same impressive mileage as a newer model. That said, EV mileage is rapidly improving which means models from 2021 or 2020 may easily meet your needs.

Financial benefits

Even second-hand electric vehicles can be expensive, with Karolina Edwards-Smajda, Retailer & Consumer Product Director at Auto Trader describing the market as a “catch-22” in a recent interview with Car Magazine.

“When it comes to low-emission vehicles, the industry is facing a Catch-22 situation,” says Karolina. “The growing appetite of AFVs [alternative fuel vehicles] offer the industry a great opportunity for growth, but for mass adoption, the average price needs to be more accessible to more people. However, with so few vehicles in the market, even second-hand cars are being pushed out of financial reach for most consumers.”

Karolina makes a good point, but it’s important to remember that the cost of your purchase will be offset by several factors. These include:

Savings at the forecourt

Buy a fully battery-powered second-hand EV and you’ll eliminate petrol expenses from your life completely.

Clean air zones

Cities across the UK are introducing clean air zones designed to deter emissions-heavy vehicles and encourage the use of public transport and EVs. Driving a second-hand EV can be a savvy way to sidestep the costs associated with entering areas like Ultra Low Emission Zone (ULEZ) in London, which can cost you £12.50 per day if your car doesn’t meet ULEZ standards.

Lower registration costs

When it comes to vehicle registration costs, the Department for Transport offers big savings for EV drivers.

Budget is important, so don’t forget to do the maths and calculate how much you can afford to borrow before browsing. Our car loan APR estimator is designed to streamline the process and make it as easy as possible to crunch the numbers. 

Skipping long wait times

The global semiconductor chip shortage has wreaked havoc on the car manufacturing industry and EVs are no exception. The average EV calls for hundreds, sometimes even thousands, of these tiny chips. As a result, supply can’t keep up with demand which means you could face wait times of more than a year when buying a new electric car. Buying a used EV is a clever way to skip the long wait times and get behind the wheel of an electric car ASAP. 

The best second-hand EVs to buy

While demand is high and supply is low, there are still some great deals to be had when it comes to second-hand electric cars. If you take the time to shop around and back your search with help from an expert broker, you can drastically increase your chances of securing a good deal.

There are some exciting used models up for grabs in 2022, with some of our favourites listed below. All offer great value for money and excellent stats in terms of mileage and driver-friendly features:

  • Nissan Leaf
  • Tesla Model 3
  • BMW i3
  • Volkswagen eGolf
  • Tesla Model S
  • Jaguar i-Pace
  • Citroen C-Zero
  • Renault ZOE
  • Smart ForFour electric

The future of the EV market

Despite the semiconductor chip shortage that’s caused supply issues around the world, analysts predict a bright future for the EV market. In 2022, you can expect to see almost 50 new EV models launched by manufacturers, including a huge range of SUVs. Keep an eye out for models by leading manufacturers such as Tesla, Volkswagen, BMW, Audi, and Mercedes.

We’re also excited to see new offerings from companies like Lucid, Aiways, Fisker and Rivian. These high-voltage newcomers are set to shake up the market and challenge the dominance of EV giants such as Tesla and Nissan in the UK. This is great news for the second-hand market, with an influx of new models set to increase supply and bring prices down.

Financing your second-hand electric car

Ready to start your search for a second-hand EV? Whether you’re in the market for a zippy Nissan Leaf or a sleek Jaguar I-Pace, we’re here to help. Apply online without impacting your credit score or get in touch via email or phone 01246 458 810 to find out more about how our team of advisors can help you supercharge your search and secure the best deals on EV finance.

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Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

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Car Emissions – How to Reduce Your Carbon Footprint

cars in a traffic jam giving off car emissions

From zippy Ford Fiestas to tough-as-nails Land Rovers, vehicle emissions are one of the biggest contributors to air pollution in the UK. The Royal College of Physicians estimates air pollution claims the lives of more than 40,000 Brits a year. This makes all the more essential to reduce emissions wherever possible.

So, what can you do to slash car emissions and minimise your carbon footprint? Read on for some easy ways to get from A to B as efficiently as possible.

1. Quit idling

You can’t always avoid idling in traffic. However, scenarios like collecting the kids from school or waiting for a partner to pick up a few supplies from the supermarket create unnecessary emissions. According to Westminster City Council in London, idling cars produce enough exhaust to fill 150 balloons every minute.

These car emissions are laced with gases like carbon dioxide and carbon monoxide. Not only do these contribute to air pollution and climate change but are also linked to respiratory issues like asthma and lung disease. Turning off your engine where possible is one of the easiest and most effective ways to reduce your emissions and tread a little lighter on the planet.

2. Carpool

Want to literally slash your emissions by 50%? Carpooling is a hugely effective way to reduce your carbon footprint and unlock fuel savings in the process. It works particularly well for commuters, school runs and multifamily holidays. Furthermore, you may discover other great scenarios where carpooling works a treat. The more passengers you add, the greater the savings!

3. Drive less

Simple lifestyle changes like walking to your local high street instead of driving can have a big impact on your carbon footprint. You’ll also be working towards the recommended 30 minutes of exercise per day. Consequently, this makes driving less a great way to improve your health and care for the planet. Even better, many insurers now offer reduced premiums for motorists who use their cars less.

4. Enjoy a smoother ride

When you’re behind the wheel, efficient driving is one of the best ways to minimise emissions and reduce your carbon footprint. Go easy on the accelerator, especially if you’re driving in the city. Obviously, it’s pointless to rapidly increase your speed only to be slowed down at a traffic light. You should also avoid erratic braking as this can heighten your fuel consumption and increase emissions. Essentially, you want to keep your driving as smooth and fluid as possible.  

5. Service your car regularly

From oil changes to tyre alignment checks, regularly servicing your car can help unlock better fuel mileage and reduce your environmental footprint. A well maintained vehicle will also save you money at the forecourt, making it a win-win situation for your wallet and Mother Nature.

6. Check your tyre pressure

Driving with the right tyre pressure can drastically improve your fuel economy and reduce emissions. Studies suggest under-inflated tyres can increase fuel consumption by as much as 5% due to higher rolling resistance and temperatures. This translates to higher emissions, as well as faster wear and decreased tread life. A quick Google search should pull up the correct tyre pressure for your vehicle make, model and year.

7. Replace worn tyres

Driving with worn out tyres not only reduces performance but significantly increases your emissions. A recent study from Emissions Analytics revealed just how damaging worn tyres can be. Senior researcher Richard Lofthouse warned, “It’s time to consider not just what comes out of a car’s exhaust pipe but particle pollution from tyre and brake wear. Our initial tests reveal that there can be a shocking amount of particle pollution from tyres – 1,000 times worse than emissions from a car’s exhaust.”

He adds that tighter rules are needed to monitor non-exhaust emissions (NEE), which are “totally unregulated” and pose a major threat to British air quality. The bottom line? Staying on top of your tread and replacing your tyres when necessary can have a big impact on your carbon footprint.

8. Skip the air conditioning

If you really want to bring down your carbon emissions, consider skipping the air conditioning and opting for a rolled down window instead. Turning on the AC places extra stress on the engine which can result in a 20% increase in fuel consumption. In fact, this makes it one of the most demanding auxiliary features of your car. The impact is especially noticeable at low speeds, so try to keep your use as low as possible during city drives.

9. Embrace cruise control

Cruise control is a great way to maintain a steady speed on longer drivers. Unnecessarily slowing down and speeding up can burn through fuel and ramp up your emissions. The upside is that this makes cruise control a great way to reduce your fuel consumption and minimise your environmental footprint.

10. Clean out your car

Maybe it’s a few bags of charity store donations in the back seat or a boot full of beach gear you’ve been meaning to unload since last weekend. Whatever the case, removing excess luggage from your car is a guaranteed way to reduce your carbon footprint. Vehicle weight has a direct impact on fuel efficiency, with a recent Canadian study suggesting reducing weight by 10kg translates to savings of $104 over 200,000km – that’s around £75.

11. Choose the right car for your needs

Reviewing the suitability of your vehicle can have big implications for your carbon footprint. For example, if you own a 4WD but mostly use it for school runs and supermarket trips, it could be worth switching to a smaller and more fuel efficient vehicle. Alternatively, you might prefer to purchase a second vehicle for city use and save the 4WD for longer trips. Every motorist is unique, so take the time to analyse your situation and make an informed decision.   

12. Upgrade your vehicle

New vehicles are more fuel efficient than ever, with models like the 1.5-litre four-cylinder diesel engine Peugeot 208 offering an impressive fuel economy rating of 73.6mpg. When running on petrol, the Peugeot 108 boasts a 58.9mpg rating, making it one of the best-performing cars on the market. If you drive an older vehicle, upgrading to a newer model could have an incredible impact on your emissions and carbon footprint.

Best of all, it’s easier than you think. My Car Credit is helping Brits across the country unlock the best car finance rates from top lenders, including car finance with poor credit.

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Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.
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Going Green: Should I Buy a Hybrid Car?

Hybrid car driving near fields

With the government banning petrol and diesel vehicles from 2030, more and more people are considering an upgrade to a hybrid car. But given how long we’ve been reliant on petrol and diesel; hybrids are still something many drivers are unfamiliar with. This leads many to ask the question: “Should I buy a hybrid car?”.

This article will explain what hybrid vehicles are, how they work and their benefits. Hopefully this will help you decide whether or not to make the switch.

What is a hybrid car?

First off, there are two main types of hybrid vehicle – plug-in hybrid cars and self-charging hybrids. Plug-in models need to be plugged in in order to charge. In contrast, self-charging models will charge the battery whilst you’re driving.

Hybrid cars differ from electric vehicles in a vital way. While an electric vehicle is entirely powered by a battery that needs charging, hybrid vehicles have both a normal engine and a battery. In a hybrid car, the battery will tend to be used when you set off from a stand-still, when you’re driving at a lower speed or on shorter journeys. Plug-in hybrid cars can also travel further than conventional hybrids when they’re using solely electric power, which saves you money on refuelling costs.

What are the benefits of a hybrid car?

There are several reasons why hybrid cars are increasingly popular with consumers, including:

Greener

With an electric battery to complement their fuel-burning engine, hybrid cars are greener than non-electric vehicles. Hybrid cars minimise your carbon emissions whilst maintaining fuel efficiency, with self-charging hybrids making use of energy that would otherwise be wasted.

Cheaper

Provided that your hybrid emits less than 100g/km of carbon dioxide, you’ll benefit from free road tax. As long as they cost less than £40,000, new hybrid vehicles or PHEVs will also cost £10 less than a fuel-powered alternative on road tax.

Reliable

Hybrid cars are frequently more reliable than either petrol or diesel vehicles because of their electric fuel cell. When you’re driving slowly, the car will use this as its energy source, meaning that there’s less wear and tear on the engine – as well as less CO2 emitted. Similarly, because of the way that hybrid cars use their brakes to generate energy, you could drive around without much using your standard brakes. This significantly reduces impact, which will save you money on brake maintenance and upkeep.

Driving range

Compared to exclusively electric vehicles, hybrid cars have a significantly greater driving range. Plus, self-charging hybrid cars generate power as you drive, meaning they’ll never run out of charge.

Value

Once you’ve finished the terms of your car finance, you might be keen to upgrade your vehicle. Both hybrids and PHEVs are great for this, as they hold their value well over time. This means you’re likely to recoup a lot of the money that you put down when you re-sell it – particularly as hybrids are such popular models with high demand. Toyota and Lexus hybrids are particularly well-known for holding their value.

Should I buy a hybrid car?

Whether or not you should buy a hybrid car depends on two main factors. If you want to be greener, and reduce your carbon emissions, then yes, purchasing a hybrid car would be a sensible decision. Similarly, if most of your journeys are short – for example, around urban areas – then hybrid vehicles are great, as you’re mostly running on electricity and therefore saving money.

However, if you travel a lot on motorways or have very long journeys, a hybrid is potentially less fuel efficient than a diesel car – but it will produce far fewer emissions.

Find car finance for a hybrid car today

Car finance is a key factor for many drivers considering a hybrid car, with some worrying the choice will affect their car finance options. Thankfully, it won’t.

Whether you’re looking for a hybrid (HEV) or a plug-in hybrid (PHEV), your car finance journey with My Car Credit will be just as straightforward as it would with a non-hybrid vehicle.

Simply fill in our car finance calculator and adjust the variables according to the type of loan and repayment terms that you’re looking for. Our online form will give you an answer in minutes, and with us, the rate you see is the rate you get. There’ll be no surprise costs or confusing paperwork.

If you’d rather speak to a person about your hybrid car finance, one of our friendly car credit specialists would be happy to answer your questions. Just call 01246 458 810 to start your journey today.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

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Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

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Hybrid or Electric Cars: The Pros and Cons Compared

Electric car using a charge point

These days, we’re all a bit more conscious of our environmental footprint. While we can’t all move off-grid and live off the land, we can make smarter decisions in our everyday habits. A great number of motorists are torn by this very notion when selecting their next set of wheels – hybrid or electric car? Whether you’re looking for greener transportation or a future-proof vehicle, here is a detailed look at the advantages and drawbacks of hybrid and electric vehicles.

Hybrid or electric cars 

The greener car revolution is revving up Britain, and the polluting oil-powered vehicles are being replaced by eco-friendly electric and hybrid models. Electric and semi-electric cars can still be relatively expensive to buy, but thanks to government grants, road tax breaks, low running costs and cheaper models entering the market, they are becoming more accessible for every motorist.  

Electric vehicles (EVs) are powered solely by electricity, instead of relying on petrol or diesel. They contain an electric battery pack that provides power to run all of the vehicle’s onboard electronics, including the motor, that needs to be recharged regularly. No different to how you would charge a smartphone or laptop! Electric cars can either be 100 percent electric or combined with a traditional gas-powered engine to form a hybrid car.  

Hybrid cars, in theory, give you the low emissions and smooth power delivery of an electric car along with the long-distance abilities of a traditional petrol or diesel car. 

Hybrid 

Pros: 

  • Hybrid vehicles use a combination of electricity and petrol/diesel for power. In turn, the hybrid emits less pollution than a traditional car, earning itself great green credentials. 
  • Hybrid systems use a process called regenerative braking. Instead of wasting braking energy like most vehicles, the hybrid captures it and then feeds it back into the battery. This system increases the electric motor’s charge which also helps it to consume less fuel, especially when driving around town where you use the brakes frequently.  
  • Because a hybrid electric car is so efficient, you have less dependence on petrol station stops. In turn, it reduces your need for oil, which helps to lower the demand and dependency for petrol pumps.
  • If you haven’t driven a hybrid vehicle before, chances are you’re in for a real shock the first few times you start it. It is incredibly quiet, and you would be forgiven for not realising the car was on. 

Cons: 

  • Because hybrid vehicles have a dual engine and advanced technology, it can be challenging for mechanics to repair these vehicles confidently. You may need to find a mechanic with the relevant expertise. 
  • Hybrid vehicles run on twin-powered engines, which means that the diesel or petrol engine is considerably smaller than a traditional internal combustion engine in an oil-powered car. Generally, this means that hybrids are better suited to city driving rather than motorway or rural driving. 
  • Most hybrids are built for economy, not speed. Total output and acceleration of hybrids seem to fall behind oil-only vehicles.  

Electric 

Pros: 

  • Electric vehicles benefit the environment the most since they generate zero emissions directly. The electrical system powers the motor that turns the wheels, as well as all the associated electrical items like lights and air conditioning. This scores big points in terms of benefits to the environment. If that electricity is generated renewably, they have the potential to run without fossil fuels.
  • Motorists of electric cars get to save time and money at the pump. If you charge the vehicle at home, then you get to bypass the fuel station altogether, saving you precious time.  
  • Most electric cars are tax free, which means you get to save, on average, £140 annually when compared with a petrol or diesel car.  
  • Generally, electric cars have lower maintenance costs because there are fewer moving parts. They don’t need oil changes and other service items. This longevity helps motorists keep traveling for longer over the years.  

Cons: 

  • One of the largest drawbacks of electric cars is their mileage range. Most electric vehicles run only for around 100 miles on a charge, depending on the vehicle, speed and other variables. An exception to this rule would be the Tesla Model S, which can hold around 150 miles per charge. Those motorists with longer commutes may want to consider hybrids. 
  • Nationwide, there are over 30,000 charging points in the UK. While the electric car’s sat-nav will find a charging point for you, most are found in urban areas. There is a cost to use these charging points, too.  
  • If you’re driving across the country and need to charge the car, you may want to grab a book and some food. The charging time is nowhere near as quick as filling the car up with petrol. The time depends on the make and model, as well as how powerful the charger is. Home wall chargers start at around £500 and will give you between 15 and 30 miles’ charge per hour. 

Financing your next EV 

A large incentive to purchase a fully electric vehicle or a hybrid is the government grant. The gov.uk website provides full comprehensive information on this, but, in short, you can get a grant towards the cost of a new electric car, though conditions apply. They also offer a grant of up to £500 for installing a home EV charger to further reduce the upfront investment. Such financial support makes EVs that much more affordable and appealing to a large number of motorists. 

Are you ready for your next electric or hybrid vehicle? Use this car finance calculator to see how much you could borrow to land the right car loan for your needs.  

At My Car Credit, we make it easy to go green and get behind the wheel or a hybrid or electric vehicle. With cost-effective car financing options, we work with motorists who have a range of budgets and credit ratings. Give us a call on 01246 458 810 or email enquiries@mycarcredit.co.uk to find out how to get started.  

Rates from 9.9% APR. Representative APR 12.4%

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Typical rate

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Total payable

X% APR*

£X

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.
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Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

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or call 01246 458 810