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.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

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.

Require more help?

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!

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.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

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.

Require more help?

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!

How to Reduce Your Car Running Costs

Person driving with dog
With cost-of-living prices rising, using your car regularly can seem like a financial burden. But there are key ways to reduce your car’s running costs – and we’ve consolidated eight of the best.

8 tips for reducing car running costs

Choose your fuel wisely

Avoid opting for premium fuel. Whilst premium fuels advertise benefits for a car’s performance, unless the vehicle actually is a performance vehicle, these are broadly negligible, but you’ll still end up paying more for the privilege.

Apps like the AA’s can help you to find the nearest cheap petrol stations, and you may benefit from supermarkets or fuel retailers’ loyalty cards, which can help you save money on fuel over time. Be sure to make use of technology and other savvy tricks like these in order to reduce car running costs.

Keep your car properly maintained

Getting your car serviced is an outgoing cost. But doing so will actually reduce overall car running costs, as you’re ensuring that the vehicle is kept at optimum efficiency.

It’s far better to send your car in for a regular service, which might set you back a relatively small amount, compared to having a major malfunction which incurs a significant expense.

Check tyre pressure

Keeping on top of your vehicle’s tyre pressure is one of the best ways to reduce the car’s running costs. Tyres that are underinflated will tend to use more fuel as a result of greater drag, which can leave you with higher costs over time.

Check your vehicle’s tyre pressure every fortnight. You can typically find the correct figures for your car on the inside of the driver’s door, but consult the handbook if you’re in doubt.

Drive carefully

There are many good driving habits that can help to reduce car running costs.

When the car is cold, drive gently, as this is when they’re less efficient. Accelerate gently too, and aim to drive at a steady speed. If you see red lights or a queue, ease off the accelerator. Keep your engine revs down – revving causes the engine to spin faster, which consumes more fuel.

You can also follow other good habits like keeping the windows up for minimal drag. Remove any excess weight in your vehicle’s boot, or any roof racks for the same reason. If you can go without aircon, then do so, as AC drains fuel. You can also avoid wearing heavy or thick shoes to drive, as these are less sensitive to small changes in the clutch and accelerator.

Learn what hypermiling is and practice it, as this will help you to maximise your vehicle’s MPG (miles per gallon).

Know your car finance caps

Certain kinds of car finance can have usage and mileage caps for vehicles. Be sure that you stick to these, otherwise you may end up overspending on surcharges.

Choose insurance wisely

Car insurance can be expensive. Shop around and haggle before settling on a policy or premium.

Consider getting a black box, which will reward careful drivers, or add a more experienced driver onto the policy to push costs down. You could also choose a car that typically resides in a lower insurance group in order to secure a cheaper premium. Remember that sophisticated trims (special equipment or features) add to a vehicle’s overall cost and will, therefore, impact any payout.

Be sensible about parking

Use apps to search around for cheaper parking, and always adhere to local guidelines so that you don’t incur a penalty.

Park your vehicle away from others, too. That way, you minimize any risk of damage, which might impact its resale value or result in expensive repair fees.

Ensure you’re on the best possible car finance deal

If you’re in the market for a new vehicle, then finding the best possible car finance is a sure-fire way to make the purchase more financially manageable. With car finance, you’ll pay a series of pre-agreed monthly instalments, making the process of owning and using a vehicle more accessible.

Take care to do your research and you should be able to make your monthly repayments more affordable.

Cut your costs with affordable car finance

There are many different types of car finance to suit your needs and requirements, and even ways of securing car finance with poor credit.

If you’re looking to drive down car running costs, be sure to contact My Car Credit today. We’ll provide you with a no-obligation quote and help you find an affordable deal.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

My Credit Rating

Excellent

  • You are a home owner
  • You have been on the electoral role for a long period of time
  • You have current credit arrangements and mortgage with no defaults
  • You have no CCJs, credit arrears or missed payments
  • You rarely apply for credit
  • You are employed or self-employed

Good

  • You are on the electoral role
  • You are a home owner or long standing tenant
  • You have a stable employment history
  • You have current credit arrangements with occasional missed payments
  • You have no CCJs

Fair

  • You are or have recently been on the electoral role
  • You may have recently changed address
  • You may have occasional missed payments
  • You may have an old CCJ
  • You may have regularly applied for credit

Poor

  • You may have had frequent changes in address
  • You may not be traceable on the voters roll
  • You may have exceeded credit card limits
  • You may have missed payments on current agreements
  • You may have had a CCJ in the past

Bad

  • You may not be traceable on the voters roll
  • Your credit cards are over their limits
  • You have recent CCJs
  • You may have been refused credit elsewhere
  • You may be in a debt management plan
£

X monthly repayments of
£X

Typical rate

Loan amount

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.

Require more help?

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!