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Are Second Hand Electric Cars Worth Buying?

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.

Rates from 9.9% APR. Representative APR 10.9%

Evolution Funding Ltd T/A My Car Credit

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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!

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Which Used Cars Have Zero or Low Road Tax?

Whether you cruise along country lanes or speed along urban motorways, if you’re behind the wheel of a car you’re subject to road tax. Brits are a thrifty bunch. As such, it’s no surprise that many motorists take steps to minimise their road tax payments.

So, which used cars have zero road tax? Here’s our guide to beating the Exchequer and keeping your road tax payments as low (or non-existent) as possible.

What is road tax?

Road tax, or Vehicle Excise Duty (VED) as it’s officially referred to by the government, earns the Exchequer around £40 billion a year. This translates to around 5% of total government revenue. It’s a huge cash cow and plays a big role in topping up the kitty.

Contrary to popular belief, road tax isn’t necessarily used to maintain roads and doesn’t go directly to the Department for Transport. Instead, it’s channelled to the Exchequer along with other duties such as council tax. Sure, this fund can be used to fix potholes and build new motorways. However, VED can also be put towards the construction of schools, hospitals and other government-funded projects.

What can you expect to pay?

VED rates increase with inflation and as a result, payments tend to climb every year. If you drive a petrol or diesel car registered after April 1 2017, your annual flat VED rate is £155. For alternatively fuelled cars, including hybrid, LPG and bioethanol vehicles, the rate is £145. If you drive a luxury car valued at £40,000 or higher, an additional £335 is added for your first five years on the road.

Before you switch to the flat rate, you’ll pay an initial ‘first year’ registration amount determined by CO2 emissions. This can be up to £2,365, depending on the model and environmental credentials. All this changes if you drive an emissions-free vehicle, with VED dropping to zero, even if your car is worth more than £40,000.

The bottom line? Go electric and unlock big savings.

Embrace the EV revolution

In 2021, battery electric vehicles (BEVs) accounted for around 4% of new car sales in the UK. This may seem small, but it represents a huge leap compared to the 0.6% market share BEVs occupied in 2019. This is great news for used car buyers as an increase in new BEV sales translates to more choice on the preowned market. Today, you’re spoilt for choice with a huge range of all-electric saloons, hatchbacks and SUVs.

According to the UK government website “the electricity must come from an external source or an electric storage battery not connected to any source of power when the vehicle is moving to be exempt”.

Here are a few of our favourite models if you’re wondering which used cars have zero road tax.

Tesla Model S 2014

In 2014, a brand new Tesla Model S came with a price tag of up to £96,000. Opt for a second-hand model in 2022 and you can slash your budget to as low as £22,000. The high-end Model S was considered state-of-the-art in its day and still holds its own against newer models. The seven-seat models can take you from zero to 62mph in just 2.5 seconds, meaning the Tesla Model S doesn’t compromise on speed or power.

Sure, the latest Tesla models may feature exciting new bells and whistles, but the overall design remains very similar. All Tesla models continue to rely on the Supercharger network which means you won’t run into any headaches when looking for places to power up.

Nissan Leaf 2010

In its heyday the Nissan Leaf 2010 sold for between £30,000 to £40,000. Today, you can snap one up for as low as £3,000, depending on mileage. You’ll enjoy a compact size for easy inner-city driving and parking, excellent safety features and a surprisingly spacious interior. What’s not to love? A 108bhp motor promises plenty of power and while you won’t be able to hit more than 93mph, this punchy little model is perfect for urban driving.

Jaguar i-Pace 2018

If you want to go electric but would prefer a newer model, consider the Jaguar i-Pace 2018. In its launch year the Jaguar i-Pace would have cost you around £65,000. More if you wanted extra features. Today you can score these luxury EVs for as little as £40,000 and pay zero road tax. What’s more, the newer release date means the market isn’t flooded but if you can get your hands on a used Jaguar i-Pace 2018 you won’t regret it.

Opt for low emissions and save

Another great way to keep your road tax to a minimum is to opt for a low emissions vehicle. Road tax is determined by CO2 emissions which means the greener your car, the less you’ll pay. So, which used cars have low road tax?

Aim for a vehicle that falls into the 1 to 50 CO2 emissions (g/km) bracket and you’ll pay just £10 for your first-year registration tax. For cars in the 51 to 75 CO2 emissions (g/km) range you’ll pay £25. Compared to the £2345 you’ll have to fork out for vehicles with emissions of 255g/km or higher, the savings for low-emissions vehicles are enormous.

Go retro and avoid road tax

Wondering which used cars have low road tax? The UK government has confirmed that vehicles manufactured before 1 January 1981 are exempt from road tax. Why? It’s generally assumed vintage cars won’t rack up enough miles to make a significant contribution to CO2, hence the exemption. As such, if you’re willing to take your chance on a car manufactured before 1981, this could be a novel way to avoid road tax.

Get behind the wheel of a used car today

Now you know more about which used cars have zero road tax, it’s time to start shopping. Whether you’re searching for a used Ford Fiesta, a preowned Vauxhall Corsa or an eco-friendly electric model, we’re here to help. Check your car finance eligibility online or get in touch with the My Car Credit team to find out more about how we can get you behind the wheel of a low-tax used car and unlock big VED savings in the process.

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My credit rating

X monthly repayments of
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Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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!

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How Do Self Driving Cars Work?

Driverless cars have not yet arrived on Britain’s roads, but self-driving cars will be allowed to travel on motorways later this year. Hailed as the transport of the future, self-driving cars seem to be the next hot topic in the world of motoring. But how do self-driving cars work? We answer this question and more, below.

Self-driving vs. automated cars – what’s the difference?

Fundamentally, the clue is in the name. Self-driving cars can drive themselves in certain situations, but there must be a driver in place – with seatbelt drawn – in order to take charge should emergency situations be detected by the vehicle.

Automated or autonomous cars, by contrast, are driverless. These cars are one step further, in that they operate individually, and have been positioned as ‘self-aware’. There are six levels of automation that distinguish between a vehicle driven entirely by a human to an entirely autonomous vehicle.

The technology of driverless cars

The specific technology of each vehicle will vary depending on the manufacturer. Broadly, however, driverless cars – that is, automated cars – will have the following features:

LiDAR sensors – These are light detection and ranging systems. They beam laser light in order to map the car’s surroundings, thereby detecting the edges of roads and lane markings.
Radar sensors – These observe nearby vehicles and their speed, in order to avoid collisions.
Video camera technology – Similarly, this tracks obstacles and pedestrians, working with the radar sensor to mitigate collisions and taking stock of road signs and traffic lights.
Ultrasonic sensors – These detect curb edges and other vehicles – they’re fundamental for parking and manoeuvring.
Central computer system – Driving all of the above is a central system which combines data from each technology. This therefore manages braking, steering, and acceleration.

Self-driving cars – the advantages

The advantages and disadvantages of self-driving vehicles are still under contention, but their benefits are typically agreed as the following:

Greener – Proponents of self-driving cars say they’re more environmentally friendly, as they work to streamline traffic flow by optimising road space and will therefore consume less fuel.
Safer – With less traffic and a smoother throughflow of cars, it’s anticipated that self-driving cars will make streets safer by reducing risk of accidents and human error.
More accessible – Self-driving cars inevitably make transport more accessible for individuals with disabilities – or those who never learned to drive in the case of automated vehicles. It’s therefore suggested that they’re a more inclusive mode of travel.

Self-driving cars – the disadvantages

As the technology for fully driverless cars still has a long way to go, there are many disadvantages to self-driving cars.

Safety – Proponents of self-driving cars say they’ll make streets safer – but the industry is, as yet, unregulated. There are serious concerns about the risks of vehicle computers and systems becoming vulnerable to hacking. Computers may also experience wear and tear – and any software error could lead to accidents with pedestrians and other vehicles.
The environment – Self-driving cars will require a vast amount of infrastructure to be built across Britain’s roads. Their technology will also operate via 5G, which will sap significant energy resources – most of which are fossil fuelled. Self-driving cars are therefore not climate conscious modes of transport just yet.

What are the rules for self-driving cars on motorways?

As described above, the British government are permitting self-driving vehicles with an automated land-keeping system (ALKS) to travel on motorways from sometime in late 2021. These self-driving vehicles will only be permitted at speeds up to 37mph in slow traffic.

Critically, these self-driving cars are not driverless – you still need someone behind the wheel wearing a fastened seatbelt. The driver must be able to take control of the car in the ten seconds after the vehicle detects an ‘imminent collision risk’. If such a risk is detected, the car will deploy an ‘emergency manoeuvre’ in order to either brake or evade the obstacle. Should the driver fail to respond, the car will automatically switch on its hazard lights, slow down, and turn off the infotainment system.

Upgrading your car

As yet, owning a self-driving car might be a pipedream. But you can still keep your car up to date with all the latest technology to make your life easier, from parking cameras to keyless entry.

That’s where My Car Credit comes in. With a large network of trusted lenders, we can help you find a great deal on car finance to spread the cost of your next ride, working with almost any credit score to finance a car.

Speak to one of our friendly team today on 01246 458 810.

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Evolution Funding Ltd T/A My Car Credit

Small Splendour: What’s the Best Luxury Hatchback?

Decadent Driving: 7 of the Most Luxurious Cars

Power Up: 5 Types of Hybrid Cars

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£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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!

or call 01246 458 810

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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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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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!

or call 01246 458 810

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2030 Petrol Ban – Should You Make the Switch Early?

Man filling up with petrol before the 2030 petrol ban

From Tesla to Toyota, electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs) are becoming increasingly popular as consumers endeavour to make more climate-conscious choices.

In fact, the sales of EVs and PHEVs tripled in October 2020, compared to their sales in October 2019. They account for one in seven new cars sold – a fact that has been acknowledged and perhaps encouraged by the increasing availability of charging points across the country.

But from 2030, the petrol and diesel ban will be in place – with hybrids joining the restrictions from 2035. If you own a petrol, diesel or hybrid car, it may be time to consider whether you want to make the switch to an electric vehicle early, in order to save you the time and hassle closer to the deadline. Below, we take you through the benefits of making this decision sooner rather than later, as well as outlining what the 2030 petrol ban really is.

What is the 2030 petrol and diesel ban?

From 2030, new cars and vans powered exclusively by either petrol or diesel won’t be sold in the UK. Some PHEVS – notably the Toyota Prius – will continue to be sold until 2035, when they will also be banned. This is contingent on these cars being able to achieve a ‘significant distance’ of travel in zero-emission mode. At present, the Government hasn’t yet clarified what that term exactly means.

The only new cars and vans for sale after 2035 will be exclusively electric vehicles, such as the Nissan Leaf or Tesla Model 3, and hydrogen-powered vehicles like the Toyota Mirai.

However, the 2030 petrol ban only applies to the sale of brand-new vehicles. Nearly new or used vehicles – that is, second-hand ones – won’t be affected by the ban, and can continue to be sold in showrooms or online. Hybrid cars which can travel ‘significant’ distances in zero emission mode will also still be allowed to be sold on the used marketplace.

What are the benefits of switching early?

There are a number of reasons that it might be advantageous to start thinking about your vehicle before the ban comes in – particularly if you’re in possession of a petrol or diesel car.

Benefit from tax incentives

In order to help the move to EVs, the government is setting aside £582 million in grants to facilitate the transfer to EVs and PHEVs. At present, the government subsidises £3,000 from the purchase of EVs. The government is likely to extend the period during which this is offered, but the transport secretary has acknowledged that it will ‘go eventually’. By making the switch early, you’re more likely to see some of this funding, which can then help you fund a new vehicle.

Get a higher resale value for petrol or diesel cars

As 2030 approaches, manufacturers are likely to offer significant discounts on new models, as they attempt to shift them before the ban comes into place. Consequently, the resale values of traditional combustion engine vehicles are expected to be hit. Getting in early and reselling your car will therefore be more financially forward-thinking. You’ll also avoid any potential tax increases for petrol and diesel vehicles further down the line.

Avoid disruption

When the 2030 petrol ban comes in, there will inevitably be some disruption as drivers get their heads around the way that EVs and certified PHEVs work. For example, drivers will have to get used to charging their cars using either public networks or domestic plug-ins. Travel times will possibly have to be amended – particularly for long distance journeys – in order to accommodate charging, too. By making the switch early, you’ll be more comfortable with how EVS work, and where your local charging point is.

Preparing for the 2030 petrol ban

If you’re looking to make the switch to an electric vehicle, My Car Credit is on hand to help. With our car finance checker, you can check your eligibility without affecting your credit score, before comparing deals from our wide panel of lenders for all circumstances. To find out more, call our friendly team on 01246 458 810.

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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!

or call 01246 458 810

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Hybrid vs Plug-in Hybrid: What’s the Difference?

Tesla as an option in Hybrid vs Plug-in Hybrid

The need to find a car that is practical and helps the planet is getting greater with every passing day. As someone who wants to drive responsibly, it’s essential to find a vehicle that covers all the bases. If you’ve done your research, you’ll know that hybrid cars are very popular.

However, it’s not as straightforward as opting for the first model you find because there are different types, such as a classic hybrid and a plug-in hybrid. Which one should you choose when it comes down to hybrid vs plug-in hybrid? Here’s our advice.

The differences

As the name suggests, the two vehicles are similar in lots of ways because they use technology that is related. However, there are differences you must be aware of before you sign on the dotted line.

Hybrid cars

Hybrids are famous thanks to the release of the Toyota Prius, the poster boy of the hybrid era. The technology has been around for longer, too, which is why you might have heard of them over plug-in hybrids. Essentially, the key distinction is that a classic hybrid uses an electric motor and a fuel-burning engine to power the vehicle while it’s on the move.

Why? It’s for several reasons, but the main one is that the fuel element of the engine gives hybrid cars more range. This isn’t only because it runs on petrol or diesel, but because the fuel recharges the electric motor when it isn’t in use. Hybrids do this through regenerative braking, where the battery charges up every time you press the brake pedal.

Plug-in hybrid cars

A plug-in hybrid has the same elements, yet it can’t do the same things as a regular hybrid. The reason for this is that the electric power unit in a plug-in model is much larger than in normal hybrids. Therefore, the fuel engine can’t charge it up when it isn’t in use, meaning it must be recharged at a plug-in station like an electric vehicle (EV).

What are the benefits?

Straight away, it’s worth noting that both models enable you to drive using electric power, which is much better for the environment. Hybrids epitomise this as they leverage electricity to reduce drivers’ fuel economy. For example, the electric motor kicks in at slow speeds, such as in traffic or towns and cities, allowing you to get around without using the fuel-burning engine.

However, plug-ins have more electric energy because they need charging directly from an EV charger, which means they can drive longer distances on a single charge. Of course, it takes longer to top up the motor, yet new powerful chargers mean it shouldn’t be longer than twenty-five minutes.

Hybrid vs plug-in hybrid: which is best for you?

The verdict for hybrid vs plug-in hybrid depends on your circumstances. If you require a run-around vehicle for getting around town, a hybrid is perfect as it has a lower range that you can use to complete your entire journey. Plug-in hybrids, on the other hand, use a full electric charge, which means they can go farther for longer and give off very low CO2 emissions.

Whichever you choose, our range of finance options at My Car Credit will ensure that you find the most suitable deal for your needs. With our car finance calculator, you can work out how much your repayments will be to the penny. Plus, finance means you don’t have to save up to land the vehicle of your dreams.

Call us now for more information and to speak to a knowledgeable member of our team!

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Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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?

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.

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Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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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Hybrid or Electric Cars: The Pros and Cons Compared

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.

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Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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!

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ULEVs (Ultra Low Emission Vehicles) in the UK

Man recharges Ultra Low Emission Vehicle in UK

In his first speech as Prime Minister in July 2019, Boris Johnson introduced us to his plan for – amongst other things – the United Kingdom to become ‘the home of electric vehicles’.

… or more specifically: ULEVs. Ultra-low emission vehicles (ULEVs) is a broad term that encompasses a variety of low carbon and zero-emission vehicles. From Nissan Leafs to Teslas, more and more green cars are hitting our TV screens, billboards and motorways. It’s pretty clear the ULEVs are on the rise, but just how feasible is Mr Johnson’s goal for an ultra-low emission future led by the UK?

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X monthly repayments of
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Typical rate

Loan amount

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Representative Example

Borrowing £7,500 at a representative APR of 10.9%, annual interest rate (fixed) 10.87%, 47 monthly payments of £191.50 followed by 1 payment of £201.50 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,702, total amount payable £9,202.

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!

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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?”

A nation of EV enthusiasts

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Whether you cruise along country lanes or speed along urban motorways, if you’re behind the wheel of a car you’re subject to road tax. Brits are a thrifty bunch. As such, it’s no surprise that many motorists take steps to minimise their road tax payments.

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1. Quit idling

2. Carpool

3. Drive less

4. Enjoy a smoother ride

5. Service your car regularly

6. Check your tyre pressure

7. Replace worn tyres

8. Skip the air conditioning

9. Embrace cruise control

10. Clean out your car

11. Choose the right car for your needs

12. Upgrade your vehicle

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