Plug-In Ev Government Grant Falls In Value

Plug-In Ev Government Grant Falls In Value

by Becky Harrison |
posted 23 March 2021

The grant scheme for electric carsvans and trucks has been updated to target less expensive models and to reflect the greater range of affordable vehicles which are now available, allowing the scheme’s funding to go further and help more drivers make the switch to an electric vehicle.

From 18th March, the government will provide grants of up to £2,500 for electric vehicles on cars priced under £35,000. This will mean the funding will last longer and be available to more buyers. Grants will no longer be available for higher-priced vehicles, typically bought by drivers who can afford to switch without a subsidy from taxpayers.

The number of electric car models priced under £35,000 has increased by almost 50% since 2019 and more than half the models currently on the market will still be eligible for the grant, including spacious family cars, such as the Hyundai Kona 39kWh and the MG ZS EV.

Government measures to encourage people to switch to electric vehicles are also working, with nearly 11% of new cars sold in 2020 having a plug. This was up from just over 3% in 2019 – and battery electric car sales almost tripled over that same period. The plug-in vehicle grant scheme was renewed last year, with £582 million of funding intended to last until 2022 to 2023.

 

valuation


Becky Harrison
Becky Harrison

Becky is part of the marketing team here at Money4yourMotors. Becky oversees a wide range of marketing activities including social media and content creation.