Top Reasons Car Buyers Want Electric Vehicles
Electric Cars are cheaper to run and maintain
Regardless of where you stop to plug in your Electric Vehicle and charge your battery, the cost would be much less expensive compared to the price of filling up a car with Petrol or Diesel. As the electric car does not have a typical combustion engine, the cost to main the vehicle is much lower also. Even if electric cars are a bit pricier than conventional vehicles, you get to cut typical car maintenance expenses and spend less money overall.
Better for the Environment
When more car buyers choose electric vehicles over conventional combustion-engine cars, it means less air and noise pollution in many cities in the UK. With an electric car, you still get to enjoy the freedom and convenience of having your own vehicle but without harmful exhaust emissions being released into the atmosphere.
Car Finance for Electric Cars
Hire Purchase
Hire purchase car finance is the most popular choice when it comes to financing an electric vehicle. The cost of the vehicle will be spread over a certain period such as 36 months (3 years). Once you have made the final payment, you will own the vehicle outright. You can put in a deposit to borrow less from the lender.
Personal Contract Purchase
You can choose a personal contract purchase finance agreement. This one has lower monthly payments compared to a hire purchase deal.
However, when you reach the end of your contract and you’ve decided that you want to own the car, you would have to pay a Minimum Guaranteed Future Value (MGFV) payment. This is completely optional because you also have the choice to return the car and you don’t have to pay for anything anymore. Just make sure that the car doesn’t exceed the mileage limits and it’s still in good condition.
Ready to get an electric vehicle?
With Prestige Car Finance, you can drive your dream electric car. Be sure to complete our finance application form to see if you qualify for financing an Electric Vehicle. The application form takes no longer than 5 minutes! Click here!😃
Representative Example
Kia Soul Electric Hatchback 150kW First Edition 64kWh – 2020(20 reg) – Mileage 6613
Total Cash Price: £33,295.00
Deposit: £3,329.50
Amount to Finance: £29,965.50
Term: 48 months ( 4 years)
Annual Mileage: 10,000
Monthly Payments: £541.97
Guaranteed Minimum Future Value (GMFV): £11,793.75
APR: 8.90%