A study by Go Ultra Low has shown that company car drivers could save £7,376 over three years by switching to a 100% electric car.
The figure was calculated by comparing average electric and diesel models and included a benefit-in-kind (BIK) tax saving of £3,974, in addition to an average £3,842 fuel saving over a typical three-year cycle of company car ownership.
New online cost comparison tools on Go Ultra Low’s website provide fuel and tax cost savings for both company car drivers and private motorists.
The cost calculators allow all new petrol and diesel engine cars to be compared side-by-side with every plug-in hybrid and 100% electric car from Go Ultra Low’s supporting manufacturers Audi, BMW, Hyundai, Kia, Nissan, Renault, Toyota and Volkswagen.
Poppy Welch, head of Go Ultra Low, said: “Businesses should not be put off by the upfront purchase price of electric vehicles, but should instead focus on the fantastic savings they offer over the life of the vehicle.
"However, we know that many questions and concerns still remain in regards to electric vehicles and their viability for business.
"That’s why Go Ultra Low has developed a range of tools to offer businesses and drivers the information they need to choose the car that best suits their needs.”
Further cost savings are available through Government grants which provide up to £4,500 off the price of pure electric cars, £2,500 off the price of eligible plug-in hybrid cars, and up to £8,000 off the price of a new electric van.
Consumers can also benefit from up to £500 off the cost of installing an electric chargepoint at their home. Businesses can also take advantage of the workplace charging scheme, which provides grants of up to £300 per charging socket.