Fleet News

Electric vehicles added to Ogilvie True Cost matrix

Ogilvie True Cost (OTC) matrix, which is used by hundreds of fleets set their company car policies, will now include electric vehicles (EVs).

OTC takes the whole life cost calculation to the next level by precisely representing actual costs associated with the operation of individual vehicles allowing a far more precise comparison to be made between different models, says Ogilvie.

The new calculation for EVs starts by calculating key information such as electric range, battery capacity and the cost of electricity - currently around 15p per kW/h in the UK.

It then includes the critical costs associated with National Insurance Contributions (NICs) and then applies the relevant corporation tax savings to actual and direct fleet costs before adding back in any applicable lease rental restriction.

Ogilvie says that this builds up an extensive picture of each company vehicle enabling companies to make the best possible decision for their businesses.

The leasing company says that it can construct an entire car policy using OTC as well as providing a full, bespoke, online quotation system that allows drivers to select only those vehicles that fall within their OTC band.

This is becoming typica for the majority of Ogilvie clients operating more than 50 vehicles, it says.

“The company vehicle landscape is changing very quickly which has made it more difficult for fleets to compare models with different engines like-for-like,” explained Nick Hardy, Ogilvie’s sales and marketing director.

“Our True Cost matrix provides a new level of data for fleets that will enable them to make more informed decisions on car choice. This takes our True Cost matrix to another level.”

The example below shows the OTC monthly breakdown for the petrol Kia Niro and the fully electric Kia e-Niro based on a four year 80,000-mile contract.

Click here for electric cars and hybrids best practice and procurement insight

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