6 Ways to swap to a greener Car sooner

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A third of people in the UK are planning to replace their current vehicle with an EV according to the Office for National Statistics.

If you are one of them and you would like to do that sooner rather than later, this article is for you. In it, we reveal six ways to potentially do that.

1. Consider using a Personal Contract Purchase (PCP)

If you don´t have enough or a deposit, take a look at the Personal Contract Purchase (PCP) model. With this approach, you do not always need to pay anything upfront. Often, the monthly payments are lower than they are for a High Purchase (HP) transaction.

This is because with PCP payments you are only paying for the depreciation of the vehicle. At the end of the contract, you do not actually own the car. You can return it if you like or pay a lump sum to keep the vehicle and become its full owner.

Of course, there are pros and cons to this form of finance, so it is important to do your research and make sure that it is right for you.

2. Take full advantage of discounts and grants

At the moment there are not many grants available from the government, but that could change. Keep an eye on the news and articles published here and be ready to buy when you see an opportunity.

The offers don´t last long and normally grants disappear after a year or two. For example, the UK´s Electric vehicle charge point grant for renters and flat owners is due to close on 31^st March 2025. As a result, you need to review the situation regularly.

3. Consider buying 2^nd hand

According to the Society of Motor Manufacturers and Traders (SMMT), sales of used electric vehicles are rising. As more become available prices are starting to drop. Now that more time has elapsed it is easier to work out which models are most likely to be problem-free.

4. Keep an eye on the market

In the UK, the cost of buying an EV is falling and doing so much faster than most people realise. In the UK, the price of popular EV and hybrid models in Q4 of 2023 was £20,392 – down from £21,673 in 2022. The price of the Nissan Leaf has dropped by 13.5% in just one year.

With more Chinese manufacturers entering the UK market you can expect prices to fall even faster. Keep a particular eye on MG, they are within a whisker of competing with fossil-fuelled cars.

5. Sell what you have and buy a car that is cheaper to run

If your budget won´t quite stretch to an EV consider selling the car you have and buying a cheaper one. You can put the money you have leftover into a savings account and earn a little bit of interest.

Try to buy a replacement car that is cheaper to run too and put that money aside. Doing this will bring the date you can afford to buy a greener vehicle forward by several months.

6. Use alternative modes of transport more

You may be able to save a bit more money by using your existing car less. Switching to a push bike is a good way to do this. With the added benefit that it is good for the planet and will improve your fitness levels.

If that does not appeal to you, look at the idea of an electric bike. Journeys that would have been too long or tiring on a pedal-powered bike may be within your capabilities on an electric one.

It is also worth investigating car sharing. If you don´t fancy sharing with strangers try making mutually beneficial arrangements with people at work or your child´s school. You will be surprised by how willing people are to give car sharing a try when they know in advance who the other passengers will be.

All the above suggestions are practical and easy to implement.