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Electric Cars
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The projected fall in income from VED and Fuel Duty has already led the government to announce it will introduce an Electric Vehicle Excise Duty (eVED), a new mileage charge for electric and plug-in hybrid cars, with effect from April 2028. This will see drivers will pay for their mileage alongside their existing VED.letthegoodtimesroll said:
Not that there is sufficient electricity generation capacity, especially given AI is probably going to take up a lot of it for the foreseeable future until we magically have loads of new nuclear reactors built and online, but once ‘too many’ vehicle drivers switch away from from oil based fuel then the UK Government revenues from its extortionate taxes on petrol and diesel will have to be replaced with increases to its extortionate taxes on the alternative fuel, ie VAT on electricity. Those claims about how cheap an electric car journey is might no longer be repeated so often, even sooner if Trump bombs Iran back to the Stone Age or withdraws without the Strait being reopened.MarcusH26 said:
The local car auction place down here apparently can't get enough EV stock quick enough for the demand. Not sure it will change much in terms of residuals but there's definitely been an uptick in demand for EVs in the current climateDamoNorthStand said:Wondering if the terrible residuals on second hand electric cars will start to improve in the current climate now?
The tax paid by EV drivers will be around half the fuel duty rate paid by the average petrol/ diesel driver, with a reduced rate for plug-in hybrid drivers. When eVED takes effect in April 2028, an average EV driver will pay around £240 per year or £20 per month.0 -
You can have too many controls on a steering wheel.1
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I’m only 70 years old. I probably would have to live at least another 70 years before I’d ever meet that ‘average’ tax paying person the Chancellor of the Exchequer bases his or her projections on to fool enough people into thinking it won’t be as expensive for them as it really will be.Fortune 82nd Minute said:
The projected fall in income from VED and Fuel Duty has already led the government to announce it will introduce an Electric Vehicle Excise Duty (eVED), a new mileage charge for electric and plug-in hybrid cars, with effect from April 2028. This will see drivers will pay for their mileage alongside their existing VED.letthegoodtimesroll said:
Not that there is sufficient electricity generation capacity, especially given AI is probably going to take up a lot of it for the foreseeable future until we magically have loads of new nuclear reactors built and online, but once ‘too many’ vehicle drivers switch away from from oil based fuel then the UK Government revenues from its extortionate taxes on petrol and diesel will have to be replaced with increases to its extortionate taxes on the alternative fuel, ie VAT on electricity. Those claims about how cheap an electric car journey is might no longer be repeated so often, even sooner if Trump bombs Iran back to the Stone Age or withdraws without the Strait being reopened.MarcusH26 said:
The local car auction place down here apparently can't get enough EV stock quick enough for the demand. Not sure it will change much in terms of residuals but there's definitely been an uptick in demand for EVs in the current climateDamoNorthStand said:Wondering if the terrible residuals on second hand electric cars will start to improve in the current climate now?
The tax paid by EV drivers will be around half the fuel duty rate paid by the average petrol/ diesel driver, with a reduced rate for plug-in hybrid drivers. When eVED takes effect in April 2028, an average EV driver will pay around £240 per year or £20 per month.0 -
To add a back of the envelope calculation to this, fuel tax revenues are worth around £25 billion to the Exchequer. Lose say half of that to EVs and ‘pennies per mile/journey’ costs for an EV and low eVED rates just doesn’t add up.0
