Business owners make many decisions for their respective companies. However, they also need to demonstrate good judgement in their personal lives, too.
Prolific entrepreneurs come under scrutiny for making questionable choices quite regularly. Even if you’re the business owner of a more humble enterprise, SMEs are the backbone of the economy, and there will be people who expect you to adhere to higher standards and principles.
Driving an electric vehicle (EV) is a great way to meet the expectations others set for you. However, there are many other perks to speak of too. Keep reading for a breakdown of all the reasons you should drive an EV as a business owner.
EVs can be more expensive to purchase compared to their traditional counterparts. That said, buying your car outright isn’t always necessary, either.
Firms like ElectriX can help you with securing quality lease deals. They’re not a lender, but they work with other entities to present a wide range of stock available in 12 weeks. Moreover, there’s a quiz on their site that can help you decide whether an EV is right for you, and they share all the details you need to know so you can make an informed decision. As a business owner, you’ll want to do things by the book, and ElectriX will ensure that happens and protect your interests.
Some leasing arrangements also give you the option to buy the car at the end of the deal. You could make that decision if you’ve grown fond of how your EV handles and operates. It’s also a great way to schedule the purchase costs more affordably. Of course, you can give the EV back if you’d prefer and try another under a new lease agreement.
Benefitting From ULEZ Tax Exemptions
The Ultra Low Emissions Zones (ULEZ) in London have been widely reported. The idea is to exempt EV vehicle drivers from paying additional taxes in these areas. Because the initiative was so popular and promising, the zone expanded in 2022, covering more of the Greater London area.
However, there’s the potential for things to keep on growing. In late 2021, it was reported that 15 other cities had plans to introduce ULEZs of their own. London only started with these efforts in 2019, and Birmingham became the first city outside of it to introduce a Clean Air Zone that charged drivers. Things are moving fast here, and the need for reduced emissions and clean air keeps growing.
Firms need to save money wherever they can. Such goals have never been important during the cost-of-living crisis, which affects firms too. Many business owners also dream of locating their business in a densely populated city. Avoiding these extra charges can take you one step closer to establishing a base in these areas.
Receiving Further Tax Breaks
ULEZ tax exemptions are a great benefit. However, you don’t have to be located in a city for EV-related tax breaks.
Benefit-in-Kind (BIK) taxation allows company car drivers to save on tax. However, these measures greatly favour electric vehicles too. Cheaper rates are available to those with lower CO2-emitting vehicles, so if you’re using an EV for strictly business purposes, you stand to save more too.
As an EV owner, you’d also be exempt from road tax until 2025. It’s a limited window on that front, but it’s better than paying now. The best business owners seize their moments of opportunity, which is undoubtedly one of them.
Moreover, it’s likely that all the tax breaks will generally fade over time as EVs become more commonplace. Therefore, it’s best to act quickly if you’re able. Until things likely start to change, all the money you save can be channelled into your business.
Cutting Maintenance Costs
Even smaller savings can have a large impact on business prospects. EVs make that possible due to their lower maintenance costs.
Generally, recharging an EV is much cheaper than refuelling a petrol or diesel car. EVs also have fewer components, which makes the need for repairs less frequent. Even the motors and batteries have fewer parts within them than some might expect.
Unfortunately, affordable maintenance costs don’t typically translate to insurance as well. This is because EVs typically cost more to purchase and cover additional vehicle components, such as the battery. Depending on the tech installed in the EV, there may also be expenses around things like software updates, too. Still, the long-term savings are enough to outweigh the additional expenses long-term, more than offsetting these costs.
Better Safety For Yourself and Others
Electric cars are built to improve the well-being of those who drive them and anybody nearby. As a business owner, you’d surely want to protect your colleagues in such a fashion.
Of course, there’s the obvious point that EVs don’t have the same exhaust omissions that their regular counterparts do. Not only does this help the environment, but it also maintains clean air for others to breathe.
EVs typically have a stronger framework, greatly reducing the risk of explosions and subsequent fires. Many EVs also have a lower centre of gravity, which makes it more difficult for the car to roll over. They may also come with numerous other safety features that are being rolled out today, as EVs are newer entries in the auto market. These extra assurances can be comforting if you partake in a company carpooling scheme or drive others to work-related events like conferences and staff socials.
A Quieter Driving Experience
Some EVs are practically silent as they’re driven. It’s a far cry from the usual chugging engine of a petrol and diesel vehicle.
It’s important not to underestimate the perks of this quiet. After all, business owners don’t often get a lot of peace in their daily routines. As the driver of an electric vehicle, your time behind the wheel can become more relaxing and serene, which is a big deal if you’re often feeling stressed and overworked, which many business owners are today.
You’ll also enjoy other aspects of the car journey more when quiet. If you’re taking hands-free business calls while driving, you can focus better and experience fewer disruptions. If you’ve taken a client out to lunch, your conversations won’t have irritating background noise.
Embracing the Future
There’s a planned ban on the sale of new petrol and diesel cars in 2030. The deadline might seem far off, but it’s edging closer quickly.
Moreover, over half of young drivers are also estimated to switch to EVs in the next decade. These numbers will also continue to grow as the urgency around sustainability builds. The youth care deeply about these issues today, which is significant, as they’re also the future of the workforce. These values have to be respected.
Today, and in the coming years, promising talent will reject job opportunities from businesses that don’t value sustainability. While driving an EV as a business owner isn’t enough to change these perceptions alone, it’s still a viable way to set a good example to those around you and communicate that you share their values. It reflects positively on your judgement and your consideration of others.
Moreover, firms have to keep charging ahead into the future. There’s no room for half-hearted measures. Even minor contradictions and hypocrisy can undermine the message you’re trying to send. If your firm has eco-friendly measures, but you’re pumping out untold emissions in a flashy sports car, it can compromise the goodwill you’re trying to establish.
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