Introduced by the government, the Plug-in Car Grant (PiCG) offers subsidies, or grants, on certain electric vehicles.

The grant was created in 2011 to make electric vehicles more appealing and affordable to consumers and was originally intended to end in March 2020.

However, in March, it was announced that the scheme would be extended until the 2022-23 financial year, albeit with a slight change.

The maximum discount a buyer is now able to receive is £3,000, or 35% of the car’s value, whichever is lower.

This is on top of the free road tax for both private and company buyers and with the upcoming introduction of green number plates, drivers will enjoy reduced price in parking.

Cars that cost more than £50,000 are no longer part of the grant and for those cars that range across the £50,000 threshold, only the cheaper models will be applicable for the discount.

For a vehicle to meet the grant, it needs to fall into Category 1 of the government’s EV vehicle list. To do this, it needs to get 70+ miles of range and have CO2 emissions of less than 50g/km.

Should the vehicle fall into Category 2 or 3, it won’t be eligible for the PiCG grant but will qualify for the Electric Vehicle Homecharge Scheme which means the government will pay for a charger worth up to £500 to be installed at your home.

If you’re looking to purchase a new electric vehicle, you can view the ones we have in stock by visiting www.mafleasing.co.uk, emailing info@midlandsassetfinance.co.uk or filling in a contact form here.

 

Finance Request