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Looking to take the plunge into pure electric motoring but, like that first dive into the swimming pool, teetering on the edge?

You are not alone.

It is a big decision but take that leap of faith and come on it. Electric motoring is proving lovely for thousands of drivers on the green road.

Some two-car families, businesses and individuals have dipped their toe in the water by keeping a petrol or diesel-powered estate or SUV and choosing a small electric car as their second car.

EVs, more than capable of long journeys with the public charging network expanding quickly, make ideal runabouts.

Motoring writer Andy Russell said many covered low annual mileage, did short trips and commuting, often in towns and cities, and had enough range to complete the daily mileage on a single charge at home or work.

“I know of a couple who run a diesel Range Rover Velar SUV and an electric Fiat 500e city car,” he said.

“Their plan was for the Fiat EV to be the second car, a runabout for urban driving and short trips.

“But that little Fiat has made a big impression and, as their confidence grows, is doing longer journeys.”

An EV as a second car is a good way to overcome range anxiety by realising how far a single charge goes.

You can also get to grips with using local public chargers – at supermarkets, filling stations or car parks – for a quick top-up knowing you already have enough range to get home.

You can also check out some of the smartphone charging apps to help you locate chargers and pay for charging. Many chargers also allow payments on credit and debit cards.

“EVs are more about that fear of the unknown for many people. Once people have used a public charger or an app, it becomes second nature.

“If you do have a problem, there is usually a phone number and many experienced EV owners are willing to help confused newbies!”

Credo Eco Finance can help you with your best route to acquiring an electric vehicle. With many different products available to find the right solution for you!

Find out how we can help you – call 01603 381955 or email [email protected]

*Credo Asset Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN 670710, authorised for Credit Broking and not a lender. We work with a panel of lenders.

We do not charge you a fee for our services, whichever lender we introduce you to, we will receive commission from. Different lenders pay different commission amounts based on different commission models and different interest amounts.

For transparency we work with the following commission models: either a fixed fee or fixed rate of commission, a percentage of the amount you borrow or rate for risk (this is based on the risk profile of the proposal). Under some commission models that we operate under, the more that you pay to the lender the more that we may receive by way of commission. 

Past, present, future… owning a classic car has timeless appeal.

As the custodian of a piece of motoring history, while enjoying that experience of a trip down memory lane, you are also maintaining it for future generations.

You may be researching your dream drive at classic car shows this season and we can help make it a reality.

Whether updating your classic car, expanding your collection or new to this popular pastime, Credo’s specialist team can help.

With a classic car, you will join a growing band of owners, make new friends and learn new care and maintenance skills.

While many owners put their coveted classics away for winter, some choose to sell after enjoying fun in the sun or change cars so memorable models come on to the market.

If you have always craved a classic car, Credo is here to help you finance your new pride and joy and experience running a classic car which is a sociable pastime with great camaraderie among owners.

It does not need to cost a fortune. There are more than 1.5 million historic vehicles in the UK and half of them cost less than £10,000!

With the classic car market pretty buoyant, it could also be a good investment but the reward of owning a classic can be priceless.

Credo Asset Finance works hard to tailor finance to your personal needs with affordable monthly payments.

Find out how Credo Asset Finance can help you – call 01603 381955 or email sales@credo_admin

*Credo Asset Finance Limited are authorised and regulated by the Financial Conduct Authority (FRN:670710), authorised for Credit Broking and lending.

We may receive commission for introducing you to a lender. Different lenders may pay different commissions for such introductions. The amount of commission is fixed and does not affect the cost of credit.

The cost of living crisis is hitting hard, but for those that are switching to electric cars can be safe in the knowledge that there are some benefits that can save them money.

Pure battery electric vehicles are currently totally exempt from vehicle excise duty. That saves £10 to £2,365 in the first year for a petrol or diesel car, when VED is determined by CO2 emissions, and £165 a year for a conventional petrol or diesel cars after that. If your car has a list price of more than £40,000, you also do not pay the extra £355 for the following five years.

Nor do you pay London Congestion Charge or clean-air zone fees that other cities are introducing.

Company car drivers’ personal benefit-in-kind (BIK) tax rate in the 2022-23 financial year is just 2%, rising to 3% next financial year and 4% the one after. A typical petrol or diesel company car is 25 to 37%.

Electric cars with zero CO2 emissions qualify for first year allowances so businesses can deduct the full cost from pre-tax profits. A £40,000 electric car is worth £7,600 in tax relief. No wonder so many business drivers are switching to pure electric power.

Electric cars are simpler to service, with no combustion engine and fewer moving parts. Maintenance intervals are comparable to petrol and diesel but they tend to cost less.

EV battery technology is now much better, and worries about battery life have diminished, so depreciation on EVs is now similar to combustion models. You pay more for an EV but the latest models will be worth more when time to change them. Leasing and PCPs are attractive for financing EVs and spread depreciation costs.

And there is another reason for going green – the feelgood factor of doing your bit for the environment.

The road to going green is weighing up the short-term costs against the long-term savings for you, your business and the environment.

Why not talk to our friendly advisors at Credo Eco Finance who can help with the figures and talk to you about the choices available to you.

Find out how we can help you – call 01603 381955 or email [email protected]

*Credo Asset Finance Limited are authorised and regulated by the Financial Conduct Authority (FRN:670710), authorised for Credit Broking and lending.

We may receive commission for introducing you to a lender. Different lenders may pay different commissions for such introductions. The amount of commission is fixed and does not affect the cost of credit.

The green revolution is electrifying but will soaring energy prices put people off switching to pure battery-powered cars?

Ask the experts and the answer is a clear no.

Latest figures from the Society of Motor Manufacturers and Traders show electric car registrations rose 71% in the first five month of this year, to 92,512, compared to the same period of 2021 which also saw huge gains.

The Department for Business, Energy and Industrial Strategy says average UK electricity prices were 18.9p/kWh in 2021 but will be closer to 28p/kWh based on the new price caps. That’s nearly 50% more.

So electricity has gone up, and will again, but a year ago the UK average for a litre of diesel was £1.33, now it is £1.88 – up more than 40% – and shows no sign of going down.

It now costs more than £100 to fill the 55-litre tank of an average family car with fossil fuel.

EVs are now a very attractive alternative, and will become the norm for new cars from 2030, particularly for businesses which are playing a big part in driving electric vehicle sales.

Ian Robertson, editor and publisher of Diesel and Eco Car, said: “Relatively speaking, running an electric car, the energy cost is about half the price of running a petrol or diesel car.”

And Ian says an electric car is even more attractive if you can charge it from a home or work wall-charger and take advantage of cheaper off-peak electricity overnight.

As an example he chose the Peugeot 208, a supermini offered in petrol, diesel and pure electric guise, and used manufacturer’s official range and MPG figures.

The 136PS electric e-208 has a 50kW battery, takes around 7.5 hours to charge on a 7kW domestic wall-charger and has a range of up to 225 miles.

The 100PS 1.2 turbo petrol 208 has official combined MPG of up to 56.7 and the 100PS 1.5-litre turbo diesel up to 73.6.

Electricity prices vary by provider and tariff but an EV-focused tariff of 36p per kWh peak rate domestic charging and 4.5p off-peak is a good example. So you are looking at around £18 to fully charge the e-208 at peak times. If you can charge off-peak at 4.5p an hour for five hours that cuts the cost to around £7.

Working on petrol at £1.82 a litre and diesel at £1.88 (the average figure as of June 9), the petrol car would use nearly four gallons to cover 225 miles and cost around £33. The diesel would need just over three gallons so around £25.50.

Official figures are rarely achievable but this is a guide on how an electric car can save you money on fuel costs. The more miles you do the more you save.

Those savings offset the extra cost of the electric model, whether you buy outright or finance with leasing or a personal contract purchase (PCP).

With so many electric car tariffs to choose from, it is important to do your homework to find the best one for you.

Public fast chargers are more expensive, but so is fuel on the motorway, so you might just boost the battery a little to get you to cheaper charging.

Ian said: “Provided you can charge at home, or office, and charge overnight, that is the most efficient way to charge your car.”

You might opt to have solar panels and produce your own electricity to charge your vehicle. A wall-charger is also said to increase the value of your home and make it more attractive to a would-be buyer.

So, if you are delaying switching to electric due to soaring energy prices, hopefully this has given you more reason to consider switching sooner.

Our access to a wide variety of the UK’s biggest competitive lenders will ensure that we will find a great finance deal for you, saving you money and offering you a completely hassle-free experience.

Find out how we can help you – call 01603 381955 or email [email protected]

*Credo Asset Finance Limited are authorised and regulated by the Financial Conduct Authority (FRN:670710), authorised for Credit Broking and lending.

We may receive commission for introducing you to a lender. Different lenders may pay different commissions for such introductions. The amount of commission is fixed and does not affect the cost of credit.

Credo were delighted to be announced as winners of the Leasing World Customer Service Excellence Award for Community and Charity Support.

We were asked to ‘Demonstrate an innovative approach in fundraising to greater success, encouragement of teamwork and staff engagement to drive fundraising efforts, fundraising for supported charities or local community, and involvement with charity initiatives of customers.’

Over the last 3 years Credo have been Charity Partners with the Community Sports Foundation, a local charity that help disabled and disadvantaged people in the community, and have raised nearly £150,000.

Our recent event named the ‘Credo Canaryball Rally‘ was a huge success and the judges were very impressed with not only the event itself, but how Credo had such an involvement with the Charity.

The Credo team love to get involved with fundraising events, and in the next few weeks we will be taking part in a 5-a-side football tournament, a coastal challenge (22 mile walk) a marathon and the Three Peaks Challenge, all in aid of the Foundation.

Thank you Leasing World for a wonderful evening of celebration.