Car Policy Evolution

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Is your fleet ready for change? It ought to be. Compared to the relative stability of recent times, the next few years are going to be fast-moving.

New policies and developments are coming at us all the time. Some of these we can’t yet predict: for example, Theresa May’s Government is currently reviewing Company Car Tax for 2021 and beyond. But others we know about:

 

 

 

  • Benefit-In-Kind rates. The rates up to 2019-20 have been revealed – and they’re all going up. A diesel car emitting 100 gCO2/km currently pays a 20 per cent rate; this will rise to 27 per cent in 2019.
  • Vehicle Excise Duty. A new system of VED will be introduced in April 2017. Like BIK, this will depend on a car’s CO2 emissions, but will generally mean higher costs for all
  • Fuel costs. Pump prices are rising again as oil recovers and the pound falls. In the last six months, a litre of unleaded has gone up by 9 pence. The new Chancellor might soon increase fuel duty too.
  • Alternatively-Fuelled Vehicles. Many of the policies mentioned above will incentivise the uptake of AFVs. So will others, such as London’s Ultra-Low Emission Zone. The vehicles themselves are becoming more affordable and effective.
  • Residual values. With more new vehicles being registered than ever before, the residual values of used vehicles are under increasing pressure. This affects the Whole Life Cost of your fleet.
  • The wider economy. Whether it’s Brexit or the new Government’s fiscal policies, there is much uncertainty about. Your fleet needs to be ready to weather any storm or seize any opportunities.

 

Thankfully, we at Hitachi Capital Vehicle Solutions have the expertise and people to help you prepare for the future. Our consultancy team knows that every fleet is different. They are ready to tailor a solution for you. Please call them today on XXXX.

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