Pro's and con's for buying an electric vehicle
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Just out of interest Malcolm, is the Tesco credit card really zero percent. I must admit to not being up on all the deals, as I pay it off each month. However, all the junk mail I get trying to induce me to sign up to various cards, says the zero percent is on the balance transfer, not new spending.
Are there actually cards that give zero percent on new spending?
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Yes, mine does. I have had it for several months now and have not been charged a single penny in interest. I've used it for balance transfers, money transfers and purchases, all interest free. I pay the minimum payment each month by direct debit.
My Barclaycard is different. I have used it for money transfers and balance transfers interest free but if I use it for purchases as well, they start charging interest from the day the card is used for the purchase. So I don't use it for purchases at all.
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ANY card will give zero percent on everything if you pay it off in full each month.
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I had no idea.😖
Just had a look at the Tesco website 12/15 months interest free on both transfers and new purchases, depending on which card you take out. However, then 20.6 / 18.9% interest.
No wonder some young folk end up so deep in the mire. Buy something with the intention of paying it of within the zero % period. Hit difficulties and get hammered by 20% interest.
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Last year my eldest obtained a card that meant 12 months no interest credit. She was 'between jobs' and so was time rich and no income. As she has plenty of funds that were tied to bonds etc she chose to borrow money to carry out some home improvement/decorating/carpeting etc. Paid of when one of the bonds matured.
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Savings for now, brue, but the Gov't will have to raise the £28billion a year that it collects from vehicle pump fuel........plus the reduction in VED income (currently £4 billion p.a.) from an increasing number of exempt EV's.
From The Guardian..........
The switch to electric cars poses a big financial problem for the government – because every time a driver switches from a petrol or diesel car to an electric vehicle, the government loses 57.95p per litre in fuel tax at every fill-up.
In total, duties on petrol and diesel add up to almost £28bn a year for the exchequer. Worse for the chancellor of the day, petrol and diesel sales make a contribution to VAT. VAT is charged at 20% of the wholesale price plus the duty, which equates to 16.7% of the final price. That’s a form of double taxation and explains why more than 65% of the cost at the pumps goes to the exchequer.Garages may well be staffed largely by chaps in white coats with multi-meters. Electric motors are unlikely to be repaired on site but exchanged for rebuilt units. It'll be an interesting challenge.
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Spriddler, it looks like the thinking is a mileage tax for everyone in the future. Edit. The gov are already facing bills for health related pollution problems etc. and they have been forced by the courts to speed up the process in reducing pollutants, so even hybrids help in this respect.
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They will probably add to the mileage tax with a "stay where you are" tax as well.
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It can still give you zero percent even if you don't pay it off each month. Mine does!
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. . . .and paying twice - unless you never go back!
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You mean more toll motorways, SteveL?
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Those as well Malcolm. They would attract a premium. However, I would see all travel in your vehicle being chargeable, probably utilising some GPS based system linked into the mobile network.
As you move along the GPS would determine what road you are on / time of day and communicate this via 4G, either directly or in a burst when in range. The system would then determine the charge. So country lanes low rate, trunk roads higher. Specially built motorways like the M6 toll astronomical.☹️
A full system would take many years to integrate though. So may not concern us.
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One of our friends who is here with us is a London black cab owner driver,(arrived yesterday) the conversation got round to the EV black cab as the chinese company that owns volvo and the black cab manufacturer, are no longer making diesal cabs,but hibrids, as the infrastructure for fast charge of EVs in London is many years away it would need another power station ,and most charging points that are available are low Kw output whch would not be viable for cab charging when they can be doing 40,000 miles a year
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See here JVB, London Transport (grants for EV taxis etc.)
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