Part 4/7:
The Financial Implications for Premium Electric Vehicles
The most notable adjustment arrives for new electric cars with a purchase price exceeding £40,000. In addition to the first-year road tax of £10, owners will incur a supplementary tax of £410 for the following five years.
This means that after the initial first-year charge, owners of premium electric vehicles could be looking at a total tax liability of over £600 yearly for the first five years of ownership. After this period, the cost will revert to the standard £195.
For example, if you purchase a Tesla Model 3 at a price above £40,000, your financial obligations would be structured as follows:
Year 1: £10
Years 2-6: £600
Year 7 Onward: £195