Government Announces Changes to the Plug-in Car Grant

The Government has today announced changes to the Plug-in Car Grant Scheme, including its extension until 31^st March 2018, with new rules coming into force 1^st March 2016.

Currently, buyers of cars eligible for The Grant can receive up to £5,000 off the selling price. From March 2016 this will change, with two different bandings in place:

Category 1 Vehicles – These are cars have a zero-emission range in excess of 70 miles and includes fully electric cars as well as those powered by Hydrogen. Category 1 vehicles will be eligible for a £4,500 grant.
Category 2 & 3 Vehicles – These are cars with a zero-emissions range of less than 70 miles, such as plug-in hybrids. These cars will be eligible for a grant of £2,500, half of what they are currently entitled to. In another change, Category 2 and 3 vehicles with a list price of over £60,000 will no longer be eligible for the grant.

Transport Minister Andrew Jones said: “The UK is a world leader in the uptake of low emission vehicles and the plug-in car grant has been key to that success. Extending the grant in a sustainable way ensures more than 100,000 people will benefit from financial support when purchasing these cheap-to-run and green cars. We are determined to keep Britain at the forefront of the technology, increasing our support for plug-in vehicles to £600 million over the next 5 years to cut emissions, create jobs and support our cutting-edge industries.”

The grant was created in 2011 to encourage sales of ultra-low emission vehicles (ULEVs) and has been instrumental in the UK becoming the biggest ULEV market in the EU, and the fourth largest in the world. Some 50,000 people have already benefited from the grant.

Smiths Motor Group are proud to be able to offer the two bestselling, 100% electric vehicles in the UK – Nissan’s LEAF and Renault’s ZOE – at our Nissan and Renault dealerships located on Bretton Way in Peterborough.

Both of these cars will continue to benefit from the highest level of Government Grant once the changes to the scheme come into effect next year.

Click here to find out more about Renault ZOE | Click here to find out more about Nissan LEAF

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Reg Office: Sturrock Way, Bretton, Peterborough, PE3 8YL

Reg. Company Number: 359860

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Financial Disclosure

F.P. Smith Holdings (Newark Avenue) Limited, F.P. Smith Holdings (Ilkeston) Ltd, and F.P. Smith Motors Ltd are Appointed Representatives of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows F.P. Smith Holdings (Newark Avenue) Limited, F.P. Smith Holdings (Ilkeston) Ltd, and F.P. Smith Motors Ltd to act as a credit broker, not as a lender, for the introduction to a limited number of lenders and to act as an agent on behalf of the insurer for insurance distribution activities only.

We can introduce you to a selected panel of lenders, which includes manufacturer lenders linked directly to the franchises that we represent. An introduction to a lender does not amount to independent financial advice and we act as their agent for this introduction. Our approach for a new car purchase is to introduce you first to the manufacturer lender linked directly to the particular franchise you are purchasing your vehicle from, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions. If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make the next best offer of finance for you. Our aim is to secure the best deal you are eligible for from our panel of lenders. Lenders may pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow.

Different lenders may pay different commissions for such introductions, and manufacturer lenders linked directly to the franchises that we represent may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement, all of which are set by the lender concerned. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over. Guarantees may be required.

In the event of disputes we are unable to resolve the Retail Motor Industry Federation (RMI) National Conciliation Service will offer free impartial advice and when appropriate an Alternative Dispute Resolution (ADR) service that we are fully committed to. For further information you can visit their website at www.nationalconciliationservice.co.uk or call 01788 538317.

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Government Announces Changes to the Plug-in Car Grant