Finn Donaldson
01 May 2023
Our clients here at Pike + Bambridge have asked us for the best advice on how to step into Plug-In Hybrid (PHEV) vehicles and identify the leading options to take advantage of the benefit-in-kind (BIK) benefits through their businesses. With the new taxation laws on ultra-low emission vehicles now confirmed through 2028, there is no better time to make the move.
The BIK rates start at 2% for fully electric vehicles. There are four additional bandings up to 14% based on the “electric-only” range of your vehicle. We are now witnessing PHEV vehicles with electric ranges of up to 80 miles. An example of this is the Mercedes GLC, which Mercedes released in March 2023.
To simplify, our team of ‘Mavens’ has compiled a list of the top 5 PHEVs for your consideration. These cars strike a balance between our core brands’ offerings. They feature the best pricing in the current market, along with our personal favorites. Take a look at the list below:
1. Range Rover Sport P440e PHEV:
Arguably the king of SUVs, the Range Rover Sport combines style and luxury, showcasing what Range Rover does best. With an electric-only range of 70 miles, it falls into the lowest banding of 5% BIK, making it an excellent proposition for a company car. Range Rover offers a range of specifications from SE to Autobiography, allowing for utility and personalization. However, note that the latest version has seen a price increase. Nonetheless, strong residual values have led to attractive lease pricing.
2. Mercedes GLC300e AMG Line:
If you prefer something more compact, the Mercedes GLC 300e is the ideal choice for a Plug-in Hybrid. It offers the benefit of a 5% BIK. With an impressive electric-only range of 80 miles, many clients may rarely need to use the petrol engine. Like all the latest Mercedes models, it features updated technology and high-quality interior, providing premium creature comforts.
3. Mercedes C300e AMG Line:
If an SUV isn’t your preference, no problem. The C300e is a beautifully designed executive saloon and one of the first in the Mercedes lineup. With an electric-only range of 62 miles, it falls within the 8% BIK banding. The C-Class is designed with quality and refinement in mind. It gives a sense of being a class leader when compared to its competitors.
4. Lexus NX 450h+:
Lexus has always been a market leader in the Mild Hybrid segment, and their entry into the PHEV market is no exception. If you’re seeking a premium marque with a touch of quirkiness, the Lexus may be the perfect fit. It boasts great styling both inside and out, with ample scope for personalization. With 40 miles of electric-only range, it falls into the 8% BIK bracket and offers the benefit of a 550-mile fuel tank.
5. Q5 50 TFSIe:
Last but certainly not least, Audi was one of the early adopters of the PHEV market, taking advantage of the taxation benefits. With an electric-only range of 37 miles, it falls into the 12% BIK band, making it slightly less attractive compared to others on this list. However, the Q5 provides the broadest range of specification options, from the base Sport to the Vorsprung edition. Furthermore, its lead times are much shorter compared to the aforementioned models.
Want to learn more?
To obtain further information on the benefits of using a Plug-in Hybrid vehicle for your business, please get in touch with our team.
Over the last 8 years, P+B have helped over 5000 professionals make the process of buying their next car simpler, faster, and far more personal. What is more, we’ll offer you fanatical support throughout the length of your contract.
