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Budget-conscious buying: Finding the best EV finance deal for you

The team at Bluestone Motor Finance weigh in on searching out the best deal.

Considering buying a new car soon? Here’s the team at Bluestone Motor Finance on the benefits of choosing an electric vehicle – and a new finance option with a 0% deposit.

While the government has moved to reduce excise duty on petrol and diesel in the face of surging costs that led to record highs in recent weeks, many people are considering a change of car or van to reduce their outgoings.

The key areas people should consider when it comes to cutting their motoring costs are; something smaller, more economical, in a lower tax and insurance bracket and potentially something greener, like an electric or hybrid car. Add in reliability, and the choice could well be something newer, covering as many of the costs as mentioned earlier.

In January, the government announced that electric vehicles (EVs) were more than 70% cheaper to run than diesel or petrol cars. Since then, we all know that fuel and utility prices have risen. Nevertheless, significant running costs savings remain very valid. However, there is a twofold challenge in switching to an EV, the cost – they are significantly more expensive than a comparable petrol/diesel car and the long lead times. Added to this is the inevitable concern of range anxiety and the country’s EV charging infrastructure.

Prices rising across the board

Lead times are an issue for all new cars right now. Broadly a wait time of more than six months and even longer is common; it is a problem created by a worldwide shortage of essential microchips. It is something that is likely to worsen in light of the situation created by Russia’s invasion of Ukraine.

The demand for used cars has risen over the last eighteen months, pushing prices ever higher, and so it seems many people are taking a ‘cashflow’ view of their next purchase, as Donal Murphy, Managing Director of award-winning Bluestone Motor Finance, one of Ireland’s leading motor finance specialists observes;

“The pandemic naturally made people cautious when it came to monthly budgets, reappraising many parts of their monthly expenditure. The rising cost of motoring, along with other cost of living increases, sees people assessing their outgoings once again. While buying an older, cheaper car is a possibility that some are taking, the other choice is to go newer.

“Availability of pure electric used vehicles is limited, but accessing hybrids, whose electric-only option will suffice for all or some of peoples’ commutes or local driving needs, is a viable choice. Naturally, looking at more economical petrol/diesel options is also an alternative.

“The appeal of lower running costs and enhanced reliability (so less chance of unwanted major repair bills) is something many people are achieving by spreading the cost using finance for an extended period. For example, on new to three-year-old cars, we can offer finance for up to 72 months with our Arrive & Drive finance offering launched at the start of the year. It makes having a newer, often more economical car more affordable for an increasing number of people.”

Arrive & Drive is available at dealers across Ireland and is available for people with an established credit record looking to purchase a vehicle up to three years old with under 100,000 KMs, including hybrid and electric vehicles. The benefits include:

  • 0% deposit
  • Terms up to 72 months
  • Decisions in under 30 minutes

Even if Arrive & Drive is not the most appropriate option for all potential buyers, Bluestone offers a hybrid, fintech and personal approach to motor finance which is helping more people across the credit spectrum get behind the wheel of their next car or van. Donal concludes;

“As we have proved over many years, we are exceptional at making customers’ car and van buying dreams come true. Even if an applicant has a complex or limited credit history, our combination of leading-edge technology and a human touch can make more approvals happen, including for self-employed people.”

Find the motor finance solution for you at Bluestone’s network of over 650 dealers and digital partners.

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