Looking for a quick round-up of the car news from this week? Here at Nationwide Vehicle Contracts, we've put together the top five car news stories from this week.
This week certainly wasn’t short of car news, with the Chancellor's Autumn Statement, a new land speed record for a production electric car, and a range of cars unveiled to the consumer. Check it all out below.
The impact of the Autumn Statement for motorists
In an attempt to ease the cost-of-living crisis in the UK, newly appointed Chancellor Jeremy Hunt released his plan to rebuild the British economy. But what impact will this have on motorists?
Electric car drivers will pay vehicle excise duty (VED) from April 2025, starting at £10 for the first year, then increasing to the standard rate of £165 a year from their second year.
Electric cars will also be included in the expensive car supplement from 2025, which is £355 a year for cars worth £40,000 or more in their second to sixth year of registration.
The Treasury is also changing Benefit-in-Kind Company Car Tax. Electric and ultra-low emission cars will increase by one per cent each year for 2025/26, 2026/27 and 2027/28. This will max out at an appropriate percentage of five per cent for EVs and 21% for ultra-low cars.
BiK rates on all other vehicle bands will be increased by one per cent for 2025/26, maxing out at an appropriate percentage of 37%.
Lastly, the Government is extending the 100% First Year Allowance for EV charge points to March 2025, ensuring that the tax system incentivises businesses investing in charging points.
2023 Toyota Prius unveiled
Toyota revealed the fifth-generation Prius plug-in-hybrid this week in Los Angeles.
The new Prius marks a significant design and technology shift from the Japanese manufacturer. The new Prius comes with an eye-catching futuristic yet sporty exterior and is only available as a plug-in hybrid.
However, don't get too excited; Toyota has announced that the Prius won't be available in the UK. Toyota emphasised that the dominance of SUVs in Britain influenced their decision, stating that consumer habits have changed since the fourth-generation Prius.
It's a shame the new Prius won't be coming to the UK because its looks and technology are undoubtedly exciting.
Rimac Nevera sets new world record for electric cars
Sticking with the electric car theme, Croatian manufacturer Rimac Automobili broke the world record this week for the top speed of a production electric car.
Their Rimac Nevera all-electric hypercar reached an incredible top speed of 258mph at the Automotive Testing Papenburg track in Germany.
The carbon-fibre Rimac Nevera is all-wheel drive and features four electric motors, providing an astonishing 1,888bhp and 2,360Nm of torque. To add it all off, it can achieve 0-62mph in 1.85 seconds and reach 100mph in just 4.3 seconds!
New Ford Ranger Raptor spearheads launch of famous pickup in Europe
The first customer deliveries of the all-new Ford Ranger are beginning to roll out across Europe, with the Ford Ranger Raptor leading the way.
The high-performance Raptor features a twin-turbo 3.0-litre EcoBoost V6 engine, delivering 292PS and 491Nm of torque. It also has seven selectable driving modes, making it at home in all conditions.
The Raptor is the flagship of the new Ranger generation and the first model to arrive in Europe.
20mph speed limits have little impact on road safety
Researchers from Queen's University Belfast have found that roads with a 20mph speed limit show no signs of an improvement in road safety.
Researchers analysed 76 roads in central Belfast before and after a 20mph speed limit was introduced, and they found no statistically significant long-term differences.
They considered all crashes, casualties, and the average traffic speed and found no significant changes.
The only benefit they found of the roads with a 20mph speed limit was that they experienced less traffic.
Looking for more motoring news? Check out our blogs where we talk about a range of topics, including How To Keep Your Car Safe At Home and 10 Winter Essentials For Your Car.
Nationwide Vehicle Contracts is one of the UKs leading car leasing brokers, featuring a range of leasing deals to suit your every need. Never leased before? Don't worry, leasing may be cheaper than buying thanks to a low initial payment and fixed monthly rentals.
