As of the 25th October 2021, the ULEZ will be expanding from central London to everywhere within the North/South circular – meaning an estimated 2.5M cars, vans, buses & coaches will soon be liable for the daily £12.50 charge, operating 24/7.
What does this mean for people living, working and travelling within London?
These extended restrictions require all vehicles to follow Euro 6 emission standards for diesel and Euro 4 for petrol. For vehicle owners, this means their car would need to be manufactured after 2005 if it’s petrol, and after 2015 for diesel to avoid paying the ULEZ charge.
Sadiq Khan, who announced the plans, said: “Tackling London’s lethal air and safeguarding the health of Londoners requires bold action.
“I promised hard-hitting measures to tackle our shameful air pollution and today City Hall is confirming the next stage of our plans to expand the Ultra-Low Emission Zone up to the north and south circular roads.”
The impact on commercial vehicles
Roughly 96% of commercial vehicles on the road are powered by diesel, mainly due to a lack of alternative options, but this means around 35,000 vans and 3,000 lorries will be affected by the expanded zone and tighter emission standards. Companies now need to consider the possibility of swapping their fleets to ULEZ-compliant vehicles as the daily charges will add up very quickly, costing on average £3,275 per vehicle per year.
Will your business be effected, and if so, what are your options?
If your company relies on its van fleet to operate sufficiently, a new petrol or diesel vehicle may be the best option. You might even think about going electric, which could save money in other ways. The electric car industry is starting to evolve, with more EV models looking to be a promising alternative to their fuelled rivals.
Could we help you?
Creative Funding Solutions can provide a number of bespoke finance solutions to suit your business needs and help with the transition of your fleet upgrade, whether you are replacing all vehicles or just a proportion over time.
Options for funding:-
• New, used and reconditioned assets funded
• Terms from 12 to 84 months periods
• VAT Deferral
• Credit-Lines arranged
• Zero Deposit Options
• Residual Values/balloon payments
• Fixed/variable rate agreements
• Refinancing of existing fleet
• Invoice Finance
• Business loans
If your company might be affected by the ULEZ expansion, don’t hesitate to speak with one of our specialists for a quick discussion about financing new vehicles or replacing your fleet.
You can call us today on 0330 223 1261.