London taxi fleet expert warns of imminent end to Plug-in Taxi Grant and why cabbies should buy now
A London taxi fleet expert has raised concerns about the potential discontinuation of the Plug-in Taxi Grant (PiTG) after March 2024. In a column featured in TAXI Newspaper, the expert expressed surprise at the lack of publicity surrounding the uncertainty of this vital government grant.
Administered by the Office of Zero Emission Vehicles (OZEV), the PiTG significantly reduces the price of new cabs by £7,500 at the point of sale. Its termination could drastically increase the cost of acquiring new environmentally friendly taxis.
The London Taxi Drivers' Association (LTDA) has confirmed that the future of the grant is yet to be decided and is actively lobbying for its continuation. However, with the Government's focus on 'levelling up' regions outside London, maintaining the grant, primarily used by London cabbies, could prove challenging.
The expert speculated that the Government's wavering commitment to net zero targets and the delayed ban on petrol and diesel cars make the grant's extension beyond March 2024 unlikely. This creates a pressing situation for taxi drivers contemplating new vehicle purchases.
The taxi fleet expert said: “If you are ordering a new cab, thinking about it, or possibly just pondering what to do next year, (even very late next year), it might be wise to bring the purchase of your new cab forward, and potentially save yourself £7,500!
“I am telling all the fleets the same thing. So be you a musher or someone with five, ten or more cabs, think seriously about how much it could cost you if you hesitate or delay past March.
“Whether LEVC can supply enough cabs to beat the deadline is unclear, along with how an exceptionally high new sales month will impact on second-hand sales, but as always planning is key.
“If you order a new cab ASAP, get an agreed part exchange price and the finance in place, you will be better off than someone who walks through the dealership door in Mid-February, rushing to order a cab, sell the existing one and get it all sorted before anything changes.
“You never know, I might be wrong, but what I do know is once it’s gone, it will probably be gone for good.”
