Two!? I'd have something different.

Daughter car & her parents car and just part of a fleet. 

When money is not an issue you can have whatever you fancy and especially if they are no cost motoring if they sell for more than they cost you when you get yours early.

Lovely stuff.

Better than free motoring. 

 

Gre

 

New conundrum….

 

A couple of jobs have come up where salary sacrifice might be an option. 
 

Does anyone use it for their EV and if so how does it work out vs a normal lease. The current PCH would be approx 70% of the monthly vs a new PCH and I’m wondering how the SS schemes compare.

Depend on lease company, it is unlikely you can purchase the car outright and sell it on to capture any possible higher residual value. I think EV's will hold their value quite well as we are ramping up the mass adoption curve and public perception changes and demand for second hand cars rises. 

 

My company introduced salary sacrifice scheme start of 2021, I considered a Model 3 through this. At the time it was £500 per month. But I looked at residual values for Teslas and decided to buy one instead. (then wife veto'd the Model 3 due to the beam across rear area, so Model Y it is) 

 

Though I think lease also includes insurance? Insurance on the Tesla is as eye watering as my old Mercedes coupe years ago, one of the reason why I got rid of the Merc and I bought a Skoda. 

That's kind of the thought process.

 

You get hit for BIK but save on income tax and NI... so it's just a case of which works out better a good PCH or a standard SS lease.

I'll look into the insurance, as it might be worth something.

 

Sadly for Gen1 of EV I don't think an outright purchase is likely, although I think when they get solid state batteries or a similar battery improvement along then it might be quite different.

Salary Sacrifice is nearly always better than PCH if the lease prices are similar. You do get BIK taxation, but that is low currently compared to the tax and NI savings made by paying the lease from salary before income tax and NI is calculated. Furthermore, the SS scheme will be reclaiming the VAT, further reducing the cost to you. So the lease price you pay is ex. VAT. If you can, see if the SS lease company can take over your current offer - you may get the benefit of the lower price and SS. Note most company SS will include RFL and insurance. With PCH you must insure it yourself and (for safety) also take gap insurance.

Edited 23 August, 20223 yr by Luckypants

9 hours ago, Luckypants said:

Salary Sacrifice is nearly always better than PCH if the lease prices are similar. You do get BIK taxation, but that is low currently compared to the tax and NI savings made by paying the lease from salary before income tax and NI is calculated. Furthermore, the SS scheme will be reclaiming the VAT, further reducing the cost to you. So the lease price you pay is ex. VAT. If you can, see if the SS lease company can take over your current offer - you may get the benefit of the lower price and SS. Note most company SS will include RFL and insurance. With PCH you must insure it yourself and (for safety) also take gap insurance.

 

Octopus to quite a nice PDF 11 page on the subject.

 

BIK gone up 2% of the car value this tax year and staying there until 2025/26 at least, supposedly.......

Cars registered from 6 April 2020:
CO2 (g/km)	Electric range (miles)	2021-22 (%)	2022-23 (%)	2023/24 (%)	2024/25 (%)
0	N/A	1	2	2	2

   

 

Octopus do a nice package with it all though with a home wall charger, 5,000 miles of free lecky etc. 

 

ev salary sacrifice.pdf

Edited 23 August, 20223 yr by lol-lol

On 23/08/2022 at 15:51, Luckypants said:

Salary Sacrifice is nearly always better than PCH if the lease prices are similar. You do get BIK taxation, but that is low currently compared to the tax and NI savings made by paying the lease from salary before income tax and NI is calculated. Furthermore, the SS scheme will be reclaiming the VAT, further reducing the cost to you. So the lease price you pay is ex. VAT. If you can, see if the SS lease company can take over your current offer - you may get the benefit of the lower price and SS. Note most company SS will include RFL and insurance. With PCH you must insure it yourself and (for safety) also take gap insurance.

Ever known anyone to have success with this?

Can't say I have, but always worth an ask?😁

I’ve done some sums and I think an etron GT through SS would cost about the same as an EV6 through standard after tax purchases.

 

That is one heck of a tax advantage…

What about sums comparing the same car? 

Substantially cheaper, but I need to see what happens over the next few weeks.

Walking away… Kia CS make VW group CS look like angels.

That's a shame but I don't blame you.

Combined with the solar repeatedly telling porkies about all the in stock parts along with months of other excuses there is no point in an EV at £0.52/kWh.

 

So in trying to do the right thing for the environment, a single selfish business has killed it and I don’t imagine we will go back as solar prices are now beyond us (Almost double).

Edited 5 September, 20223 yr by cheezemonkhai

So what are the new car contenders now then?

Regarding the solar panels, wouldn't they still have a place if integrated with batteries?

4 hours ago, cheezemonkhai said:

Walking away… Kia CS make VW group CS look like angels.

My experience as well, comparing my local Skoda vs Kia sales team.

 

The very important thing is that you've considered and tried to change. Never say "it used to be this, so it must be so" dogmatism way.

1 hour ago, john999boy said:

So what are the new car contenders now then?

Regarding the solar panels, wouldn't they still have a place if integrated with batteries?

 

We can't get them, so there's no point and a 15k system would cost almost 30, with a low end system costing more than 15.

Installation dates are a never never and most vendors are putting the price up more than the cost of this years energy bill predictions.

 

I'm waiting on two companies who have both been honest to the core with me on availability and dates, with one looking promising as long as I go with the panels and everything they use on their small commercial installs. The other have said there is no way I will see a tesla battery this side of mid 2023.

 

I'm so angry, because the reason we went with the installer was the commitment it and the other parts were in stock, but of course they withdrew saying they don't have stock. It's beyond disgusting and I notice we've hopefully had a lucky escape as they are now littered with similar bad reviews online.

 

15 minutes ago, wyx087 said:

My experience as well, comparing my local Skoda vs Kia sales team.

 

The very important thing is that you've considered and tried to change. Never say "it used to be this, so it must be so" dogmatism way.

 

They don't just have no information they give official answers that directly contradict themselves (each from official sources) about key features.

I'm looking at the ability to do an SS with some changes that might come in the near future and at that point a whole extra pile of cars come into the game.

 

Got the MOT this week, so assuming that passes or the car can be made to pass, there is zero logic of paying lots of money for something that isn't what they said it would be and then paying high prices for fuel too.