Buy used car or lease new electric car via business?

[London1986]

Hi

I am after some advice on my next car and would like some opinions on the choices below. I am after something fairly fun to drive yet practical, ideally an SUV to please the wife.

So I have two very different cars with different financing options.

I will compare the two below with rough comparisons based on owning the car for 3 years

Car 1 - BMW X3 M40i (2018)

Purchase price: £35,000 used, 3 years old

Fuel: £1,500/year
Road tax: £165/year (£355 for one year only)
Insurance: £750/year
Service & MOT: 400/year
Total yearly: £2,815 + (355/3=118) x 3 years = £8,799

So £35k initial outlay with just under £9k running costs in those 3 years, however after the 3 years, I will still own the car which may potentially be worth around 20-25k?


Car 2 - Tesla Model Y

Brand new, business lease via my company. Only 2% BIK.

Deposit: £4,506 (exc. VAT) (9 monthly payments)
Monthly payments: £475.22 (exc. VAT) x 35 months
Admin: £230 (exc. VAT)
Total: £21,368 (exc. VAT)

Fuel: Minimal
Road tax: Free
Insurance: Through business??
Service & MOT: None

So with this route, my personal funds are saved. Leasing via my company seems a much more tax tax efficient way of owning a car.

To me it seems like a no brainer of doing the business lease route, but just wanted to get some thoughts in case there is anything else i've missed.