Salary sacrifice leasing
Discussion
Geffg said:
Just been looking at this myself today, ours is through Knowles fleet. Looking at a bmw 5 series hybrid and it was coming out at £680 month which I thought at first was gross cost then my savings on tax ni etc so would take it to roughly £450. But no, that £680 was what it would cost me. Then a petrol version was £840 after deductions!
Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
I’m assuming you get maintenance and insurance as part of the salary sacrifice scheme? So still some benefit.Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
Our one is very expensive, even the best deals are borderline. The thing that killed it for me was that the small print stated that I would be liable for the early termination fee if I left the company.
No thanks.
Geffg said:
Just been looking at this myself today, ours is through Knowles fleet. Looking at a bmw 5 series hybrid and it was coming out at £680 month which I thought at first was gross cost then my savings on tax ni etc so would take it to roughly £450. But no, that £680 was what it would cost me. Then a petrol version was £840 after deductions!
Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
I assume the costs being quoted to you there include BIK. You need to be looking at BEVs as the BIK on hybrids and ICE is significant. Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
survivalist said:
Geffg said:
Just been looking at this myself today, ours is through Knowles fleet. Looking at a bmw 5 series hybrid and it was coming out at £680 month which I thought at first was gross cost then my savings on tax ni etc so would take it to roughly £450. But no, that £680 was what it would cost me. Then a petrol version was £840 after deductions!
Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
I’m assuming you get maintenance and insurance as part of the salary sacrifice scheme? So still some benefit.Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
Our one is very expensive, even the best deals are borderline. The thing that killed it for me was that the small print stated that I would be liable for the early termination fee if I left the company.
No thanks.
riskyj said:
Geffg said:
Just been looking at this myself today, ours is through Knowles fleet. Looking at a bmw 5 series hybrid and it was coming out at £680 month which I thought at first was gross cost then my savings on tax ni etc so would take it to roughly £450. But no, that £680 was what it would cost me. Then a petrol version was £840 after deductions!
Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
I assume the costs being quoted to you there include BIK. You need to be looking at BEVs as the BIK on hybrids and ICE is significant. Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
James6112 said:
Same as my place
Tesla own price @ £500 - tax and NI?
No
Magically the Tesla is now £800 - tax & NI
Some crooks are trousering a lot of cash!
There’s a surprise.
It’s a bit gobsmacking that it’s been allowed to happen - basically SS firms are diverting tha tax that you’d be paying and sticking it on their bottom line. So, arguably, all tax payers are subsiding SS schemes that only a few people can take advantage off.Tesla own price @ £500 - tax and NI?
No
Magically the Tesla is now £800 - tax & NI
Some crooks are trousering a lot of cash!
There’s a surprise.
Eventually someone will realise and stamp on it. In the meantime, grab it while you can.
they are taking between 1/2 and 2/3 of the tax saving as a fee.
The cycle to work lads are taking 10%-20% of the overall price of the bike as a fee
back in the day the solar FIT fix had the same effect, people selling panels for crazy money as the gov would guarantee an income stream against them.
its not a con, there is nothing stopping you setting up a "community salary sacrifice scheme" which is zero profit.
The cycle to work lads are taking 10%-20% of the overall price of the bike as a fee
back in the day the solar FIT fix had the same effect, people selling panels for crazy money as the gov would guarantee an income stream against them.
its not a con, there is nothing stopping you setting up a "community salary sacrifice scheme" which is zero profit.
Geffg said:
riskyj said:
Geffg said:
Just been looking at this myself today, ours is through Knowles fleet. Looking at a bmw 5 series hybrid and it was coming out at £680 month which I thought at first was gross cost then my savings on tax ni etc so would take it to roughly £450. But no, that £680 was what it would cost me. Then a petrol version was £840 after deductions!
Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
I assume the costs being quoted to you there include BIK. You need to be looking at BEVs as the BIK on hybrids and ICE is significant. Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
z4RRSchris said:
i tried to haggle with octopus and got nowhere, in fact they made my lease more expensive when the cost of the tesla went down
try that one
When Tesla drop new prices it invariably also tanks used values, so their depreciation calculations probably got worse. Lease costs have little to do with purchase price, all about the residuals.try that one
nufcfan said:
Anyone see prices for the Q6 or porch macan ev? Been waiting to see if any decent deals but nothing through Tusker yet.
Getting impatient now and need to order something soon and want to compare these against competition.
Base model Q6 ( i think). Macan base was nearly identical.Getting impatient now and need to order something soon and want to compare these against competition.
nufcfan said:
Anyone see prices for the Q6 or porch macan ev? Been waiting to see if any decent deals but nothing through Tusker yet.
Getting impatient now and need to order something soon and want to compare these against competition.
I can only see Q5 and Cayenne prices on there at the moment, might be worth contacting them though to see if they're on the way. 50/50 if they'll be useful or not though lolGetting impatient now and need to order something soon and want to compare these against competition.
TheDrownedApe said:
nufcfan said:
Anyone see prices for the Q6 or porch macan ev? Been waiting to see if any decent deals but nothing through Tusker yet.
Getting impatient now and need to order something soon and want to compare these against competition.
Base model Q6 ( i think). Macan base was nearly identical.Getting impatient now and need to order something soon and want to compare these against competition.
There's a couple of promotions on at the moment which include a free Ohme charger, supplied and installed, and free tech pack worth 3k.
Edited by rudester on Monday 20th May 19:42
phpe said:
Couple of Volkswagen ID7 showing in stock on Tusker in 77kwh battery, Match trim so good spec.
£810 gross deduction over 3 years, 10k miles - coming in cheaper than Polestar 2, Tesla Model 3 etc and more spacious.
EQB I was eyeing in March went from 500 something to more than 700. I don't have much faith in them. Worth shopping around depending on the car you're after. Although I have to admit that ID7 is the bee's knees.£810 gross deduction over 3 years, 10k miles - coming in cheaper than Polestar 2, Tesla Model 3 etc and more spacious.
Geffg said:
Just been looking at this myself today, ours is through Knowles fleet. Looking at a bmw 5 series hybrid and it was coming out at £680 month which I thought at first was gross cost then my savings on tax ni etc so would take it to roughly £450. But no, that £680 was what it would cost me. Then a petrol version was £840 after deductions!
Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
I’m assuming you get maintenance and insurance as part of the salary sacrifice scheme? So still some benefit.Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
Our one is very expensive, even the best deals are borderline. The thing that killed it for me was that the small print stated that I would be liable for the early termination fee if I left the company.
No thanks.
survivalist said:
Geffg said:
Just been looking at this myself today, ours is through Knowles fleet. Looking at a bmw 5 series hybrid and it was coming out at £680 month which I thought at first was gross cost then my savings on tax ni etc so would take it to roughly £450. But no, that £680 was what it would cost me. Then a petrol version was £840 after deductions!
Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
I’m assuming you get maintenance and insurance as part of the salary sacrifice scheme? So still some benefit.Looked on select car leasing and with similar details etc it’s roughly the same cost so of no real benefit.
Looked at a 3 series and that was even more expensive at roughly £800 month even though a new one off bmw was £509 month albeit no maintenance or insurance but they don’t come out at £300 month.
Am I missing something or are these schemes bit of a con?
Thought salary sacrifice schemes were supposed to be a good deal.
Our one is very expensive, even the best deals are borderline. The thing that killed it for me was that the small print stated that I would be liable for the early termination fee if I left the company.
No thanks.
Sheepshanks said:
James6112 said:
Same as my place
Tesla own price @ £500 - tax and NI?
No
Magically the Tesla is now £800 - tax & NI
Some crooks are trousering a lot of cash!
There’s a surprise.
It’s a bit gobsmacking that it’s been allowed to happen - basically SS firms are diverting tha tax that you’d be paying and sticking it on their bottom line. So, arguably, all tax payers are subsiding SS schemes that only a few people can take advantage off.Tesla own price @ £500 - tax and NI?
No
Magically the Tesla is now £800 - tax & NI
Some crooks are trousering a lot of cash!
There’s a surprise.
Eventually someone will realise and stamp on it. In the meantime, grab it while you can.
Would make a modicum of sense if it was supporting UK manufacturing but it clearly doesn't.
Might as well just hand the cash straight over to China, and I'm one of the people that's benefitting.
Edited by ChocolateFrog on Thursday 23 May 13:14
Surely this whole salary sacrifice methodology caves in when government starts to ramp up BIK on EVs.
That’s then a potentially substantial jump in monthly cost and I can’t see the metrics adding up for most, as presumably the lease companies will be unwilling to reduce the tidy sums they’re making from these deals.
That’s then a potentially substantial jump in monthly cost and I can’t see the metrics adding up for most, as presumably the lease companies will be unwilling to reduce the tidy sums they’re making from these deals.
Tractor Driver said:
Surely this whole salary sacrifice methodology caves in when government starts to ramp up BIK on EVs.
That’s then a potentially substantial jump in monthly cost and I can’t see the metrics adding up for most, as presumably the lease companies will be unwilling to reduce the tidy sums they’re making from these deals.
I'd say it's already not worth it from 6 months ago to now. That’s then a potentially substantial jump in monthly cost and I can’t see the metrics adding up for most, as presumably the lease companies will be unwilling to reduce the tidy sums they’re making from these deals.
There was quite a bit of choice in the £200-400 price range, seems very little now.
The figures of £800odd for very middle of the road cars blows my mind. Especially knowing Tusker are getting nearly £1300.
That much got you a McLaren literally just a few years ago.
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