Help required with decision
Discussion
Sounds like your use case does fit an EV and if you can charge at home, it will make it really simple. On those important factors, its probably a safe bet to suggest that an EV will work.
However, its worth noting a few things though - firstly, fuel prices will drop back down again. Maybe not next month, but they will return to some sort of normality at some point. Unlikely to return to 'cheap' status, but will drop from the highs at the moment. I did see a news thing earlier and US crude is already down to something like $94 a barrel, which is still high, but down from the over $120 a barrel a few weeks ago. Secondly, electricity prices are all over the place and likely to be inconsistent for a while too. As the two costs get closer to each other, the benefit of cost saving becomes less and less so it really comes down to the tax factor. Which is what is likely to be the issue going forward. Any government isnt going to miss the fact that they are giving away tax breaks to EV owners and you absolutely can expect that this is going to get less over time. Are they going to increase tax on ICE cars? Maybe, but it could be an unpopular move with those on lower incomes, so lets see.
Given you have a fairly fuel efficient ICE car at the moment, the benefits are minimal there - but the tax benefits could be good in the short term at least. If this is important, go for it. If not, I would suggest waiting 6 months. Prices for the cars are likely to equalize out, you'll have a better view on tax and cost benefits and can make a more educated choice from there. In some ways, its like the old petrol vs diesel argument - yes, there are advantages for diesel, but it also caught a lot of people who didnt realize the advantage and got caught a few years down the line. Best to avoid if you can.
What would I do? If you dont need to change, I would defer the choice for the moment - simply because a ton of new BEV cars are coming to market in the next 6-12 months. No need to rush into something if you arent feeling pain now.
However, its worth noting a few things though - firstly, fuel prices will drop back down again. Maybe not next month, but they will return to some sort of normality at some point. Unlikely to return to 'cheap' status, but will drop from the highs at the moment. I did see a news thing earlier and US crude is already down to something like $94 a barrel, which is still high, but down from the over $120 a barrel a few weeks ago. Secondly, electricity prices are all over the place and likely to be inconsistent for a while too. As the two costs get closer to each other, the benefit of cost saving becomes less and less so it really comes down to the tax factor. Which is what is likely to be the issue going forward. Any government isnt going to miss the fact that they are giving away tax breaks to EV owners and you absolutely can expect that this is going to get less over time. Are they going to increase tax on ICE cars? Maybe, but it could be an unpopular move with those on lower incomes, so lets see.
Given you have a fairly fuel efficient ICE car at the moment, the benefits are minimal there - but the tax benefits could be good in the short term at least. If this is important, go for it. If not, I would suggest waiting 6 months. Prices for the cars are likely to equalize out, you'll have a better view on tax and cost benefits and can make a more educated choice from there. In some ways, its like the old petrol vs diesel argument - yes, there are advantages for diesel, but it also caught a lot of people who didnt realize the advantage and got caught a few years down the line. Best to avoid if you can.
What would I do? If you dont need to change, I would defer the choice for the moment - simply because a ton of new BEV cars are coming to market in the next 6-12 months. No need to rush into something if you arent feeling pain now.
Unless you’ve managed to secure a mega deal on your home electric you’re likely to lose on every business mile at 5p. Even 4 miles to the kwh is good going but most rates are now north of 20p kwh, work on 3.5 miles for 24p and you’re 2p down a mile
Overpaying for the car you have isn’t a reason to let it go, the damage is done when you signed the paperwork.
It still might work out better for you but two of the reasons you e given aren’t going to justify it. Monthly payments as a company car being lower than your current monthly payments might however
Overpaying for the car you have isn’t a reason to let it go, the damage is done when you signed the paperwork.
It still might work out better for you but two of the reasons you e given aren’t going to justify it. Monthly payments as a company car being lower than your current monthly payments might however
The company car is effectively tax free due to the super low BIK. So if it works, it's saving you between 20-40% of whatever you pay now for your private PCP payments.
But you lose out a bit on mileage claims.. But you also get a better car because it's an EV... (You obviously want one hence the thread
)
I think that has to be the bottom line. You would need to provide way more detail to work out which is the best value to the penny - but I expect it's marginal so it's really down to your preference for the car you want on your drive. On that point, I would suggest you find a potential EV and beg a 24 hour test drive. If you love the driving experience you'll make the man maths work no matter what the reality
One thing you're definitely right about is that now is a good time to sell the ICE. Prices are still inflated right now but that will diminish. Probably better to own/lease an EV tomorrow and sell the ICE today.
But you lose out a bit on mileage claims.. But you also get a better car because it's an EV... (You obviously want one hence the thread
)I think that has to be the bottom line. You would need to provide way more detail to work out which is the best value to the penny - but I expect it's marginal so it's really down to your preference for the car you want on your drive. On that point, I would suggest you find a potential EV and beg a 24 hour test drive. If you love the driving experience you'll make the man maths work no matter what the reality
One thing you're definitely right about is that now is a good time to sell the ICE. Prices are still inflated right now but that will diminish. Probably better to own/lease an EV tomorrow and sell the ICE today.
I'd sit tight unless your company car deal is brilliant
Also consider hybrids if you're not sold on the full EV thing, have issues charging at home or just don't want the hassle. BIK can still be quite low for a good one. Some are critical of them, but the later ones are much better since the WLTP changes which rewarded longer EV range.
Also consider hybrids if you're not sold on the full EV thing, have issues charging at home or just don't want the hassle. BIK can still be quite low for a good one. Some are critical of them, but the later ones are much better since the WLTP changes which rewarded longer EV range.
Cleevely have been running the MG5 LR for quite a few months, covering 20k miles in about 4 months; James absolutely loves it;
https://twitter.com/KateFantom/status/149554658397...
https://twitter.com/KateFantom/status/149554658397...
TooLateForAName said:
You haven't given enough info to say which would be better financially.
I'd say that the leaf and kona you are looking at would be marginal for 180miles per charge - depending on your driving.
typically 4miles/kwh is a reasonable estimate. less in winter or at high speed
Our Leaf is doing 4.0 miles/kWh at the moment - heater off. In winter it's 2.8 and in summer around 4.5. At 20p per kWh to charge it that would get you 4 miles for 20p - charging inefficiencies notwithstanding.I'd say that the leaf and kona you are looking at would be marginal for 180miles per charge - depending on your driving.
typically 4miles/kwh is a reasonable estimate. less in winter or at high speed
EDF is still offering a cheap rate overnight; five hours at 4.5p /kW seven days week - click. Peak rate is a little high, as is standing charge.
With a home EVSE you should be able to charge c. 35 kWh which at 3 mi/kWh will give you north of 100 miles a day - my car at 4 mi/kW gets me c. 150 miles. at a little over 1p a mile.
With a home EVSE you should be able to charge c. 35 kWh which at 3 mi/kWh will give you north of 100 miles a day - my car at 4 mi/kW gets me c. 150 miles. at a little over 1p a mile.
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