Salary sacrifice leasing

[James-m5qjf]

matrignano said:

Still no updates from my company re: my "complaint" on Leaseplan price gouging (£30k more expensive gross for a Taycan CT 4S over 3 years than a Porsche PCP + insurance/maintenance etc.).

Will keep this group posted.

I take it’s 30k more expensive when looking at the gross salary deduction?

Looking at the gross figures on the Tusker site, it’s roughly 20k more expensive for a Model Y compared to the best personal lease deals.

Considering the salary sacrifice was pitched as a massive saving, but in reality it’s pretty marginal, I’m thinking of canceling my order.

It’s ultimately far greener and more cost effective to stick with a used ICE for the time being.

[matrignano]

Indeed, gross salary sacrifice vs personal finance + all the extra bits included in the leasing scheme like insurance, maintenance, tires etc.

[James-m5qjf]

matrignano said:

Indeed, gross salary sacrifice vs personal finance + all the extra bits included in the leasing scheme like insurance, maintenance, tires etc.

Will be interesting to hear what they’ve got to say. They’re seem to be taking the approach of, make hey while the sun shines.

I’m definitely guilty of falling into the, I should spend my money because this is a great deal, consumer trap.

I’ve checked with Tusker and there are no cancellation fees if the car hasn’t been delivered so I’ll likely be canceling my order. Shame, I was looking forward to owning an EV.

[SWoll]

Yep. Millions not going back to the taxman but into the pockets of finance companies instead.

£1100 a month for a £56k Model Y on a 4 year deal + resale value of the car at the end of term means they pocketed what, £80-90k (£30-35k profit) whilst the government gets £15k less in tax revenue for every car.

Pure greed on behalf of some providers IMHO, but as still a good deal for the end consumer it'll continue for as long as the government allow it to of course.

[matrignano]

James-m5qjf said:

Will be interesting to hear what they’ve got to say. They’re seem to be taking the approach of, make hey while the sun shines.

I’m definitely guilty of falling into the, I should spend my money because this is a great deal, consumer trap.

I’ve checked with Tusker and there are no cancellation fees if the car hasn’t been delivered so I’ll likely be canceling my order. Shame, I was looking forward to owning an EV.

My scheme has a lot of "hidden" features that makes it even less attractive.
There are cancellation fees but they can't say how much they would charge, depends on the dealer.
There will be an option to buy the car back after 3 years, but you won't know their valuation until the end of term, whereas with Porsche PCP you have a guaranteed final value payment IIRC.

So not only are they more expensive, they also keep a lot of optionality on their side!

[NSS89]

I signed up for Model Y via Zenith SS and only option I added was the bigger wheels (£2k option)

36 months
10k pa
£915 gross
£630 net
20% tax bracket

I agree the gross isn't great but my breakdown was this:

Personal Lease on same terms £720pm
Insurance for me (£2400 or £200pm)
Maintenance I wouldn't have added but as its part of the package let's call it around £40-£50pm

So I'm still saving a lot when compared to a personal lease but as its been discussed already the saving should be much much bigger and these companies are cashing in! You can see used Tesla's 2-3 years old with 20+k on the clock going for around the same price as a brand new one. So these companies are essentially pocketing nearly all the gross sacrifice, if we assume they can sell the car for close to list price at the end of the term. The savings are really good but they could and should be a lot better IMO which I think was the case a few years ago.

[matrignano]

NSS89 said:

Maintenance I wouldn't have added but as its part of the package let's call it around £40-£50pm

That's a bit expensive for (I assume) 1 service in 3 years consisting of wipers, screenwash, cabin filters, brake fluid and a visual check at best

[Heres Johnny]

NSS89 said:

I signed up for Model Y via Zenith SS and only option I added was the bigger wheels (£2k option)

36 months
10k pa
£915 gross
£630 net
20% tax bracket

I agree the gross isn't great but my breakdown was this:

Personal Lease on same terms £720pm
Insurance for me (£2400 or £200pm)
Maintenance I wouldn't have added but as its part of the package let's call it around £40-£50pm

So I'm still saving a lot when compared to a personal lease but as its been discussed already the saving should be much much bigger and these companies are cashing in! You can see used Tesla's 2-3 years old with 20+k on the clock going for around the same price as a brand new one. So these companies are essentially pocketing nearly all the gross sacrifice, if we assume they can sell the car for close to list price at the end of the term. The savings are really good but they could and should be a lot better IMO which I think was the case a few years ago.

So you're paying £23k over 3 years by the time you factor in the increasing BIK for 7k of insurance (how can y9ou bnot get it under a grand a year?) and probably 10k-15k of depreciation.

Hope you don't do many business miles either as the 4p a mile (I think it might be going up to 5p) is loss making unless you've locked yourself into the really cheap home charging rates.

20% tax payer so must be giving up getting on for 25% of their salary to drive the car. Madness to me but it takes all sorts.

[Puppisadeer]

Heres Johnny said:

20% tax payer so must be giving up getting on for 25% of their salary to drive the car. Madness to me but it takes all sorts.

I was going to post something similar, but we don't know the guys financial situation and it's a free country and that.

[NSS89]

matrignano said:

That's a bit expensive for (I assume) 1 service in 3 years consisting of wipers, screenwash, cabin filters, brake fluid and a visual check at best

Agreed and not something I would choose if given then option. The figure was from enquiring when ringing around for a personal lease. Seems as though it’s just a generic price and that fact it’s an EV vehicles makes no difference.

[SWoll]

NSS89 said:

matrignano said:

That's a bit expensive for (I assume) 1 service in 3 years consisting of wipers, screenwash, cabin filters, brake fluid and a visual check at best

Agreed and not something I would choose if given then option. The figure was from enquiring when ringing around for a personal lease. Seems as though it’s just a generic price and that fact it’s an EV vehicles makes no difference.

It's about right based on a few leasing sites I've seen for the Y.

Remember it does cover tyres, so if you are doing 15k per year on a 3 or 4 year deal you could easily need 2 sets at £800-1000 a time. Ours had a couple of legal mm left on them at 18k miles on our Model 3 and the Y is a heavier car.

[NSS89]

Heres Johnny said:

So you're paying £23k over 3 years by the time you factor in the increasing BIK for 7k of insurance (how can y9ou bnot get it under a grand a year?) and probably 10k-15k of depreciation.

Hope you don't do many business miles either as the 4p a mile (I think it might be going up to 5p) is loss making unless you've locked yourself into the really cheap home charging rates.

20% tax payer so must be giving up getting on for 25% of their salary to drive the car. Madness to me but it takes all sorts.

Yeah my insurance has always been high! I'd expect it to be around 2000 the 2nd year and maybe 1800 the 3rd year.

Won't be doing any business miles.

Yeah it does look quite bad when put like that lol but thankfully finances are not an issue.

[NSS89]

SWoll said:

It's about right based on a few leasing sites I've seen for the Y.

Remember it does cover tyres, so if you are doing 15k per year on a 3 or 4 year deal you could easily need 2 sets at £800-1000 a time. Ours had a couple of legal mm left on them at 18k miles on our Model 3 and the Y is a heavier car.

Good point! I was only looking at it from a servicing point of view and didn't think about tyres and I've heard EV's go through sets quick but maybe that's just driving style dependant.

[SWoll]

NSS89 said:

SWoll said:

It's about right based on a few leasing sites I've seen for the Y.

Remember it does cover tyres, so if you are doing 15k per year on a 3 or 4 year deal you could easily need 2 sets at £800-1000 a time. Ours had a couple of legal mm left on them at 18k miles on our Model 3 and the Y is a heavier car.

Good point! I was only looking at it from a servicing point of view and didn't think about tyres and I've heard EV's go through sets quick but maybe that's just driving style dependant.

TBH I think they're pretty good on them, as they are with brakes.

Not many 500bhp, 2000KG cars manage to get 20k miles on a set of tyres when driven 'enthusiastically' on a regular basis IME.

[pghstochaj]

James-m5qjf said:

Helpful thread this.

I’m now reevaluating my salary sacrifice order via Tusker. It’s still cheaper than a personal lease, but it’s not particularly compelling.

Tesla Model Y
Pearlescent Multi-Coat Red paint
48 months
15k miles per annum
40% at £700 monthly net amount

Tempted to can my order and buy and old C63

I am amazed by that and why companies partner up with companies willing to charge that. People should be pushing their companies to partner up with much more competitive suppliers. Is that the performance model at least?

[James-m5qjf]

Nope, it’s the Long Range..

[pghstochaj]

James-m5qjf said:

Nope, it’s the Long Range..

Oh wow. Admittedly without insurance, that deal and colour is £646+45 maintenance on our scheme, plus 10% VAT on the car, that’s gross. So about £450 plus insurance if 40% tax payer?

[PushedDover]

pghstochaj said:

James-m5qjf said:

Nope, it’s the Long Range..

Oh wow. Admittedly without insurance, that deal and colour is £646+45 maintenance on our scheme, plus 10% VAT on the car, that’s gross. So about £450 plus insurance if 40% tax payer?

mines a nadge under £400 inc. maintenance and insurance (40% payer)

[pghstochaj]

PushedDover said:

pghstochaj said:

James-m5qjf said:

Nope, it’s the Long Range..

Oh wow. Admittedly without insurance, that deal and colour is £646+45 maintenance on our scheme, plus 10% VAT on the car, that’s gross. So about £450 plus insurance if 40% tax payer?

mines a nadge under £400 inc. maintenance and insurance (40% payer)

For 15k/annum? Which company is that through?

[PushedDover]

pghstochaj said:

PushedDover said:

pghstochaj said:

James-m5qjf said:

Nope, it’s the Long Range..

Oh wow. Admittedly without insurance, that deal and colour is £646+45 maintenance on our scheme, plus 10% VAT on the car, that’s gross. So about £450 plus insurance if 40% tax payer?

mines a nadge under £400 inc. maintenance and insurance (40% payer)

For 15k/annum? Which company is that through?

Ah apologies
10,000 / 36mo

Octopus EV