Salary sacrifice leasing
Discussion
SWoll said:
Basil Brush said:
There you go slandering the scheme again!
Not knocking the scheme this time, just the cost of the car. Even plain lease costs are preposterous.
A similarly priced Q8 etron 55 Vorsprug (£99k) is £500 cheaper per month..
Edited by SWoll on Thursday 9th March 12:37
My BMW iX3 Pro arrives next week on SS (£535 per month). Zenith have been smooth so far and hit the timeline and delivery on a transporter (rather than a bloke that might thrash it).
I am slightly concerned HR are going to cock up the tax implications. There's no impact on my pension, but I don't want a tax bill 4 years later - as has happened in the past when I was a contractor.
SS still the cheapest, but yes leasing companies are making a massive profit! What the alternatives? With EV residuals up in the air and high interest rates, no deals are cheap.
I am slightly concerned HR are going to cock up the tax implications. There's no impact on my pension, but I don't want a tax bill 4 years later - as has happened in the past when I was a contractor.
SS still the cheapest, but yes leasing companies are making a massive profit! What the alternatives? With EV residuals up in the air and high interest rates, no deals are cheap.
Has anyone had more than 1 provider at their work or do they all get a monopoly position once your work signs up to their provider of choice? Some more competition could be worthwhile given some of these SS scheme prices seem to be way more than the equivalent lease+insurance+maintenance?
AyBee said:
Has anyone had more than 1 provider at their work or do they all get a monopoly position once your work signs up to their provider of choice? Some more competition could be worthwhile given some of these SS scheme prices seem to be way more than the equivalent lease+insurance+maintenance?
I don't see why you couldn't have two suppliers, but it sounds like a lot of additional overhead, cost and complexity. If I was a company HR director, I'd want one supplier to deal with and ensure there is a mechanism to benchmark and keep them honest.silent ninja said:
I don't see why you couldn't have two suppliers, but it sounds like a lot of additional overhead, cost and complexity. If I was a company HR director, I'd want one supplier to deal with and ensure there is a mechanism to benchmark and keep them honest.
Some schemes prohibit it. silent ninja said:
I am slightly concerned HR are going to cock up the tax implications. There's no impact on my pension, but I don't want a tax bill 4 years later - as has happened in the past when I was a contractor.
Don’t rely on your company. Get into the HMRC website, log into your personal tax account and enter the car and when you got it yourself. HMRC will adjust your tax code within a few days. Sunday Drive said:
silent ninja said:
I don't see why you couldn't have two suppliers, but it sounds like a lot of additional overhead, cost and complexity. If I was a company HR director, I'd want one supplier to deal with and ensure there is a mechanism to benchmark and keep them honest.
Some schemes prohibit it. CheesecakeRunner said:
Don’t rely on your company. Get into the HMRC website, log into your personal tax account and enter the car and when you got it yourself. HMRC will adjust your tax code within a few days.
I've just updated my expected earnings with them. I've made the mistake of relying on HR before and suffered the consequences.C40 is delivered 5 weeks today!
SWoll said:
Vanden Crash said:
If you think 22k on an asset you’ll never own is gvfm then go for it but 600 quid is 600 quid
Paying someone’s depreciation so you can have something shiny?
Go 25k on a loan get an e39 m5 (so a real m) and enjoy 3 years cash free motoring and flog it
Is this a serious post?Paying someone’s depreciation so you can have something shiny?
Go 25k on a loan get an e39 m5 (so a real m) and enjoy 3 years cash free motoring and flog it
Not everyone wants to run a 25 year old specialist car with 120k miles on the clock funnily enough.
If no-one bought/leased new cars where do you think happens?
I did notice when dropping into the local BMW dealer on the weekend they had a presumably pre-reg iX 40 listed at £81k with £14k discount, plonked outside the front door. Can’t see the deal online.
Will be interesting to see where the lease deals go from here.
Also looking around the showroom representative finance deals are now absolutely mental so EV SS leases aside, there’s going to be far fewer private PCP buyers around.
Will be interesting to see where the lease deals go from here.
Also looking around the showroom representative finance deals are now absolutely mental so EV SS leases aside, there’s going to be far fewer private PCP buyers around.
Yeh a sea change COULD be coming with the market but right now there is no way I would be able to get 70k car zero deposit for 600 quid a month all in (tax, insurance, tyres, servicing inc) on any personal lease. This will be a one time deal for me after this as I plan to business lease through a LTD company which does not have 2 years trading history at this time. By then I do hope the arse has completely fell out of the leasing market!
Edited by jgrewal on Monday 13th March 21:55
Has anyone had a recent quote via a salary sacrifice provider for a BMW IX 40?
We havent signed up to a provider yet but instead have looked for business lease quotes for the IX 40 from BMW directly which are circa £820 exc vat which includes maintenance over 36 months with 10k miles and no initial deposit. If we were to salary sacrifice that then it works out at circa £550/month off the bottom of your pay check but doesnt cover insurance/charger. Interested to see how this compares to the all in one providers?
We havent signed up to a provider yet but instead have looked for business lease quotes for the IX 40 from BMW directly which are circa £820 exc vat which includes maintenance over 36 months with 10k miles and no initial deposit. If we were to salary sacrifice that then it works out at circa £550/month off the bottom of your pay check but doesnt cover insurance/charger. Interested to see how this compares to the all in one providers?
WORRALL. said:
Has anyone had a recent quote via a salary sacrifice provider for a BMW IX 40?
We havent signed up to a provider yet but instead have looked for business lease quotes for the IX 40 from BMW directly which are circa £820 exc vat which includes maintenance over 36 months with 10k miles and no initial deposit. If we were to salary sacrifice that then it works out at circa £550/month off the bottom of your pay check but doesnt cover insurance/charger. Interested to see how this compares to the all in one providers?
Just checked Octopus through our work SS scheme.We havent signed up to a provider yet but instead have looked for business lease quotes for the IX 40 from BMW directly which are circa £820 exc vat which includes maintenance over 36 months with 10k miles and no initial deposit. If we were to salary sacrifice that then it works out at circa £550/month off the bottom of your pay check but doesnt cover insurance/charger. Interested to see how this compares to the all in one providers?
IX40 M Sport
10k Miles
36 Months
Includes insurance and maintenance
4000 'free miles'
Net: £1197
WORRALL. said:
Has anyone had a recent quote via a salary sacrifice provider for a BMW IX 40?
We havent signed up to a provider yet but instead have looked for business lease quotes for the IX 40 from BMW directly which are circa £820 exc vat which includes maintenance over 36 months with 10k miles and no initial deposit. If we were to salary sacrifice that then it works out at circa £550/month off the bottom of your pay check but doesnt cover insurance/charger. Interested to see how this compares to the all in one providers?
iX xDrive 40 - 76.6kWh 326 M Sport 11kW Charger AutoWe havent signed up to a provider yet but instead have looked for business lease quotes for the IX 40 from BMW directly which are circa £820 exc vat which includes maintenance over 36 months with 10k miles and no initial deposit. If we were to salary sacrifice that then it works out at circa £550/month off the bottom of your pay check but doesnt cover insurance/charger. Interested to see how this compares to the all in one providers?
36 months
My scheme lets you do as many miles as you want with no impact on monthlies.
£629 per month net for 40% tax payer
£967 per month gross
Insurance, tyres, service, breakdown, unlimited drivers.
Provider is Zenith.
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