Salary Sacrifice Leasing
Discussion
My FD just floated this with me - by way of Octopus.
Whilst the scheme strikes me as a no-brainer (for EV) the prices they were quoting NET were more or less the same as the off-the-shelf prices you can get anyway. So much for 40% off - their gross amount for a mini electric was £715 !!!
So, just seeing if anyone knows a more competative scheme, or company as the idea looks sound.
Whilst the scheme strikes me as a no-brainer (for EV) the prices they were quoting NET were more or less the same as the off-the-shelf prices you can get anyway. So much for 40% off - their gross amount for a mini electric was £715 !!!
So, just seeing if anyone knows a more competative scheme, or company as the idea looks sound.
Theres a few posts / threads on this.
I have signed up to a TeslaY with OctopusEV in December. It was meant to arrive Mid Feb, but will be arriving mid March.
Re: prices and the salary sacrifice, the higher earning releases the higher 'saving's
Some of the numbers I was seeing when trying to decide were all based on 3yrs and 10,000mile per year.:
Skoda Enyaq iV 80 Suite
77kWh RWD
260 mile range
£315
Skoda ENYAQ iV 80x Sportline AWD
77kWh AWD
250 mile rang
£360
Tesla Model Y Long Range Dual Motor (5 seat)
70kWh* estimated, AWD
255mi top range
£377 to £416 pm
Audi e-tron Technik 55 quattro
86.5kWh AWD
225 mile range
£460
Porsche Taycan 4S Cross Turismo
84kWh AWD
250 mile range
£559
I have signed up to a TeslaY with OctopusEV in December. It was meant to arrive Mid Feb, but will be arriving mid March.
Re: prices and the salary sacrifice, the higher earning releases the higher 'saving's
Some of the numbers I was seeing when trying to decide were all based on 3yrs and 10,000mile per year.:
Skoda Enyaq iV 80 Suite
77kWh RWD
260 mile range
£315
Skoda ENYAQ iV 80x Sportline AWD
77kWh AWD
250 mile rang
£360
Tesla Model Y Long Range Dual Motor (5 seat)
70kWh* estimated, AWD
255mi top range
£377 to £416 pm
Audi e-tron Technik 55 quattro
86.5kWh AWD
225 mile range
£460
Porsche Taycan 4S Cross Turismo
84kWh AWD
250 mile range
£559
Sim75 said:
Tesla is showing £801 (ModelY)
That is fully maintainend and with Insurance mind.
But doesn't strike me as 40% off.
Are those figures minus insurance etc?
That sounds a lot like the gross pre-tax amountThat is fully maintainend and with Insurance mind.
But doesn't strike me as 40% off.
Are those figures minus insurance etc?
Maintenance on a Tesla is pointless. There is none apart from tyres and brakes
It's essentially just a perfect example of price gouging with most SS setups. The Tax/NI and BIK saving to the end user makes the NET figure look appealing so the supplier ramps up their price as know they can get away with it.
I've seen numerous examples where the supplier is charging 80%+ of the cars value over a 3 year term. When you consider how well used EV's are holding their values that's some serious profit being made.
£1376 * 36 months = £50k on a car with a list price of £55k. That's 90% over 3 years, insurance is costing them bugger all as is maint/tyres. Absolute joke, but still looks cheaper to the end user than doing it all themselves..
I've seen numerous examples where the supplier is charging 80%+ of the cars value over a 3 year term. When you consider how well used EV's are holding their values that's some serious profit being made.
Sim75 said:
£1,376 / month is the gross
Exactly. £1376 * 36 months = £50k on a car with a list price of £55k. That's 90% over 3 years, insurance is costing them bugger all as is maint/tyres. Absolute joke, but still looks cheaper to the end user than doing it all themselves..
Edited by SWoll on Monday 28th February 14:12
Bear in mind when you see crazy cheap net monthlies on SS schemes, it is likely because the person is earning between £100k and £125k. For each £1 earned over £100k, your personal allowance of c.£12.5k drops by 50p.
This gives a marginal tax rate of 60%, hence why the net payments look so good. Anyone earning outside of this band will not see net prices as good as this.
Regardless, I agree that the Lease companies are snaffling some of the income tax savings for themselves by way of hiked rentals. Nice.
For what it's worth, I recently benchmarked Octopus EV vs Tusker as part of our company's move to an EV SS scheme. For most vehicles, Tusker came out cheaper (but not loads cheaper) on a gross basis.
This gives a marginal tax rate of 60%, hence why the net payments look so good. Anyone earning outside of this band will not see net prices as good as this.
Regardless, I agree that the Lease companies are snaffling some of the income tax savings for themselves by way of hiked rentals. Nice.
For what it's worth, I recently benchmarked Octopus EV vs Tusker as part of our company's move to an EV SS scheme. For most vehicles, Tusker came out cheaper (but not loads cheaper) on a gross basis.
UrbanAchiever said:
Bear in mind when you see crazy cheap net monthlies on SS schemes, it is likely because the person is earning between £100k and £125k. For each £1 earned over £100k, your personal allowance of c.£12.5k drops by 50p.
This gives a marginal tax rate of 60%, hence why the net payments look so good. Anyone earning outside of this band will not see net prices as good as this.
Regardless, I agree that the Lease companies are snaffling some of the income tax savings for themselves by way of hiked rentals. Nice.
For what it's worth, I recently benchmarked Octopus EV vs Tusker as part of our company's move to an EV SS scheme. For most vehicles, Tusker came out cheaper (but not loads cheaper) on a gross basis.
Seems like that's an open goal for someone to set up shop in...This gives a marginal tax rate of 60%, hence why the net payments look so good. Anyone earning outside of this band will not see net prices as good as this.
Regardless, I agree that the Lease companies are snaffling some of the income tax savings for themselves by way of hiked rentals. Nice.
For what it's worth, I recently benchmarked Octopus EV vs Tusker as part of our company's move to an EV SS scheme. For most vehicles, Tusker came out cheaper (but not loads cheaper) on a gross basis.
Was hoping that a few firms might operate in this space.
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