Getting low but genuine offers/valuation for my EV

[DeuceDeuce]

My EV has a ridiculous list price and with the BiK increase in April I’m thinking of buying it from my Ltd company. I’d like to pay as little as possible but not anything that would cause issues with HMRC.

I know I can get a WBAC valuation and then on inspection they will knock it down a bit so that might work for one value but my account has suggested at least 2 valuations.

I’ve heard CAP values been used before but don’t know where to find them. Is this for dealers only or can somebody point me to a website?

Thanks.

[paul_c123]

hpivaluations.com

[Wills2]

Loads of places to get a valuation from, Autotrader for a start, any of the Motorway or Car wow style platforms will give you one as well, could also look at open source auction results if available.

[kiethton]

I'd go with the WBAC valuation - make sure you add ALL of the damage, every mark or stone chip no matter how small, to their appraisal tool.

Then make sure the LTD has the car fully serviced, new tyres etc if low - one way to make the thing as tax efficient as possible.

[Deep Thought]

Another vote for hpivaluations.

They will give you trade, private and retail values, and you can adjust for mileage.

They are the same people who do the CAP trade prices.

[DeuceDeuce]

kiethton said:

I'd go with the WBAC valuation - make sure you add ALL of the damage, every mark or stone chip no matter how small, to their appraisal tool.

Then make sure the LTD has the car fully serviced, new tyres etc if low - one way to make the thing as tax efficient as possible.

Yeah, I was wondering about this. Probably a question for the accountant and I think I won’t like the answer but will I have to repay part of the tax or have it treated as a BiK? What about an adding another 3 years warranty before buying it?

[DeuceDeuce]

Wills2 said:

Loads of places to get a valuation from, Autotrader for a start, any of the Motorway or Car wow style platforms will give you one as well, could also look at open source auction results if available.

Thanks I’ll take a look but I’m really after a rock bottom price and these sites are trying to encourage you to sell via them.

[Wills2]

DeuceDeuce said:

Wills2 said:

Loads of places to get a valuation from, Autotrader for a start, any of the Motorway or Car wow style platforms will give you one as well, could also look at open source auction results if available.

Thanks I ll take a look but I m really after a rock bottom price and these sites are trying to encourage you to sell via them.

I think you'll find most places aren't looking to over pay for EVs, take it back to your supplying dealer they should bid you in the b's...

[Jamescrs]

You can get a valuation through Motorway, they give you an initial value then if you take it a step further they will ask you to upload images and give you a revised value so if you wanted to get it reduced you could image every mark, car park ding etc to get it reduced

[ChocolateFrog]

kiethton said:

I'd go with the WBAC valuation - make sure you add ALL of the damage, every mark or stone chip no matter how small, to their appraisal tool.

Then make sure the LTD has the car fully serviced, new tyres etc if low - one way to make the thing as tax efficient as possible.

But WBAC valuations can be ridiculous. I think they'd offer me £50 for my TVR, which clearly isn't at all representative.

[scot_aln]

Isn't the BiK only increasing by 1%? I haven't looked at your garage to see if listed but seems anyone talking high list on an EV is probably a Taycan. I'd have thought it was still beneficial within the company but guess your accountant has costed that modelled that. I mean the dividend taxes are going up anyway and won't the purchase of the car adding to your company funds end up with more corporation tax too.

[kiethton]

ChocolateFrog said:

kiethton said:

I'd go with the WBAC valuation - make sure you add ALL of the damage, every mark or stone chip no matter how small, to their appraisal tool.

Then make sure the LTD has the car fully serviced, new tyres etc if low - one way to make the thing as tax efficient as possible.

But WBAC valuations can be ridiculous. I think they'd offer me £50 for my TVR, which clearly isn't at all representative.

Brilliant for the OP's ability to write it off through the business/minimise tax liability then. Assume he's not a motor trader, how would he know any different...

[DeuceDeuce]

scot_aln said:

Isn't the BiK only increasing by 1%? I haven't looked at your garage to see if listed but seems anyone talking high list on an EV is probably a Taycan. I'd have thought it was still beneficial within the company but guess your accountant has costed that modelled that. I mean the dividend taxes are going up anyway and won't the purchase of the car adding to your company funds end up with more corporation tax too.

It is a Taycan. It’s going to be a fairly quiet year for this company, I’ve looked at the numbers and if I can get away with paying a low price for the car and then the company makes a pension contribution with the proceeds I will be well ahead. Only have a couple of years left before it becomes more expensive for company pension contributions so want to do it now.

[scot_aln]

I know they can vary somewhat but have you got a relationship with your local Porsche Centre. Will they not give you a written part ex offer?

"How to Get Accurate Valuations
Online Valuation Tools: Use services like Autotrader, Parkers, or CAP HPI to get a comprehensive, independent valuation based on the car's registration, mileage, and condition.
Dealer Quotes: Obtain 2-3 written part-exchange or "cash for car" quotes from local dealers to provide a realistic market price.
Documentation: Keep all valuation printouts and emails in the company records to prove to HMRC that the sale price was not artificially low. "

[Wills2]

I would say the the "best" offer will come from a Porsche main dealer on a cash trade sale, what would normally have you wincing, in this scenario should put a smile on your face, hope for a "we don't want it" bid which is highly likely.

[alscar]

Wills2 said:

I would say the the "best" offer will come from a Porsche main dealer on a cash trade sale, what would normally have you wincing, in this scenario should put a smile on your face, hope for a "we don't want it" bid which is highly likely.

Would agree.
Add a price from WBAC and either take the average or go with the lowest one.

[Mandat]

What does your company balance sheet have as the car's value?

Can that value be used as a reasonable sale price? (I am not an accountant)