Hello. The time has some to look at a new car. I’m wondering what option to go with as correct choice. The wife is thinking to do salary sacrifice on a Volvo xc40 working about £650 a month. The other option is though my LTD company. Need a ULEZ vehicle anyway and she works from home in the week and a few site visits. I’m looking at an EV and would look at a Volvo also. Obv I need a decent size boot to carry parts and some tools for doing my work plus quoting. Any advice appreciated.
New car options:
- Thread starter MagicUK
- Start date
£650 never own it. Includes insurance maintenance and tyres. Taxed at source so so she says £673. Then national insurance and income tax. She’s on 50k I think. Obv in my head I’ve explained if your on £56k you can use that 6k to being your earning back to 20% bracket. I’m out the loop with PAYE now so any advice will help. I have a Ltd business which is just a 1 man band which I have a van.
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None of these are going to be very expensive on a brand new electric car though?
Have you checked recently? insurance on EVs have gone through the roof in a lot of cases (apparently baseline increase is up to 300%) and tyres, especially EV rated ones, have crept up, in some cases price has doubled since pre-pandemic.
None of which amounts to a situation where it would be worth spending £650/m in this way in my opinion though.
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Depending on the mileage it's probably not likely to need any tyres for the duration of the lease, which is more my point.
People seem to value maintained leases but to be honest the maintenance costs on any brand new car for 3 years should be very low unless you do particularly high mileage.
People seem to value maintained leases but to be honest the maintenance costs on any brand new car for 3 years should be very low unless you do particularly high mileage.
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...and if you price up a high mileage maintained lease the price just increases to pay for any extra servicing and tyres etc. anyway.
Soldato
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Why not just buy a used Volvo SUV? If it's not ULEZ, you'd still be saving money.
Make sure to decat and remap it too.
That was my thoughts. Clearly no cost of living crisis!£650 a month for an entry level SUV. Absolute insanity
Lease a fully maintained Qashqai or similar for less than £300/month and have a nice holiday, pay into your pension, clear your debt down. Failing that there is always the stock OCUK answer on what to do with a windfall.
Where?
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That works out at £370 a month and does not include maintenance.
So, where can you lease a fully maintained one for less than £300 a month? I think the answer is 'nowhere'.
Maintenance is c£28/month so excluding the upfront payment it's under £300/month on 10k miles.
Point being that it's a lot less than £650/month for an asset that will essentially do the same thing. LeaseLoco has slightly more transparent pricing and some better deals are now creeping in. Audi A4 Avant looks decent value now.
No it's not, it's £400 a month.
You can't just ignore the deposit otherwise you could say that you can get a new Ferrari for just £10 a month (with a £200,000 initial payment).
You have to divide the deposit over the term of the lease for a true monthly cost.
Thanks for the arithmetic lesson.
You're the one claiming it was under £300 a month, not me!
You cannot exclude the deposit.
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