considering as a potential issue. What is the shortest term you can get a vehicle on the scheme for?
2 years but the monthly cost is higher then. I was going for 4 years which is the longest I can have and the cheapest.
Last edited:
considering as a potential issue. What is the shortest term you can get a vehicle on the scheme for?
Dan is having his lightbulb moment…![]()
No I haven't done that as I haven't proceeded to application stage. Ive been going off the prices they quote on the website which is tailored to my company, but I'll keep this in mind, thanks.Have you checked if the quote on the SS scheme is accurate including insurance? On our scheme, the initial quote they give is for the "average" insurance cost. When I did a proper quote with them, they asked for more insurance details and it added about £50/month!
A standard service around £100-£120, MOT £40. I don't include brakes or tyres or anything else in that as they are not annual service items. Ive listed tyres separately and brakes would be included in the £100 a month average repair buffer.Assuming you do your own servicing on the current car? £156/year (-~£35 for MOT) = £120/year left for everything else. Filters/oil/etc. = £60 or so? That only leaves £60/year for consumables such as brakes, tyres, wipers, screenwash, etc. which seems very low!
You mean the conversations where every time someone asks about getting a diesel they are told to get a petrol because of the big repair bills?Did no one also tell you that an old BMW 325 wasn't going to be the epitome of fuel economy and cheap maintenance?![]()
I dont know how they measure it but there is no way its bigger. The Ionic 5 is a hatchback of similar style boot to a Focus or Astra. Perhaps it is a very deep boot (vertically) but with no front to back distance.It has a much bigger boot than a Focus hatch. In volume terms it is closer to a Focus estate and bigger than your 3 series. It is a touch shallow, a gripe I have with many modern estate cars as well.
I think when it comes to load space you just need to dig into the dimensions to see if it suits your needs or not.
I dont think the bike is the big problem any more. I do less biking now than I used to. I can take the wheels off and put the seats flat for that.Is ID3 on the menu - with the back seat down I think you can get bikes in, and, it is saloon size with some of dynamics of 325 (or my 3 estate).
You won't change your driving habits with the reduced electricity costs - so is 12K a year lease sufficient ?
I can do 12K on a commute but the prospect of more weekend day trips because it is cheaper would be an attraction, but might need a recharge..
Might also be worth adding some figures for a loan/finance for a couple of year old EV (including the RV at the end of the term), to see how that matches up.
This is true, unless it ends up needing costly repairs. Then Im in the same situation as with my current car. The continual lease removes that risk completely, of course Im paying for that continuously too.b) If you want to keep it after the lease is up, then that's an option, and you get very low cost motoring after 4 years
Kia and Hyundai warranties are also 7 years - are they better? The used cars from those two are more expensive though.warranty isn't spectacular V
Here's all my options on the MG5.Lease cost is £377 for the MG5?
Take off £105 for insurance, maintenance, tyres & breakdown (65 + 13 + 17 + 10)
Ignoring repairs, your ongoing lease cost would be £272/month more than running the car after the loan is paid off. That's a lot of repairs! (Or a decent deposit towards the next car if you don't dip into it)
Does this work? In 5 years time cars will be even more expensive so the fact I have a car worth £8k, likely still means I need another fresh £15k loan to then get an equivalent 3 year old car at that point.You might not be able to get rid of the car completely after the 4 years, but you could trade it in, and next time only need a £5-7k loan to cover the £15k replacement
I realised I had missed something - the £3k (slightly optimistic) value of my current car. I need to deduct that from the leasing option as I would be selling it when I take the lease. Its already included as a trade in value in the £15k loan option as the used car is £18k.Yeah, absolutely - I was in exactly the same position a few years ago, there are benefits to both options - the lease is almost certainly going to be more expensive, and you'll be "trapped" in the same position in 4/5 years when it runs out, but obviously it does come with the benefit of a single fixed cost with nothing (barring the unlikely event of an expensive out of warranty repair) to worry about.
I edited my post to show the residual £8k impact averaged over 4 years, and the impact of adding in a £50 per month repair buffer.Have you looked at the figures over a longer period?
At the end of the 4 years, lease vs buy isn't going to put you in the same position - to be a fair comparison, the "sell current car" cell in the last column should be -£166.67 (£8k/4 years)
Your current risky car is almost 20 years old, the car you'll have after 4 years will be 6-7 years old, so it's not like you'll need to replace it straight away - it's still going to be perfectly useable, and massively more reliable than the current one
I realise it sounds like I'm really trying to push the "buy a used one" option, it just seems you're looking at the total cost over the 4 years without taking into account what comes after, apologies if that's not the case.![]()
EDIT: Also go and test drive a random on of the cars on your list at the weekend, since it sounds like you've never driven one/been in one, you'll realise RWD isn't a big deal.
Can you explain to me why a salary sacrifice EV lease would increase in monthly cost?
Was the scheme a purchase and repayment? As BIK system?
BIK applies to a benefit - not a lease;
If the car was purchased and used for the employee’s sole purpose - the BIK applies which is the case for most of the “company car” purchase craze.
Salary sacrifice lease deal is a 4yr lease deal with pre-agreed monthly payments. I don’t see how that can be affected by BIK tariffs. It’s not a benefit, it’s a pretax arrangement.
The only thing that will change the interim payment is if the car was purchased through company umbrella and then used for personal use thus BIK band kicks in.
I stand corrected if someone can give me deals of their EV lease agreement.