Soldato
Is a car now worth less pension later in life?
Thinking of getting an EV
- Thread starter danlightbulb
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It will only be a temporary adjustment to improve the affordability now. When we get an annual payrise next year I'll put that 2% back on.
This is my options currently. I can make the whole thing neutral if I drop my pension to 12%.
The BIK impact wasn't as a bad as I thought a few posts back. When the BIK goes to 5% that will be £1650 (5% of £33000 P11d value) but then the tax you pay on that is 20% of it, so £330 a year or £30 a month ish.
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Soldato
It's always a balance. The EV numbers seem to be adding up for you.
Yeah Im absolutely shocked TBH. If I knew the sums added up like this I would have looked at it sooner. Its the petrol saving that makes it work, plus the tax saving as well.
The MG5 has good reviews but its a 26 week lead time. I like the Peugeot e-308 and has great reviews other than comments about it being a bit slow.
Is my only option for viewing some of these cars to go round the main dealers?
I'd like to see the MG4, MG5, Hyundai Kona, Kia EV6 and Peugeot e-308 in person.
I'd like to see the MG4, MG5, Hyundai Kona, Kia EV6 and Peugeot e-308 in person.
Soldato
I'd also consider tie in/get out options. If you are dipping your toes in to BEV for the first time, then buying a 21-plate car with plenty of warranty used, will allow you to get out with minimum loss as you'll be financing it with a personal loan, where as a SS scheme will give you a newer car but with an expensive get out should you need to use it.
So there is included cover for early termination of the agreement under certain circumstances including if I voluntarily leave the company.
There isn't cover for if the government decides to ramp up the BIK rates or change the tax rules, I don't think, I need to phone up to ask them this to confirm. So that's the biggest risk.
Soldato
It is highly unlikely that the new govt will do that, as they are probably wanting to get more BEV's on the road faster than the last one, but definitely worth 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.
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Associate
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Dan is having his lightbulb moment… 
Take some for a test drive and see what you think- EV are a very different beast to actually take on the road and might make you go for it regardless of any extra cost!
Take some for a test drive and see what you think- EV are a very different beast to actually take on the road and might make you go for it regardless of any extra cost!
Dan is having his lightbulb moment…
In all seriousness if I knew I could save nearly my full fuel cost I'd have looked at this way sooner.
But it doesn't seem to be common knowledge?
You don't know what you don't know. And if no-one tells you...
Associate
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It’s definitely a longer term investment - my cost of doing the 750 mile range of my E class fell from 100-150 quid to less than 20, so over the year I’ve had it I’ve saved thousands, although the charger install was £1200. It’s just a nicer way to drive, there’s a lot less to go wrong although my Polestar is still under warranty, it’ll never need the brakes replaced and I know moving it a few metres won’t wear the internals.
I miss a lot about my E Class, but I hope to go to a Mercedes electric model in the future!
Did no one also tell you that an old BMW 325 wasn't going to be the epitome of fuel economy and cheap maintenance?
Seriously though, good luck with the EV. This is the golden period (financially) for running one so get on it if you can.
Soldato
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i considered this briefly... however you are looking at a much older model S, one which the build quality isnt as good as the more recent cars... also the "free" lifetime charging adds a premium to the car.
if you can charge at home you are talking pennies. personally i think its a much safer option to buy a newer EV and charge on intelligent octopus or such like. you can still stay tesla. you can get a model 3 for under £20k which will be a much newer car now but there are loads of options in that price bracket.
if money is your only reason to go EV it may be a harder sell. Personally i think there are other valid reasons to get an EV over a diesel however even if you ultimately dont save much money.
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Soldato
It will only be a temporary adjustment to improve the affordability now. When we get an annual payrise next year I'll put that 2% back on.
This is my options currently. I can make the whole thing neutral if I drop my pension to 12%.
The BIK impact wasn't as a bad as I thought a few posts back. When the BIK goes to 5% that will be £1650 (5% of £33000 P11d value) but then the tax you pay on that is 20% of it, so £330 a year or £30 a month ish.
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!
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!
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.
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.
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.
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 had little choice to pick up this car. My old car's engine failed (smashed valves) and everything used was crazy money (still is). A friend was selling this and it had full service history.
I also needed something a reasonable size. Didn't want to go smaller than a mid sized estate, and this remains a problem now looking at these EVs. I saw an Ionic 5 on the road today, its nice, but no bigger than an older Ford focus hatchback.
Soldato
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are you sure about this? i thought the ionic 5 was larger than that!. also purpose built EVs tend to have more space inside than an equivalently sized ICE car as well. (and dont forget you also get the front boot (Frunk or Froot) where the engine would go in an ice car for extra storage
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Soldato
IIRC Dan is into mountain biking. An estate is where it's at for that sort of thing, if you don't want to faff around too much.
Soldato
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fair enough. i sympathise there actually. i cant get bikes in my car either and rear mounted bike racks cost a packet!. if that were me it would be hard to look beyond one of the big skodas for that sort of thing.
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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.