Work bringing in an Electric Car scheme - Benefit in Kind

Bigphil1474

The savings may be minus any pension contributions though - 14.5% where I work, which would be £142 a month on those figures. If its for use at work, i would lose an additional £150 a month based on a typical for me 200 work miles a month. More work miles, more loss (under our scheme at least). As I said earlier, if you're wanting a lease car to use at work, it's probably cheaper to do your own rather than use a salary sacrifice. If it's for personal and commuting it might work.

Stateofart

Got to be careful about the pension contributions with SS.  Also, you tend to pay through the nose for them these days.  £600 a month on car payments !!  Crazy !!

DrEskimo

Stateofart said:

Got to be careful about the pension contributions with SS.  Also, you tend to pay through the nose for them these days.  £600 a month on car payments !!  Crazy !!

I don't disagree, but it is a brand new £55k BMW....given they generally lose around 50% of their value in 3yrs, £20k isn't that different to what you might expect to lose had you bought it new outright.

jimjames

Stateofart said:

Got to be careful about the pension contributions with SS.  Also, you tend to pay through the nose for them these days.  £600 a month on car payments !!  Crazy !!

It's a great way for manufacturers to get people into new cars and for the government to get a lot more EVs out there