Should I get an EV??

Arsenal2019

facade said:

I don't do enough miles to justify an EV tariff, so I pay standard rate for electricity, and it works out about 7p a mile, a third of what The Other Car costs.

(Actually, it is completely "free" as it just goes on the electricity bill, and with my low mileage I don't really notice!)

If I did your mileage I'd definitely get an EV tariff and pay more like 2p a mile.

Best to go EV sooner rather than later, as HMG will eventually start taxing home EV charging, easy enough, they could simply raise VAT on EV tariffs, or they could use smart meter & smart charger data to calculate your tax liability. (You've already missed out on years of "free" road tax)

It will definitely come, the question is how much longer have we got?

I would have to leave my current contact with EON early which expires June 2026 so I suspect there’ll be an early termination fee.

ive had a look with eon and its 28p/kwh for regular electricity  and 7.5p between the hours of 12:00am and 5am

WellKnownSid

Arsenal2019 said:

facade said:

I don't do enough miles to justify an EV tariff, so I pay standard rate for electricity, and it works out about 7p a mile, a third of what The Other Car costs.

(Actually, it is completely "free" as it just goes on the electricity bill, and with my low mileage I don't really notice!)

If I did your mileage I'd definitely get an EV tariff and pay more like 2p a mile.

Best to go EV sooner rather than later, as HMG will eventually start taxing home EV charging, easy enough, they could simply raise VAT on EV tariffs, or they could use smart meter & smart charger data to calculate your tax liability. (You've already missed out on years of "free" road tax)

It will definitely come, the question is how much longer have we got?

I would have to leave my current contact with EON early which expires June 2026 so I suspect there’ll be an early termination fee.

ive had a look with eon and its 28p/kwh for regular electricity  and 7.5p between the hours of 12:00am and 5am

Normally the early termination is either £50 or nothing with EOn.  I would definitely ask.  They have a range of EV tariffs now from 6.5p - some are car dependent.

https://www.eonnext.com/tariffs/next-drive/smart

chrisw

Arsenal2019 said:

They currently have some new EV cars which I like and are at around £450. This includes the hire of the car, insurance, breakdown cover, tyres, maintenance and has the EV charging point in that price too. Now obviously there’s no MOT or tax too.

Road tax for a new EV is now £195 per year and if you're looking at an EV with a list price of more than £40k, you'll pay an additional £425 per year for 5 years after the first year.

ididgetwhereiamtoday

chrisw said:

Arsenal2019 said:

They currently have some new EV cars which I like and are at around £450. This includes the hire of the car, insurance, breakdown cover, tyres, maintenance and has the EV charging point in that price too. Now obviously there’s no MOT or tax too.

Road tax for a new EV is now £195 per year and if you're looking at an EV with a list price of more than £40k, you'll pay an additional £425 per year for 5 years after the first year.

… on cars registered after April 2025. 

In this scenario I’d be tempted by Tesla M3 SR+ which is priced just under 40k. Possibly one of the best value EVs @ list price. 

Arsenal2019

chrisw said:

Arsenal2019 said:

They currently have some new EV cars which I like and are at around £450. This includes the hire of the car, insurance, breakdown cover, tyres, maintenance and has the EV charging point in that price too. Now obviously there’s no MOT or tax too.

Road tax for a new EV is now £195 per year and if you're looking at an EV with a list price of more than £40k, you'll pay an additional £425 per year for 5 years after the first year.

Ohhh. Well, I don’t think I pay the tax if I do this via the electric car salary sacrifice scheme at work . I think…. 

WellKnownSid

Arsenal2019 said:

chrisw said:

Arsenal2019 said:

They currently have some new EV cars which I like and are at around £450. This includes the hire of the car, insurance, breakdown cover, tyres, maintenance and has the EV charging point in that price too. Now obviously there’s no MOT or tax too.

Road tax for a new EV is now £195 per year and if you're looking at an EV with a list price of more than £40k, you'll pay an additional £425 per year for 5 years after the first year.

Ohhh. Well, I don’t think I pay the tax if I do this via the electric car salary sacrifice scheme at work . I think…. 

Yes it will be included in the lease cost - there have been issues where this cost has changed in the budget during the period of the lease so you get invoiced for this plus VAT but generally no issue.

facade

WellKnownSid said:

Arsenal2019 said:

chrisw said:

Arsenal2019 said:

They currently have some new EV cars which I like and are at around £450. This includes the hire of the car, insurance, breakdown cover, tyres, maintenance and has the EV charging point in that price too. Now obviously there’s no MOT or tax too.

Road tax for a new EV is now £195 per year and if you're looking at an EV with a list price of more than £40k, you'll pay an additional £425 per year for 5 years after the first year.

Ohhh. Well, I don’t think I pay the tax if I do this via the electric car salary sacrifice scheme at work . I think…. 

Yes it will be included in the lease cost - there have been issues where this cost has changed in the budget during the period of the lease so you get invoiced for this plus VAT but generally no issue.

The cost absolutely will increase in the budget, VED always goes up by inflation (not the low inflation they use for working out pension rises, the other higher one that is flawed so they can't use it for paying out...)

DrEskimo

Yes, as someone who also does high milage with an EV, I would highly recommend it. 

However I wouldn’t personally bother with salary sacrifice. When my company had it I found it very poor value (whilst I saved on tax, the starting costs were so high that the net cost was still higher than standard leasing deals). I bought used to reduce both running costs and all other associated costs. On my second used EV now. 

Brie

I would definitely check the T&Cs on getting one through salary sacrifice.  I looked into this with my employer a few years back and while the monthly cost was fine there was a balloon payment at the end of the 3 year contract if I wanted to keep the car and they couldn't tell me what that might be as it depended on the car market and my car's value at that point in time.  This was too big an unknown for me so I didn't take up the offer.  

There was also something in the T&Cs about the costs if one quit or was fired - neither of which I was concerned about as I was nearing retirement.  As it turned out I was made redundant and that and retirement meant the contract termination would have been handled to my benefit.  But, as already mentioned, I didn't get the car so didn't have to deal with any of that.  

Arsenal2019

Brie said:

I would definitely check the T&Cs on getting one through salary sacrifice.  I looked into this with my employer a few years back and while the monthly cost was fine there was a balloon payment at the end of the 3 year contract if I wanted to keep the car and they couldn't tell me what that might be as it depended on the car market and my car's value at that point in time.  This was too big an unknown for me so I didn't take up the offer.  

There was also something in the T&Cs about the costs if one quit or was fired - neither of which I was concerned about as I was nearing retirement.  As it turned out I was made redundant and that and retirement meant the contract termination would have been handled to my benefit.  But, as already mentioned, I didn't get the car so didn't have to deal with any of that.  

Thanks that’s deffo something to think about. I’m in the police and have no aspiration to quit. 

I don’t want to keep the car after the 2-3 years anyways due to the mileage I’ll put on. So I plan on returning it once the contract expires