EV Company Car

[Scruff]

You can lease an i3 for £198+VAT per month. Why buy one? Still makes no sense to me, however. Better to buy a fully depreciated, well looked after motor with cash and pay down any debt (mortgage) than sink your readies into a financed depreciating asset.

[eek]

You can lease an i3 for £198+VAT per month. Why buy one? Still makes no sense to me, however. Better to buy a fully depreciated, well looked after motor with cash and pay down any debt (mortgage) than sink your readies into a financed depreciating asset.

True but there is a hell of a difference between leasing a car for £240 a month and leasing a car at £600 a month with benefit in kind tax on top.

The most important thing with regard to cars is getting the car you want or can cope with against the cost of keeping it. Whether it's the rental cost or the final depreciation figure it best to keep that as low as possible.

[portseven]

True but there is a hell of a difference between leasing a car for £240 a month and leasing a car at £600 a month with benefit in kind tax on top.

the difference is 0-60 in 2.8 seconds!

[northernladuk]

the difference is 0-60 in 2.8 seconds!

Yeah but if it doesn't make a lot of noise doing it doesn't count.

[eek]

the difference is 0-60 in 2.8 seconds!

It's also not £600 a month with that option. Nearer £1000

[TykeMerc]

Yeah but if it doesn't make a lot of noise doing it doesn't count.

True, people won't think you're a complete and utter tosser if it makes it to warp speed without it yelling out shiiiiiiiiiiiit heaaaaaaaaaaaaaaaad as some moron rags it through the gears.

Considering the state of the roads and congestion in the UK expensive mega fast cars seem rather silly. A comfortable place to be while sat in the traffic jams makes sense.

[northernladuk]

It does buts no fun. Now sitting there with a big V8 burbling and popping. Lovely.

It's a funny juxtaposition the more the more people hate a noisy car accelerating the the less the owner cares. He'll have a grin from ear to ear. That said there is a difference between someone enjoying the car and someone showing off for no apparent reason so I get that situation.

We are excluding the tosspots in loud souped up corsa and the like types of course.

[jonnieboy]

True, people won't think you're a complete and utter tosser if it makes it to warp speed

I believe the correct "Tesla" term is "ludicrous speed"

[stek]

I believe the correct "Tesla" term is "ludicrous speed"

Did you see that ludicrous display last night?

[portseven]

just been talking to accountant and doing some sum's wouldn't mind 3rd opinion...

car cost circa £70K
with the capital write off of that in the first year, i am reducing corp tax by about £14K
so as a result i have £14K still in the company not taxable, to do with how i want....

getting it on finance through the company, monthly payments are circa £800
so i have £800 less profit and to pay myself divi's with
the impact of that £800 is reduced somewhat by no perssonal car finance, fuel, etc. (but not forgetting BIK tax)

but with the corp tax savings, i could compensate that by releasing that saved £14K as divi's at whatever rate i want (e.g £14K / 24 months or 12 months or whatever)

my maths is seeing that i am not much worse off in take home cash by doing this....in fact the more expensive car i get, the savings are greater due to the increased amount i am offsetting against corp tax (20% of cars initial value).