Electric car through Ltd?

[cannon999]

Aaaand we're back

Need a new car and one option is a Tesla, which I'm looking at getting through the Ltd. (The other options are non-EV, which I'd finance personally).
Have pinged the accountant an email and awaiting a response - but as they sent a newsletter a few months back about buying EVs via the company I know they're not against it in principal.
I'd also apprecite thoughts from the learned community here (and those not so )

I'm not planning on closing the ltd down within the lifetime of the car's ownership, but if I were to more than likely I would take the car on personally.

So, Tesla offer 3 business options:
1. Cash
2. PCP
3. HP

I have cash in the company to buy the car. Additionally, I have another £40k loan reserve that I'm not using at the moment - cheers Rishi
I could do PCP, not convinced about HP.

Any reason PCP (or HP) is a better alternative than a cash purchase ?

I am currently doing the same thing. I wouldn't buy a tesla at the moment as you would want to own a car for a while if it's expensive and currently the battery life on electric cars is poor and being improved on every year. So in 4-5 years time you may end up owning a tesla with 300 miles range whilst everyone has 1k+.

[GhostofTarbera]

Aaaand we're back

Need a new car and one option is a Tesla, which I'm looking at getting through the Ltd. (The other options are non-EV, which I'd finance personally).
Have pinged the accountant an email and awaiting a response - but as they sent a newsletter a few months back about buying EVs via the company I know they're not against it in principal.
I'd also apprecite thoughts from the learned community here (and those not so )

I'm not planning on closing the ltd down within the lifetime of the car's ownership, but if I were to more than likely I would take the car on personally.

So, Tesla offer 3 business options:
1. Cash
2. PCP
3. HP

I have cash in the company to buy the car. Additionally, I have another £40k loan reserve that I'm not using at the moment - cheers Rishi
I could do PCP, not convinced about HP.

Any reason PCP (or HP) is a better alternative than a cash purchase ?

I would use the bounce back loan money, if your company goes bust the idiot tax payers will have paid for your car


Sent from my iPhone using Contractor UK Forum

[TheDogsNads]

I am currently doing the same thing. I wouldn't buy a tesla at the moment as you would want to own a car for a while if it's expensive and currently the battery life on electric cars is poor and being improved on every year. So in 4-5 years time you may end up owning a tesla with 300 miles range whilst everyone has 1k+.

Oh please, dont talk rubbish! EVs are not mobile phones where the batteries go tits up after 2 years. The current battery life of EVs is not poor. 1st gen Nissan Leafs, maybe but Teslas and even 2nd gen Leaf's arent suffering much degradation of battery life.

If any are, it's probably owners who havent a clue how to use an EV and always fully charge the battery, irrespective of the perceived wisdom of charging sufficient for daily miles and a bit more.

1k+ mileage is a pipedream for EVs even with solid state batteries.

Regarding the question of buying \ leasing an EV through the company, the purchaser may not have plans to close the company. But, if the contracting world continues to shrink in both number of roles and rates, it may become less viable to stay contracting and the decision needs to be made unexpectedly.

EVs currently enjoy zero BIK but that was not going to be the case. The Government had intended changing this and going to a scaled up from zero BIK to around 5%. They decided to postpone this but, could re visit it in the next few years with the finances squeezed due to the pandemic.

You pays your money and takes your chance.

[Spoiler]

The battery life/range thing isn't a concern for me right now. The Tesla warranty is decent enough (8 years or 120,000 miles, minimum 70% capacity retention). I can't imagine a scenario for myself (or most people) where I'd be driving >300 miles non-stop.

On the Ltd front, I'm weaning myself off Mon-Fri contracting (finished the last gig in March) and onto other work models. Currently, I have enough on the go to cover off this year's income needs, and trying to build on that. So basically I'm still working through my Ltd and plan to do so for the foreseeable. Worst case, I'll take the Tesla on personally if the Ltd closes.

BIK looks good for the next couple of years which works for me, so on that front, I'm happy to pay the money and take the chance.

Unless the accountant suggests otherwise, I'll look to buy it with the company cash.

[cannon999]

Oh please, dont talk rubbish! EVs are not mobile phones where the batteries go tits up after 2 years. The current battery life of EVs is not poor. 1st gen Nissan Leafs, maybe but Teslas and even 2nd gen Leaf's arent suffering much degradation of battery life.

If any are, it's probably owners who havent a clue how to use an EV and always fully charge the battery, irrespective of the perceived wisdom of charging sufficient for daily miles and a bit more.

1k+ mileage is a pipedream for EVs even with solid state batteries.

Regarding the question of buying \ leasing an EV through the company, the purchaser may not have plans to close the company. But, if the contracting world continues to shrink in both number of roles and rates, it may become less viable to stay contracting and the decision needs to be made unexpectedly.

EVs currently enjoy zero BIK but that was not going to be the case. The Government had intended changing this and going to a scaled up from zero BIK to around 5%. They decided to postpone this but, could re visit it in the next few years with the finances squeezed due to the pandemic.

You pays your money and takes your chance.

Tesla’s new low-cost, long-life battery set for 2021 launch | Auto Express

I think you are the one talking rubbish pal. EV batteries are a long way off still from being accepted as the new 'norm' because the range and charging times are currently not good enough.

[WTFH]

I wouldn't buy a tesla at the moment as you would want to own a car for a while...

In your other thread you said it was a 2 year lease you were looking at. How long are you wanting to lease the car for?

[cannon999]

In your other thread you said it was a 2 year lease you were looking at. How long are you wanting to lease the car for?

2 years. What's confusing you? That's the reason I am leasing as I think in the next 4-5 years there will be great advances in battery life/range/charging times so no point investing into an expensive EV car.

[TheDogsNads]

Tesla’s new low-cost, long-life battery set for 2021 launch | Auto Express

I think you are the one talking rubbish pal. EV batteries are a long way off still from being accepted as the new 'norm' because the range and charging times are currently not good enough.

Solid state batteries will be the big leap and these are being developed by Tesla. Where does it say in that article that you'll get longer range from the battery? Nowhere. It states battery life of upto a million miles. Your car will be worn out before you get anywhere near that mileage.

Many Teslas in the US have done over 200,000 miles on the original battery pack with minimum degradation.

You need to do some proper research instead of chasing unicorns. The idea with an EV isnt that you drive it to empty then 'fill up' at a filling station as per an ICE.

You recharge the car while you do other things, like work, sleep, go shopping etc. For circumstances when you do need a relatively quick top up even a 50kw DC charger will give you ample miles within 30 minutes, 75kw and 150kw will do the job even quicker or, give more range for the same time.

[Spoiler]

You recharge the car while you do other things, like work, sleep, go shopping etc. For circumstances when you do need a relatively quick top up even a 50kw DC charger will give you ample miles within 30 minutes, 75kw and 150kw will do the job even quicker or, give more range for the same time.

^ This. I'll be charing overnight with a Wall Connector, and also using the Supercharger network if necessary when on longer trips.

[cannon999]

Solid state batteries will be the big leap and these are being developed by Tesla. Where does it say in that article that you'll get longer range from the battery? Nowhere. It states battery life of upto a million miles. Your car will be worn out before you get anywhere near that mileage.

Many Teslas in the US have done over 200,000 miles on the original battery pack with minimum degradation.

You need to do some proper research instead of chasing unicorns. The idea with an EV isnt that you drive it to empty then 'fill up' at a filling station as per an ICE.

You recharge the car while you do other things, like work, sleep, go shopping etc. For circumstances when you do need a relatively quick top up even a 50kw DC charger will give you ample miles within 30 minutes, 75kw and 150kw will do the job even quicker or, give more range for the same time.

'Reuters has reported that the cells will make use of low-cobalt or cobalt-free chemistries, as well as chemical additives and coatings that will allow the battery to store more energy for longer and make it more resistant to the strain of rapid charging.'

Perhaps you should read the article so that you don't look like a muppet?

This is not about going for a quick shop. A lot of people use cars for business/leisure trips and currently EV cars are not suitable for that. a 300 mile charge would barely get my to London, suddenly I have to start planning charging stops which you do not need to do in a petrol/diesel car. I don't understand how that's not common sense.