Best route to electric car?

[hobnob]

I think buying an electric vehicle now is silly. They are advancing all the time, what's the point of forking out 50k on something that will be improved upon significantly in the next 5 years?

Buying doesn't necessarily mean "buying new". I've seen Nissan Leafs going for about £5k on the second hand market, and there's no mileage restriction when you own the car (which you often get with a lease).

[Paralytic]

Buying doesn't necessarily mean "buying new". I've seen Nissan Leafs going for about £5k on the second hand market, and there's no mileage restriction when you own the car (which you often get with a lease).

What are the battery conditions on cars at that price, and how does that impact their range? Is there any way to find out?

[WTFH]

I think buying an electric vehicle now is silly. They are advancing all the time, what's the point of forking out 50k on something that will be improved upon significantly in the next 5 years?

That's the argument for never buying, always leasing/renting.

The advances in electric vehicles were around the batteries. Battery technology has not jumped very far in the last 5 years, and there is no business need for it to either. Who actually needs a car with 500+ mile range?
Longer range batteries will require newer charging facilities, and it's all a lot of investment for a very tiny minority of people who will need that kind of vehicle.

...and anyway, based on where the research is going with the big manufacturers, battery-power isn't in the long-term game, outside of small islands.

[Maslins]

Buying doesn't necessarily mean "buying new". I've seen Nissan Leafs going for about £5k on the second hand market, and there's no mileage restriction when you own the car (which you often get with a lease).

Just to highlight this is a situation where even an all electric car might not make sense to be bought via a company. A key thing with the BiK rates is that they're applied to the list price of the car when new, not its current market value. So your company might get an old Nissan Leaf worth £5k, but you'll be taxed as if your company's giving you personal usage of a car worth ~£30k (or whatever the new price of that Leaf was).

All electric and brand new - yes, can make sense to get via a Ltd Co. Caveats re hassle factor if you then want to close the company, minor additional complexities re legals of who owns what, insurance etc. Only worth considering if you're confident you'll still have the company in a couple of years time.

A gas guzzler, and/or second hand, or you're unsure re the future of your company - normally makes sense to get it personally and claim the mileage for business miles done.

If your primary motive is to get a car that will be economical across the board (including taxes), it'll still make sense to buy a reliable ~5 year old petrol/diesel personally and claim the mileage. Don't kid yourself that buying a £50k Tesla via the company makes more financial sense than buying a £5k-10k Golf/Focus/whatever personally.

[Fred Bloggs]

That's the argument for never buying, always leasing/renting.

The advances in electric vehicles were around the batteries. Battery technology has not jumped very far in the last 5 years, and there is no business need for it to either. Who actually needs a car with 500+ mile range?
Longer range batteries will require newer charging facilities, and it's all a lot of investment for a very tiny minority of people who will need that kind of vehicle.

...and anyway, based on where the research is going with the big manufacturers, battery-power isn't in the long-term game, outside of small islands.

It's likely another VHS v BetaMax in the making. Where the technically better solution does not win.

[edison]

Just to highlight this is a situation where even an all electric car might not make sense to be bought via a company. A key thing with the BiK rates is that they're applied to the list price of the car when new, not its current market value. So your company might get an old Nissan Leaf worth £5k, but you'll be taxed as if your company's giving you personal usage of a car worth ~£30k (or whatever the new price of that Leaf was).

All electric and brand new - yes, can make sense to get via a Ltd Co. Caveats re hassle factor if you then want to close the company, minor additional complexities re legals of who owns what, insurance etc. Only worth considering if you're confident you'll still have the company in a couple of years time.

A gas guzzler, and/or second hand, or you're unsure re the future of your company - normally makes sense to get it personally and claim the mileage for business miles done.

If your primary motive is to get a car that will be economical across the board (including taxes), it'll still make sense to buy a reliable ~5 year old petrol/diesel personally and claim the mileage. Don't kid yourself that buying a £50k Tesla via the company makes more financial sense than buying a £5k-10k Golf/Focus/whatever personally.

Exactly this.

In the same way, don't kid yourself spending £50k on a luxury electric car is the best way to help with climate change when there are far better and cheaper ways to do so.

[saptastic]

I think buying an electric vehicle now is silly. They are advancing all the time, what's the point of forking out 50k on something that will be improved upon significantly in the next 5 years?

Get a 3 year lease through the company. Battery range will keep going up so not worth buying.

I got my i-pace through the company. Leased. 0% BIK last year.

[northernladuk]

I got my i-pace through the company. Leased. 0% BIK last year.

From £600 a month, jesus wept I can't afford that. I must be a tulip contractor.

[Snooky]

if anyone has real figures on a 50 k Tesla as an example please share them. That would be most interesting

A friend of mine told me this about the Tesla he bought as one of his cars:
"If you own a company you get 100% tax write down in the first year and 100% vat on your first return, takes the model 3 £50k car down to about £30k, a bargain"

I haven't looked into it myself but I have no reason to doubt him, he's very crafty and is always spotting ways of making and saving money - probably why he's much richer than me!

[northernladuk]

A friend of mine told me this about the Tesla he bought as one of his cars:
"If you own a company you get 100% tax write down in the first year and 100% vat on your first return, takes the model 3 £50k car down to about £30k, a bargain"

I haven't looked into it myself but I have no reason to doubt him, he's very crafty and is always spotting ways of making and saving money - probably why he's much richer than me!

I have no reason to doubt your friend but everyone I've come across that appears to have been clever and crafty using holes to save money have always done by also playing a bit fast and loose with the rules. Two that immediately spring to mind are a lady who had an office extension built on her property by the LTD and a friend of a friend who got a Cayman S as a company car but put it through as an asset so got written off (or something not quite right like that). Both were absolutely adamant they were right and thought they were crafty and good at spotting money saving opportunities.

If one person has found a way to get a greater saving on something, particularly something that's been addressed as often as a company car, and no one else is doing it my alarm bells start ringing.

Remember PSCONT thought he/she/they/zin were being clever and spotting ways of saving money to the point their stupidity got them banned.