THIS Is How To Get An EV For Less Than £200 AND Pay Less Tax!

We've been asked again and again about 'salary sacrifice' and electric company cars since we last covered them in 2021. Leasing vehicles rather than owning cars continues to grow in popularity with between 20-30% of drivers in the UK now opting to lease a car.

Salary Sacrifice Schemes for electric vehicles, which allow employees to pay for a vehicle lease pre-tax combined with a much smaller Benefit-in-Kind tax rate compared to petrol or diesel cars sounds appealing! So we went to Octopus Electric Vehicles to get the lowdown! @fullychargedshow @EverythingElectricShow

00:00 The Rise in Leasing a Car
00:52 What is Salary Sacrifice?
01:22 Benefit in Kind Rate (BIK)
01:52 What’s Included in the Monthly Payments?
02:33 New and Second Hand Cars!
03:08 Potential Savings
04:36 Rebranding Total Cost of Ownership! We need your help!
06:04 Salary Sacrifice, where do I start?
06:54 Second Hand Car Market!
07:51 Test Drives
08:40 Accessible to Everyone?
09:55 Getting your Company Involved!
11:09 Workplace Charging
11:44 The Overall Ecosystem!

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#electriccars #electricvehicles #tesla #elonmusk #byd #homeenergy #cleanenergy

[ImogenBhogal]

Thoughts on "Girl Math" as an alternative to TCO?! Any better suggestions and I'll weave a word of your choice into the next script...!

[puppet-head]

£240 for a corsa, the same car on tusker that we are forced to use is £466. There are some people getting very fat off salary sacrifice

[SouthwestSimon]

The elephant in the room is that you have to be on a minimum of £26.5k a year to access any salary sacrifice scheme, so anybody on the living wage or near the living wage isn’t going to be able to access this and I would suggest this is the very people who need the financial support. Salary sacrifice is one of the cheapest ways to access and run an electric vehicle. Unfortunately, the very people who need this can’t access it.

[theunknownunknowns]

I don't have a rebranding catch word. Instead, ideas around sovereignty and strategic robustness like... stop giving money to authoritarian petrostates. Let's keep our money here. Let's not put PM2.5 into our children's brains. I could go on.

[zainhaider]

I want to own my own car, my house, my life. I don't want to just rent everything.

[MegaKrustyman]

How about Money Mileage? Everyone loves bang for your buck, getting more for their dollar. It's like a counter point to range anxiety. You can't go as far on a charge and it takes a bit longer to "refuel", but your money goes many more miles than it would in your ICE car. Got an overnight charging tariff? That's cheap miles. Got solar? That's free miles.

[stevemc]

Sadly it's not always that cheap.
The leasing company we have access to is suggesting a Nissan leaf will cost me around £500 per month ...bit of a rip off.

[ComeJesusChrist]

Poorer taxpayers are subsidising the toxic appliances of those who can’t be bothered to keep a proper car for longer and keep it serviced.

[shadwyenigma]

An alternative to TCO could be

TIGHTER

Tax
Insurance
Garage (meaning the home charger)
Hire (meaning the hire costs)
Tires
Electricity
Recovery (breakdown recovery)

With this you could say that octopuses electric car hire is tighter than the equivalent ice car.

A tough in cheek ad slogan could be, “when your friends ask you how you can afford your new car. You can simply respond, the benefits of being tighter”.

[ericcamier]

If your organisation takes ESG seriously, it should have one. Got ours 3 years ago from 🐙 they are doing a great job. I love my Model Y 22 plate. In 6 month, I will need to give it back😢😢😢...hopefully for a new one or I may extend the lease for another year. If you can have a home charger it should be an easy decision.

[cornishdarrenfewins]

2 biggest issues we came across were these...1) there is a significant impact on your pension. As you are paying for it before tax, the amount contributed by your employer to your pension is lower. 2) on any schemes, the employer js leasing the car and subleasing it to the employee. If you decide to get a job elsewhere, you cant take the car, so the employer often enforces an agreement that youll pay a lump sum contribution to cover their losses. An unscrupulous employer can treat you badly, knowing you will think twice about leaving or risk being fired because you dont want to lose rhe car or pay the lump sum

[dennishaggerty]

Some very useful comments here regarding smart meter issues in rural and ‘not spots’ and the needs of heat pumps to run all day.

This can seriously compromise electricity deals for cheap overnight tariffs to charge your electric car. Hmm, never thought of that - Everything Electric show; how about acknowledging this as an issue for an all electric home.

Certainly makes calculating the cost per mile of a BEV even more complicated!

[L.A.T.E.]

If you are on a BIK scheme with your company, you'll be bonkers not to take out a BEV as at 2%, its a steal. My mate got a £65k BMW for £20/m. That is the definition of a takeaway and it costs less than it.

[TonyOrc]

How about "Expected Monthly Cost" ???

[ChrisCollins]

The only person that gain out of salary sacrifice when I had one was the lease company and my employer. It didn’t cost my employer a single penny yet, they refused to pay me milage claiming it was a company car which it wasn’t because they didn’t pay a penny. I’d never go that route again.

[colingreysful]

How about M4M? Money for mileage/miles. Calculate how much it costs to do say 1000 miles for both ICE and EVs, including everything (lease, insurance, fuel/electric)

[shelaghrowling]

What about self employed people and retired people? The infrastructure of a charger etc is costly

[shortbits]

Octopus always go on about low cost tariffs. That's great if you can get a smart meter that works. I had a smart meter installed via Octopus only to find there is no Smart meter signal, so not so smart. I had to get my economy 7 meter reinstalled. Not having a working smart meter is costing me as much £100 per month as I have being doing some 20k miles per year in our EV. Smart meters in north England and Scotland don't have external Ariel sockets, so if you have no signal nothing can be done. Meters for south England and Wales work on mobile network wavelength and some have external aerial sockets, but even then the industry refuses to install external aerials in conservation area or on listed buildings as they can't be bothered with the hassle of planning permission. Smart meter installation does not care about doing difficult installs, this is at the expense of the customer. Very annoying post code lottery!!!

[KenH-]

"All Inclusive " term most people are familiar with. Still requires some standard sums to be done on EV and ICE cars for proper comparisons.

[carlcoates]

Still not available here in the Republic of Ireland, an amazing offering for customers