Electric car anyone?
7 lurkers |
72 watchers
22 Jul
7:43pm, 22 Jul 2024
19,721 posts
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Gooner
My work is soon to be implementing a salary sacrifice scheme for leasing EVs (and charger installation if required). I doubt very much that I will be able to afford either the monthly repayments not the hit on my pensionable income but I'll definitely be looking into it once procurement is done.
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22 Jul
7:58pm, 22 Jul 2024
50,503 posts
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HappyG(rrr)
I never thought of salary sacrifice affecting pension contributions. Cheapest way in short term but I suppose if you look st it in those terms it's prob not such a good deal. I don't get to do salary sacrifice so I'll just be getting second hand EV out of saving from net income. Still massively cheaper to run if doing higher mileage.  G
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22 Jul
11:10pm, 22 Jul 2024
19,727 posts
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Gooner
Yup, sadly I don't have the initial outlay and if I did, it would go on the house renovations that are required, for now, this is my only real option to consider. Which is a shame but hopefully not a problem for many more years with lowering second hand prices.
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23 Jul
9:09am, 23 Jul 2024
50,506 posts
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HappyG(rrr)
Agree Gooner. Second hand prices should keep coming down. That's what I'm hoping for as I'll have to buy in 11 month's time! G
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23 Jul
9:02pm, 23 Jul 2024
155 posts
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Yakima Canutt
I used salary sacrifice as the tax savings for the car was well worth it. No impact on my pension as I'm on Defined contribution and old enough to have paid up my NIC. @Gooner how does a young whippersnapper life you get into a DB scheme?
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24 Jul
4:55pm, 24 Jul 2024
158 posts
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Yakima Canutt
Resolution foundation says that if at 2035 1 in 2 cars are electric then that means a £20bn annual loss in fueld duty to the government and that is a pothole they probably need to fill (pardon the pun). Iceland and New Zealand have introduced schemes this year to squeeze the EV driver. One is an App based pay-per-km and the other allows users to buy a licence in a 1,oookm unit.
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24 Jul
5:08pm, 24 Jul 2024
50,523 posts
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HappyG(rrr)
Perfectly happy to pay to use roads, as per any other vehicle, as long as ICE cars continue to be taxed higher, in order to reflect the need to drive ICE cars off the road (pardon the pun!) G
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24 Jul
9:08pm, 24 Jul 2024
19,748 posts
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Gooner
Yakima Canutt wrote: I used salary sacrifice as the tax savings for the car was well worth it. No impact on my pension as I'm on Defined contribution and old enough to have paid up my NIC. @Gooner how does a young whippersnapper life you get into a DB scheme? Sadly, I am on a 2015 terms pension and as such, would be screwed out of some contributions. The Fire service union (FBU) won some pensions battles but couldn't stop the inevitable. I would have to look into the savings Vs cost when they finally finish the procurement process so that I can see some figures, supposedly by the end of this month... |
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24 Jul
9:30pm, 24 Jul 2024
50,525 posts
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HappyG(rrr)
The other problem seems to be that company car schemes don't seem to get access to the best deals for car leasing. Eg lease companies sometimes have big discounts on certain models or manufacturers when those are trying to shift them. Best of luck finding the right thing for you G. G
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24 Jul
9:35pm, 24 Jul 2024
19,759 posts
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Gooner
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