FastLaneJB
Active Member
This all depends on what your tax band is. Say the car is £1,000 before tax on lease with insurance, tyres and so on which should be around a Performance Model money I believe then:Been nagging my company to get set up with Octopus EV salary sacrifice. Finally convinced them and it all got set up today.
Been on for the first time to quote and the prices are crazy expensive. MY RWD, 15k Miles, 48 months (40% tax payer), has a net price of £677 per month.
£601 on Leaseloco and £653 direct with Tesla. I know it includes insurance but it's way more than I expected. Even a M3 RWD is cheaper with my own insurance via tesla direct than with OctopusEV. Are my expectations way out or is there something odd here?
20% tax: £800 a month
40% tax: £600 a month
45% tax: £550 a month
60% tax (£100k to £125k roughly salary): £400 a month if whole payment comes out of this band
You do have to add back 2% BIK but point is it's sadly a system that helps those that earn more than those that earn less. Makes sense in my opinion if you pay at 40% or higher but at 20% I'd maybe think twice.
Your at 40%, seems expensive to be honest if that's an after tax figure. Don't have to answer but if just into 40% and taking the car brings you down some is part coming out of 20% tax?