Salary sacrifice car scheme

[kerryno]

I need a new car, never had a new one or on finance but new job has a scheme. How do you work out whether it's good value? I earn around 60k if it matters.

You'll need to look at the tax implications. If you have a petrol ot diesel your tax code will be changed and you'll pay extra tax as well as the monthly lease.
I lease an EV, it's bloody beautiful 😍 the headline figure is about £400 but it costs me about £250, that includes insurance, tyres, breakdown etc etc. It feels like a good way to have an EV without buying in to technology I'm not 100% sold on.

@Iwrotethissong thank you for replying. Stupid question but how can I work out the tax implications? There are EV cars in the scheme but like you not 100% sold as we drive to Europe most yrs.

Can you ask whoever deals with it at work for a quote so you can see how much it would cost?

the drawbacks include:

• you are usually committed to keeping it for a certain length or time, eg 3 years, and if you want to end the scheme (leaving job, car no longer suitable for your needs etc) you have to pay a termination penalty, which can be quite steep.
• you have to make sure it gets returned to the leasing company immaculate. There is a standard for fair wear and tear, and the leasing company can tell you from the start what “fair wear and tear” is. They usually allow very minor scratches, up to a certain size, and one small parking dent (up to a certain size) on each panel. Beyond that, you will be sent a bill when the leasing company gets the car back and inspects it. Either that or you pay to repair the damage before the car goes back.

Have a look at https://www.gov.uk/tax-company-benefits/tax-on-company-cars

We've just got one. We pay a monthly figure that pays for car, insurance (including for our 19yo at no extra cost), breakdown and they put in a charge point for free.
I was sceptical before it arrived, but I love it.