Which electric car to buy?

[JuanVecino2023]

The rich can still gift 18x£9,000 to their children in a tax exempt envelope. With mediocre compound investment returns that should be worth about £325,000 at age eighteen. Plenty for a drug fuelled orgy of wanton teenage escapism.

There are still families, especially in Liverpool and Bristol passing down wealth made off the back of the slave trade. It stokes the socialist in me at the injustice of it.

The UK is probably the worst in Europe at redistributing wealth.

Absolutely concur.

 

[GrannyJen]

I’d love to. But my parents are no longer with us.

Mechanics aside, my point was more about a bankrupt country ramping up the double taxation & stealth taxes.

I am just re-writing our wills. Sadly I have to put all of our wishes into the body of the will as a letter of wishes could be contested. In my lifetime I have been given nothing. I inherited nothing. Everything I will leave has been the result of my own labours, every penny earned from those labours has been taxed and even whilst working overseas I have never attempted to avoid UK taxation.

My taxed earnings, invested and with CGT paid every time a gain has been realised on those investments, will again be taxed when I leave this mortal coil.

Nothing sticks in my throat more.

 

[JuanVecino2023]

I am just re-writing our wills. Sadly I have to put all of our wishes into the body of the will as a letter of wishes could be contested. In my lifetime I have been given nothing. I inherited nothing. Everything I will leave has been the result of my own labours, every penny earned from those labours has been taxed and even whilst working overseas I have never attempted to avoid UK taxation.

My taxed earnings, invested and with CGT paid every time a gain has been realised on those investments, will again be taxed when I leave this mortal coil.

Nothing sticks in my throat more.

IHT is the most hateful tax of all.

I get that historically it was supposed to redistribute wealth. But now it encompasses a vast swathe of middle classes, even with threshold increases, it needs a rethink.

 

[JollyGoodShow]

I've been toying with setting up a salary sacrifice scheme for my business, now Octopus lease nearly new.

Their packages are all in, insurance, lease, maintenance, roadside assistance, tyres. An i4 Sport costs a total of £464 per month on a 3 year, 10k miles pa lease. A Polestar 2 is £327 PCM.

Sounds decent value to me. I did a quick costing on a Golf GTi mk 7.5 - I reckon all in with depreciation at £2-3k pa and £1k maintenance, tyres etc runs to £5k pa including insurance, so £417 PCM.

I am in a similar scheme. The figures you quote are obviously after the tax saving. I pay a little under £500 per month for a Volvo XC40 Recharge Twin Ultimate, which would have been £60k to buy. Bargain!

 

[JuanVecino2023]

I am in a similar scheme. The figures you quote are obviously after the tax saving. I pay a little under £500 per month for a Volvo XC40 Recharge Twin Ultimate, which would have been £60k to buy. Bargain!

Yes, they are net cost figures. So like for like with buying a car for myself out of post tax.

They are a bargain. A 1 year old i4M40 for less than a 5 year old Golf GTI

That is before factoring in fuel/recharge saving.

 

[B J G]

I am in a similar scheme. The figures you quote are obviously after the tax saving. I pay a little under £500 per month for a Volvo XC40 Recharge Twin Ultimate, which would have been £60k to buy. Bargain!

Does that take into account any up front payment and value to purchase at end of term as normally a no value to you at term end just a hand back and start again plus any out of contract terms charges applied.
Mostly my finding is that EV's rely on subsidy to be viable ownership currently.

 

[JuanVecino2023]

Does that take into account any up front payment and value to purchase at end of term as normally a no value to you at term end just a hand back and start again plus any out of contract terms charges applied.
Mostly my finding is that EV's rely on subsidy to be viable ownership currently.

In my case, it’s a straight up lease. No money down, no final payment. It’s a contract hire.

 

[B J G]

In my case, it’s a straight up lease. No money down, no final payment. It’s a contract hire.

Business deal?

 

[B J G]

How?

Every single one of us has unique circumstances.

I only charge my EV when the sun is out and even in this miserable winter I have managed to pop in 3,000 miles worth of fuel at worst a cost of 5p per kwH, each KwH giving me 4 miles range.

If I did not have a house on the South Coast with a South-facing roof able to accommodate 18 solar panels and have a diesel camper in the drive able to take me anywhere that is more than about 200 miles from my house then I might think again about an EV but frankly it is a joke. Go somewhere, do 200 miles, come home, plug in, wait for the sun to come out and refuel?

What cost was the Solar Installation?

 

[JuanVecino2023]

Business deal?

It’s Octopus Energy salary sacrifice.

The money comes out of your pre-tax. The quoted figures are net monthly cost.

They include tyres (fair wear & tear), insurance, breakdown cover, maintenance and a free home charger.

An i4 was ca £425 PCM. A Polestar 2 was ca £325 PCM.

It’s a lot of car for the monthly outlay. 36 months at 10k miles per annum.

 

[Hawthorn37]

I am just re-writing our wills. Sadly I have to put all of our wishes into the body of the will as a letter of wishes could be contested. In my lifetime I have been given nothing. I inherited nothing. Everything I will leave has been the result of my own labours, every penny earned from those labours has been taxed and even whilst working overseas I have never attempted to avoid UK taxation.

My taxed earnings, invested and with CGT paid every time a gain has been realised on those investments, will again be taxed when I leave this mortal coil.

Nothing sticks in my throat more.

Agree - but whats the relation between EVs and death !?

 

[Lambeth Cali]

IHT is the most hateful tax of all.

I get that historically it was supposed to redistribute wealth. But now it encompasses a vast swathe of middle classes, even with threshold increases, it needs a rethink.

4% in 2020/21
projected to rise to 7% in 2032/33

 

[Lambeth Cali]

I am just re-writing our wills. Sadly I have to put all of our wishes into the body of the will as a letter of wishes could be contested. In my lifetime I have been given nothing. I inherited nothing. Everything I will leave has been the result of my own labours, every penny earned from those labours has been taxed and even whilst working overseas I have never attempted to avoid UK taxation.

My taxed earnings, invested and with CGT paid every time a gain has been realised on those investments, will again be taxed when I leave this mortal coil.

Nothing sticks in my throat more.

Surely no CGT on your home or anything in an ISA or pension, no?

 

[JuanVecino2023]

Agree - but whats the relation between EVs and death !?

Burning batteries

 

[JuanVecino2023]

4% in 2020/21
projected to rise to 7% in 2032/33

Both figures far too high. It was originally a tax on the very wealthy to fund wars.

It now encroaches on the middle class, mostly by virtue of property inflation. An inflation already captured by SDLT.

I digress. Saving money on my monthly car costs with an EV will put more money in the coffers for IHT when I keel over.

That’s my decision made. US V8 ICE all the way.

 

[Ch1pbutty]

I digress. Saving money on my monthly car costs with an EV will put more money in the coffers for IHT when I keel over.

Or gives you more disposable income to enjoy yourself!

 

[JuanVecino2023]

Or gives you more disposable income to enjoy yourself!

In my gas guzzling V8!

Indeed. Agreed.

 

[GrannyJen]

What cost was the Solar Installation?

a 7 year return on investment based on savings on annual household energy costs.

 

[GrannyJen]

Surely no CGT on your home or anything in an ISA or pension, no?

CGT on a second house and an investment portfolio.

 

[B J G]

a 7 year return on investment based on savings on annual household energy costs.

My predicted break even point was about 3 times that but in theory using an EV as a battery power store may reduce that time period, although probably still not in my predicted life span.

 

[GrannyJen]

Agree - but whats the relation between EVs and death !?

Depends where you are when they catch fire, as we know they all do, or take you hostage and drive you around Scotland, as we know they all do, or of course leave you dumped at the roadside when you set off for that 250 mile journey when range says only 200 miles, as they all do.

 

[Ch1pbutty]

Agree - but whats the relation between EVs and death !?

Both are inevitable.

 

[GrannyJen]

My predicted break even point was about 3 times that but in theory using an EV as a battery power store may reduce that time period, although probably still not in my predicted life span.

EV's never came into my calculations. I never had one at the time I made my decision. Putin, just stop oil, energy price inflation and the fact that I had a damned big unobstructed South-facing roof did. Currently my calculations are as planned, this year a little less than last year due to a cloudier winter but battery storage helps on sunny days. I'm no great evangelist for EV's, but for those journeys where I wouldn't go by bike and too short to think of taking the camper it has been ideal.

 

[JuanVecino2023]

Depends where you are when they catch fire, as we know they all do, or take you hostage and drive you around Scotland, as we know they all do, or of course leave you dumped at the roadside when you set off for that 250 mile journey when range says only 200 miles, as they all do.

Abandon hope all ye who enter EV

 

[JollyGoodShow]

Business deal?

Mine is a company car, so yes a business deal.