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££££ help

Discussion in 'The UK and Ireland' started by blobert07, Aug 5, 2015.

  1. blobert07

    blobert07 Member

    Joined:
    Feb 17, 2015
    Messages:
    18
    Location:
    uk halifax
    I am trying to work out the possibility of owning a Tesla ?

    I claim business mileage 45 ppm for first 10 k and then 25 ppm for the rest I do approx 15 - 18 k a year = £6500 k /yr best case

    I spend approx. £200 per month of Diesel at present = £2400 / yr

    I spend £400 /mth at present on my car + insurance £ 80 / myth + tax ?? £200 / yr and can live without ant issues ?


    If you look at the market I could lease a 70D over 4 years for £775 / myth, I have a deposit to help £ 5 k


    Am I correct ??
     
  2. TC56

    TC56 Member

    Joined:
    Jan 26, 2015
    Messages:
    51
    Location:
    Worthing, West Sussex, UK
    I would check your figures with the Revenue and Customs site as they changed the "tax allowable" rates, downwards.
     
  3. mgboyes

    mgboyes Member

    Joined:
    Apr 16, 2014
    Messages:
    811
    Location:
    United Kingdom
    Mileage allowance payments have not changed; they're still 45p then 25p. See Rates and thresholds for employers 2015 to 2016 - Detailed guidance - GOV.UK

    However they're not really relevant to your calculation - you'll get the same amount per mile from your employer whatever type of car you drive.

    So with your current car you spend £400 on the car and £200 on diesel = £600.

    A Tesla will cost you £775 per month, plus perhaps £20 of electricity assuming you're doing some charging at home and some at superchargers. The insurance will be more, but the car tax will be less, so overall those probably cancel out.

    So the important question is "can you afford an extra £195 a month?".
     
  4. blobert07

    blobert07 Member

    Joined:
    Feb 17, 2015
    Messages:
    18
    Location:
    uk halifax
    I HAVE JUST STOPPED PAYING £243 CHILD CARE SO YES.

    The £775 / mth is based on a large deposit I presume or is this a lease ? I do 18 k / year miles so will be more I presume ?

    The more I study the more it seems a little too far away from my pocket ? and I am a Yorkshire man ?

    I saw a black 2014 on the M62 this week made me want it even more !!
     
  5. smac

    smac Active Member

    Joined:
    Aug 4, 2013
    Messages:
    1,121
    Location:
    Nottinghamshire
    You will struggle to make the numbers add up when you consider a 5 series is significantly cheaper to lease. (It's silly season again and I'm getting email offers on business rates below £200 pcm on 2 yr CH deals :O) For pounding up and down motorways there is little in it, with pros and cons to both.

    The fuel savings have a long way to go to make it a bargain, especially as a personal purchase. (BIK savings for self employed are probably more important, and a different matter)

    At the end of the day it is a great car, but one which is expensive, and never discounted so will likely require man maths to justify ;)
     
  6. TC56

    TC56 Member

    Joined:
    Jan 26, 2015
    Messages:
    51
    Location:
    Worthing, West Sussex, UK
    Hmm, it seems my employer is being "economical with the actualities"...

    Thanks for pointing this out....
     
  7. martinwinlow

    martinwinlow Member

    Joined:
    Jun 18, 2012
    Messages:
    324
    Location:
    Herts, UK
    Hi blobert07,

    As much as I hate to have to say it, it sounds like you should be salting away your £243/month to a 'buy a Tesla fund' and wait for the M3. Tough, I know. By then we will probably also know if OPEC's deliberate suppression of the price of oil really is about putting the frackers out of business or (what I think is really behind it) OPEC trying to kill the Electric Car all over again.
     

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