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Cost of ownership - model3

Discussion in 'The UK and Ireland' started by Ukmgranger, Sep 25, 2019.

  1. Ukmgranger

    Ukmgranger Member

    Joined:
    Sep 25, 2019
    Messages:
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    Location:
    United Kingdom
    Please tell me I missed something in these calculations / thoughts as the prospect of owning a model 3 seems to be slipping away!

    So my wife's company car scheme is changing and she is being put into a car ownership scheme (a bit over £400 p/m)
    I suggested that the model3 (short range billy basic) may be an option.
    I did some pub maths which seemed to bring the price close to budget (as follows):
    48 months:
    Monthly car PCP £581.54
    Lux car tax (3yrs first free) £20
    Insurance at approx £600p/a £50
    Bank loan (for 10% deposit Inc 5% interest) £98.40
    Total £749.97

    Then I took away the fuel savings for 21k miles a year (Tesla figures)
    Minus £264.58 annually
    New total - £485.39!
    Holy guacamole it's only just out of budget - we booked a test drive and loved it!

    Now I know these are quick sums, but it seems we (or I) made a massive error in the calculations. On closer inspection making the fuels savings irrelevant.

    I did not take into account that her company pays her for her current milage at 12ppm to drive her BMW 3 series (company car scheme which is completely paid for by the company).

    She drove 16k business and 5k personal last year meaning that the company paid her very nearly £2000 for the milage. And it cost us just over £700 for personal miles.

    Now I think I'm right in saying I can only really add the personal miles to the fuel deductions as the company pretty much (the next point) pays for business milage.

    The company is offering 4ppm for ev's. Which I think is roughly what it costs to drive a Tesla charged mainly at home.

    What I think it boils down to is in terms of fuel savings I can only minus about £30 per month (5k miles). This brings the total to just over £700p/m which is too far over the line to push.

    Please tell me that there is something glaring that I have missed, or miss calculated! I have a feeling that I know the answer though.
     
  2. phillcom3

    phillcom3 Member

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    Where do you get lux tax at 30 I read it at 3300+. Per year after y1
     
  3. Ukmgranger

    Ukmgranger Member

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    Location:
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    Whatcar:
    "premium tax levied on cars that cost more than £40,000 (and which is payable from years two to six) will also rise from £310 to £320 per year."

    So £320 X 3 ÷ 48months = £20
     
  4. Clunk

    Clunk Member

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    Sep 23, 2019
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    Location:
    Aberdeenshire
    1kWh on full price daytime electricity might calculate to near 4p/mile depending on driving style.
    Should be a lot less on cheaper night time electricity depending on tariff.

    Personally, can't get E7 meter because "smart meters", and can't get smart meter because "we don't think it'll work at your postcode".
    BG tried with SMETS1 a few years back, but couldn't connect to mobile signal and refitted the old meter during the same visit.

    (North of England and Scotland are using freed up analogue TV frequencies - not going well - when they celebrated 1,000,000 SMETS2 installations earlier this year, 3,000 were in "the North" - got to love government IT projects)
     
  5. Andy_T_73

    Andy_T_73 Member

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    Location:
    Prestwick
    Have you looked at leasing instead of PCP, it usually works out cheaper on the deposit and cheaper per month too. You also don't need to factor in the Luxury Car Tax as it's in the monthly leasing cost.

    I was going to buy an M3 but decided on leasing, since I don't want to own it. If you have no plans to buy the car then go with a lease, it's cheaper than PCP by quite a margin.
     
    • Like x 1
  6. tess19

    tess19 Member

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    Location:
    birmingham
    If she drives 16k miles a year, is an eV charging suitable for her work travels? Note that supercharging is much more expensive than charging at home. You need to decide.
     
  7. Ukmgranger

    Ukmgranger Member

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    We can't see any real issues with the milage / range. Even looks like we'll get away with most charging at home. She will also get free charging if she has to go into head office too.
     
  8. Ukmgranger

    Ukmgranger Member

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    Literally looking into this today as it hadn't occured to us before! No real interest in owning the car as this 'feels' like the current deal with her company car (kinda).
    Saw a few people looking at drive-electric.co.uk
    I assume that there should be no issue with getting car ownership fro. Company, then leasing a car??
     
  9. Talllbloke

    Talllbloke Member

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    Think your petrol cost there is per month not year... you’ll not drive 21000 miles for 250 quid!
     
  10. Talllbloke

    Talllbloke Member

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    Ignore me, you meant monthly
     
  11. davidmc

    davidmc Active Member

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    Why not lease?

    Tax & interest not added (inc in lease cost)

    i recon you may get a lease for around £520/m (assuming 21k) (im paying £537 for 25k) - also 6months upfront instead of 10% in the PCP deal.

    Just a thought

    Assume £520 lease
    Deposit broken back - £65 = ( (520 x 6)/48)
    Insurance - as above £50

    £635

    Less your £264

    = £371

    :)

    apologies above is Pub maths on a heavy session!
     
  12. davidmc

    davidmc Active Member

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    Good call is OctopusEV - i got mine there and got a really good deal at the time and very resonable excess milage charges
     
  13. tsh2

    tsh2 Member

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    Location:
    Cambridge, UK
    I'm not actually making claims like this myself, but I believe the difference between the company mileage rate and the HMRC rate can be claimed back against tax (so not 100%, but you end up receiving about 20p/mile for any EV business milage). This can be 'justified' as your capital expenditure is higher.
     
  14. Ukmgranger

    Ukmgranger Member

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    Sep 25, 2019
    Messages:
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    Location:
    United Kingdom
    Unfortunately, as I wrote in the original message, the £264 is incorrect as that would be deducting the business & personal miles as fuel savings. It looks like I can only realistically deduct personal miles as a saving as the business miles sort of even out.

    I will be pursuing the lease option though as it is at least somewhere getting closer to the right figure!
     
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