[Danj94]

Guys,

I have always been someone who saves half and borrows half towards a car, for example my 440i now I saved £14k, borrowed £14k to make the purchase. I have always been really put off by leasing and generally I still am BUT I am considering the scheme which my company offers through a 3rd party company called Tusker.

I am incentivised to take an EV so please if you don't like EV's it doesn't matter to me, I am more worried about if this is value or not rather then if you like the car or not.

Anyway;

Tesla Model Y 2024 Dual motor 384hp long range
10k miles a year
42 months lease
Fully comp insurance for 2 drivers included
All servicing included
Tyre replacement costs included
Roadside/breakdown assistance included

No deposit
Net cost per month £1040
Actual Cost from my pocket per month £640
Avoiding circa £375 income tax and £30 NI per month
£40 a month electric charging

£680/month all in

Now the 440i 2019
£350 a month bank Loan
£50 a month tax
£55 a months ish (servicing & tyres)
£70 a month insurance
£220 a month petrol

£745 a month all in

now factor in depreciation of the BMW, bought for £28k 18 months ago now worth £22k ish.

£330 a month in depreciation makes it something like real cost of the BMW @ £1k a month over my current span of ownership.

Makes the work scheme very appealing..

Anyone else here using a similar scheme or have any pro's/con's to mention I've not considered?

[kzg1969]

My initial reaction was that it looked expensive - so i checked on our Tusker scheme and it comes out about £560....but we also get the Company NI back as well, so maybe thats the difference?

Anyway, i recently went through a very similar calculation for the wife's car and, as you point out, quite cost efficient and so we went iX1.

So, if the range and charging arrangements work for you, DO IT!

[isleaiw1]

I can see the value of sal sac schemes in terms of cost but only in terms of if you actually like the car that you are getting...

Does the maintenance cover everything or are tyres for fair wear and tear but not punctures?

The BMW might be more but you will have an asset at the end. You also have a risk around things that might go wrong with it and the cost. The Tesla is known price motoring assuming the car makes you happy.

PS I assume the cost of the Tesla includes the BIK, does it factor in any increases over next couple of years? And your charging costs at £40 are they based on a lower rate EV electricity supply or the rate you are currently on?

[AyrshireColin]

Originally Posted by isleaiw1

I can see the value of sal sac schemes in terms of cost but only in terms of if you actually like the car that you are getting...

I'd agree with this and think it's the main point - the MY and 440 are not apples for apples. What do you want to drive? Is it a exercise in saving ££? If you like your 440 but the company scheme is appealing is an i4 an option?

I often look at my works salary sacrifice scheme and ponder as there are some very good deals, but in the end I always decide that it's not just salary that I'm sacrificing!

[Danj94]

You guys all raise some good points and in the past I've always steered away from leasing for the fact paying off a loan is working towards owning something. This is still the case for regular leasing but the package which my company offers through Tusker is inclusive of everything, so yes if I got a puncture the tyre replacement would be included etc.

The Tesla Model Y was just an example as I quite like them, there is many options available to name a few in a similar price range

Kia EV6 GT Auto (585hp) - £690
BMW i4 M50 GC - £720
Hyundai Ioniq 5 Dual motor - £550
Tesla Model 3 dual motor - £691
Volvo EX30 (430hp) - £517

To name just a few which I'd be interested in. I think the known cost with everything included per month bar charging is great and the tax dodging excites me haha.

Charging costs are based on 800 miles a month charging at work on our employee tariff.

[TurboWeasel]

If I was in the same mileage range as you, I would be doing it.

We use Tuskers as well and I've wasted hours browsing that when I should have been working

It's just not cost effective if doing a lot of miles, sadly, as we've discussed in the other leasing threads. I quite fancied a Polestar 2 Performance as well!

I would do it personally, if the numbers add up

If I move closer to work I will revisit it. The new 500hp Model 3 Performance might be available by then, and the Ioniq 5 N.

[TouringPleb]

Mr TP has just got a Jaguar I-Pace through Tusker. Got one of their special offers so limited choice of colour and spec but he’s happy with it. He did it purely as a money saving exercise compared to the X6 he had (which is currently for sale at Sycamore BMW Peterborough!)

Tusker had some good deals on the i5 at the time but he insists on having a sunroof…

[JustChris]

Seems reasonable to me and similar to mine, all in 15,000 MPA £510ish (however mines RWD but I recall another £100 ish for LR).

The Smart Chargijf will slightly reduce your overall household electricity rate too but that’s fairly hard to quantify.

[isleaiw1]

Originally Posted by TouringPleb

Mr TP has just got a Jaguar I-Pace through Tusker. Got one of their special offers so limited choice of colour and spec but he’s happy with it. He did it purely as a money saving exercise compared to the X6 he had (which is currently for sale at Sycamore BMW Peterborough!)

Tusker had some good deals on the i5 at the time but he insists on having a sunroof…

Good choice... but doesnt he have a reasonably long commute? does the Jag do there and back easily without charging...?

[NotGotABimmer23]

Is there a bit of man maths going on here in the calcs? 800 miles a month is costing 220 quid in petrol? That feels excessive, you insurance is also massively expensive which is helping the lease deal. Also are you really spending 700 quid a year servicing and tyres? I thought services were every 24 months and tyres at worst the same.

[DB118D]

Originally Posted by NotGotABimmer23

Also are you really spending 700 quid a year servicing and tyres? I thought services were every 24 months and tyres at worst the same.

Year 1 - Service @ £600
Year 2 - Tyres @ £800
Year 3 - Service @ £600
Year 4 - Tyres @ £800

Ok, service costs may be a little less earlier on, but good tyres aren't cheap

[xenon]

No service in year 1 these days

[NotGotABimmer23]

Originally Posted by DB118D

Year 1 - Service @ £600
Year 2 - Tyres @ £800
Year 3 - Service @ £600
Year 4 - Tyres @ £800

Ok, service costs may be a little less earlier on, but good tyres aren't cheap

Don't remember them being anywhere near that price.

[Danj94]

Hey, my 440i is 5 years old this year.

4 years of ownership would include a minor and a major service + brake fluid + 2 sets of tyres ish.

I paid £900 for 4 tyres in October, a Major service is about £600 and a minor £250, brake fluid £80 so £2500/48 months is £52 a month

[Pentland]

Originally Posted by NotGotABimmer23

Don't remember them being anywhere near that price.

Generally because most folk have the £800 service pack.

[TouringPleb]

Originally Posted by isleaiw1

Good choice... but doesnt he have a reasonably long commute? does the Jag do there and back easily without charging...?

He does 100 miles generally 3 times a week. He charges it overnight on the cheap tariff. Not had any problems yet.

[isleaiw1]

Originally Posted by TouringPleb

He does 100 miles generally 3 times a week. He charges it overnight on the cheap tariff. Not had any problems yet.

I'm now 21k in after 21k months, properly into the charging groove now and its second nature.

SIL was in an i5 e40 today when I met them, very smart (if you didnt look at the front) and he reckons it was 300 miles it range even 5 up and luggage at motorway speeds (he had the kids in so sensible motorway speeds)

[Scoobyd]

Over the 3.5 years of the lease I'd expect keeping your current 440i to be the better option from a financial perspective.

I'd imagine the £350 a month bank loan would be finished within the next 3.5 years? When does the loan end?

The £50 a month car tax you've mentioned is the luxury car tax and must be about to come to an end given its age. So that will reduce from this year or next.

Your 440i is 5 years old now so the biggest chunk of the depreciation has already been done. The depreciation costs you've assumed for should be lower than that going forward.

Plus in 3.5 years time, if not before, you'll own the 440i outright and have much lower running costs. Plus an asset you can sell whenever you chose. Whereas on the lease deal, you'll be starting all over again with new monthly payments at who knows what cost.

You may have many other justifiable reasons for wanting to jump out of the 440i into something else, but I'm not convinced the financials are one of them.

[Danj94]

Originally Posted by Scoobyd

Over the 3.5 years of the lease I'd expect keeping your current 440i to be the better option from a financial perspective.

I'd imagine the £350 a month bank loan would be finished within the next 3.5 years? When does the loan end?

The £50 a month car tax you've mentioned is the luxury car tax and must be about to come to an end given its age. So that will reduce from this year or next.

Your 440i is 5 years old now so the biggest chunk of the depreciation has already been done. The depreciation costs you've assumed for should be lower than that going forward.

Plus in 3.5 years time, if not before, you'll own the 440i outright and have much lower running costs. Plus an asset you can sell whenever you chose. Whereas on the lease deal, you'll be starting all over again with new monthly payments at who knows what cost.

You may have many other justifiable reasons for wanting to jump out of the 440i into something else, but I'm not convinced the financials are one of them.

I think you're probably right about almost everything you said there. Think I am going to dodge the lease.

[isleaiw1]

Originally Posted by Scoobyd

Over the 3.5 years of the lease I'd expect keeping your current 440i to be the better option from a financial perspective.

I'd imagine the £350 a month bank loan would be finished within the next 3.5 years? When does the loan end?

The £50 a month car tax you've mentioned is the luxury car tax and must be about to come to an end given its age. So that will reduce from this year or next.

Your 440i is 5 years old now so the biggest chunk of the depreciation has already been done. The depreciation costs you've assumed for should be lower than that going forward.

Plus in 3.5 years time, if not before, you'll own the 440i outright and have much lower running costs. Plus an asset you can sell whenever you chose. Whereas on the lease deal, you'll be starting all over again with new monthly payments at who knows what cost.

You may have many other justifiable reasons for wanting to jump out of the 440i into something else, but I'm not convinced the financials are one of them.

Not sure financials ever really figure in the decision to buy or lease a new car, we may try to justify things on financial grounds... but if I'd put in to property or shares what I've put into cars, I'd be a very rich man....

But as you always say Scoobyd you have to enjoy the journey as well as the place you arrive at!

[MashinBenzin]

Danj94
Cost looks decent for me. A Model Y long range on my company scheme via Zenith is £706 per month, similar basis to yours. Our deals are notoriously crap.

I went 440i to Model Y via a couple of Discoveries. I don’t think you’ll regret it car wise. The Model Y is a more engaging drive with less understeer and less of a nose heavy feel. Mine was a pre-facelift 2016 F36 and I do believe they improved it a little at facelift.

Whereas the seats in the F36 would give me aches after a couple of hours in the drivers seat, the Tesla doesn’t. If practicality matters to you, the Tesla knocks it out of the park - remember mine has replaced a Disco, with ease.

EV is a massive positive for me.

Downsides vs what I recall of the 440i, the ride on the Model Y on 20s is pretty busy and the road noise is not great. Don’t tend to notice either solo on the motorway with music or podcast on, in fact I think it’s a great motorway car. Adaptive cruise control (autopilot) has a downside in how slowly it accelerates in a clear lane.

There is no way I’d swap mine for a G-whatever M440i, but I would look at an i4 if the practicality was less important. Suspect I would stil take the Tesla though.

[MashinBenzin]

Charge costs over the last 12 months. Maybe 10k miles, not sure. Pretty easy to spot the free supercharger miles courtesy of JustChris and the almost 3 months of business trip and body shop when it barely moved. My rate at home is 28p/kwh and the comparison is against the Discovery.

If you do decide to order, ping me for a referral code and we will both get some credits to spend on Tesla stuff such as extras or supercharging. Or ping one of the other Model Y owners on here - but definitely make sure you use the referral option 😊