Honda eNY1 how’s this NHS deal?

[eny1zed]

Hello
I have been offered the advance model, @8k per year miles, zero deposit, 36 months lease (not finance), and it includes maintenance such as tyres etc and full comprehensive insurance. Coming out at £380 per month in grey (wife insists). I checked confused.com and the insurance for me privately would cost approx £900-1000 per annum (£75-83 per month).

How does this stack with the other eny1 Feb deal (if they are still available). I am not keen on pcp / hp and would like like a lease?

Many thanks for the advice!

It’s my first ever new / lease car too!

[CG2020UK]

My wife is NHS and we used the lease scheme for a 330e as it works out silly cheap as well.

When comparing costs you do need to factor in it reduces their pension contribution slightly which can add up over the long term.

[Jonni2bad]

Those who got the PCP deals on the Advance model may have paid a little less, but something like £249 as an "average" would be a decent comparison.

These include breakdown cover and free servicing, so the only difference is for tyres and insurance.

If your insurance would account for about £80/month then you would effectively be paying around £50 per month to cover the cost of tyres, which is is clearly nowhere near reality.

However, that was March. You would be comparing "your deal" with a "brilliant deal" - so it might be best to simply compare with how much this would cost right now if you went down the PCP or private lease route.

And if you did that, I think you'd say your deal was very good.

[OutInTheShed]

8000 miles is not a lot.
What is the excess mileage charge?

The lease is 57p per mile.

My friends in two person, one EV households tend to both use the EV for a lot of local trips, it saves money to default to the EV.
It costs buttons in 'fuel' to drive lots of miles on a weekend, but if you're racking up excess mile charges, suddenly it's cheaper to take the Merc or Mondeo, which is potty.

[The Cardinal]

The NHS pension is career average after 2015/22 and based on the best of the last 3 years' service before that. Either way, reducing pension contributions at the full pre-tax benefit value of the salary is something you must take account of when assessing a salary sacrifice deal if you have a final salary pension.

Superficially these salary sacrifice deals look good, but the cash saving today can be a false economy if it reduces pension benefits down the line, especially if you do it year after year.

[eny1zed]

Thanks everyone. That’s very insightful.

I should have said I don’t pay into pension. That may be a decision I regret one day but the reason why is I’ve invested elsewhere where I earn something now and then hopefully when I retire too. Also my expectancy to continue working for the NHS probably sit at max another 5 years max.

The remark about extra mileage is very correct. Wife’s family is quite north from me. And with the ev being so cheap I’m
Sure it’ll equal extra trips up there!

I wil pull out the calculated and readjust it. It’s 10p plus vat per excess mile which sounds reasonable until you start multiplying it my a few thousands.

[sixor8]

I've been keeping costs per mile records on my vehicles for some years from when I was self employed running a car just for work, and carried on doing it. At present fuel prices a car averaging 50 mpg (i.e. 11 miles per litre) would be costing over 13p per mile in fuel alone.

I bought a e:Ny1 in one of the PCP deals available in march, and man maths has it "saving" me over 10p per mile

[fourstardan]

I like this car and seeing a lot on the road.

Don't forget the charger costs....

You'll be spending 1500 odd more (charger plus inflated insurance as its a milk float) in hard cash surely so negates cost saving benefits?

[Uncle boshy]

Sounds like a good deal to me and hassle free.
- I’ve got the elegance on the feb deal on 8k. With insurance it works out about £250 a month, but having already had to replace a tyre your not a million miles away in cost.

Then factoring in fuel savings, it makes sense.

Definitely plan a home charger, whilst an upfront cost, it lasts for years, it’s so much easier and in time I suspect people will expect it as a standard part of your home .

[Sheepshanks]

eny1zed said:

How does this stack with the other eny1 Feb deal (if they are still available).

I was offered an Advance in metallic paint for £365/mth based on 15K miles per year, but think I missed the best of the deals.

Insurance was an issue - our current insurer wouldn't cover it, and quotes elsewhere were 2x what we've ever paid before. I was concered about what happens if it's 4x next year? I guess with the NHS scheme you haven't got to think about that - or anything else, just charge and drive.

What's the gross cost? Daughter is looking at a salary sacrifice at work and the gross prices seem bonkers, and the net prices have been carefully designed to make them a tiny bit cheaper than if you leased privately. Just feels like a scam.

I think it's interesting that both Elegance and Advance are available on Motability for the full allowance, which makes them about £300/mth - the only difference is £500 up front on Elegance and £1000 on Advance, but Honda and dealers give £1500 back. Everything is included and it's up to 20K miles too. OK, there's no VAT on Motability costs, but even adding that back shows Just shows how cheap Honda is letting these cars go for.

[sixor8]

fourstardan said:

I like this car and seeing a lot on the road.

Don't forget the charger costs....

You'll be spending 1500 odd more (charger plus inflated insurance as its a milk float) in hard cash surely so negates cost saving benefits?

What charger costs? I plug mine into an outside 3 pin plug at night to get about 3p per mile. I've only done 4 hrs outside the cheapest rate at night, which is about 9p per mile, equating to 72 mpg. Unless you do close to 200 miles on successive days, you won't need a fast charger. My allowance is 6k miles per year.

Milkfloat, really... My e:Ny1 was £524 fully comp. With £28 free charging at BP Pulse thrown in. Any new car with RRP of over £40k (they are overpriced but my, and almost all insurance companies pay out full price if it is written off in the first 12 months) would have been well over £400 to me, I checked a few.

[fourstardan]

Thought id get a chomp on electric milk float...

Is NY1 the equivalent in size to CRV or HRV was?

[roca1976]

I also use a 3 pin plug to charge m NYE1 once a week.

Salary sacrifice is useful if you are above the threshold for 40% tax rate or child benefit because it can bring you below it.

[fourstardan]

roca1976 said:

I also use a 3 pin plug to charge m NYE1 once a week.

Salary sacrifice is useful if you are above the threshold for 40% tax rate or child benefit because it can bring you below it.

Must admit im in this boat, I'm not looking for a new motor but could be if the figures work out

How does this work out in regards to Child benefit?

[Mrtank]

Please don't do it. It looks like you're going to spend over 15k over 3 years on renting electric car (including extra insurance cost). This is such a waste of money dude. Get a loan for 12-14k and you will actually own the car once it's paid off if you must. Don't be mug!