Salary Sacrafice (Tuskercars), any advice / experince?

[luckyluke181]

Hi all,

This is my 1st post so apologies if this has been asked but a quick forum search didn't show anything.

I start a new job month and the company I am moving to offers a salary sacrifice car scheme through tuskercars.
Not sure that I understand exactly how it works but seems to me like you lease the car (set mileage for 3yr term) and the payments are taken directly from your salary + a benefit in kind tax deduction. This covers all cost (insurance + maintenance) except fuel.

If a good personal lease deal and paying for my own insurance and maintenance works out cheaper than I want to start looking and get something ordered this week..... but ....
I cant log into the system until I start working for my new employer (need a code and payroll number for access) but just wanted to know if anyone has any experience of a similar scheme and how it compares financially to a regular lease.

Thanks

[GreatGranny]

Have you any idea of costs so you can compare to a personal lease?

Don't rush into a personal lease until you've found out how much the salary sacrifice scheme will cost.
Deals are always around.

[luckyluke181]

No, I guess that's what I am trying to understand

I am after a 7 seater family car so for example
to lease a "BMW 2 Series Tourer 218 Gran Tourer 1.5 i 140 Sport" for 3 years on a personal lease
taking into account initial payment it would work out to be around £370 a month but would then have to pay for insurance and maintenance on top of that.

I just wanted to know if anyone has used a similar scheme or has access to the system to get an idea of prices to compare so that I can work out if I am wasting my time or if its worth waiting until I start my new job?

[alorotom]

Rusher will have deals on various makes and models all the time the same as private leases have deals ... you won’t be able to know until you can login, unless you know someone in the company you’re moving to, on the same grade (in case they’re grade dependant prices) who will be able to advise accordingly. You’ll also need to factor in the BIK element clearly as you don’t want to be raped come your P11D

[oop north]

Do be aware that the benefit in kind tax is likely to be pretty awful on a company car. Look up the co2 and list price for the car you are considering and work out the tax on that. Could well be more than the pre-tax car allowance, possibly pushing you away from co car. Also be aware that hmrc can pick the higher of the car allowance or the benefit in kind to tax unless it is a v low emissions vehicle (tho unlikely the bik would be lower if not v low emissions)

[luckyluke181]

oop north said:

Do be aware that the benefit in kind tax is likely to be pretty awful on a company car. Look up the co2 and list price for the car you are considering and work out the tax on that. Could well be more than the pre-tax car allowance, possibly pushing you away from co car. Also be aware that hmrc can pick the higher of the car allowance or the benefit in kind to tax unless it is a v low emissions vehicle (tho unlikely the bik would be lower if not v low emissions)

That's the part I don't actually understand. Its not actually a company car so I don't get an allowance.
Not sure how they calculate the BIK amount? It couldn't be on the full value of the car otherwise it would never be worth taking out this kind of deal.

Apparently they quote you on a fully inclusive vehicle (Tax, insurance & maintenance) and the monthly amount they quote includes the cost of the lease + any tax you would have to pay which they calculate for you.

With the tax savings for doing something like this, in theory it sounds like I will save money.
I guess it just depends on the prices quote for leases compared to other companies.

[Gareth1974]

luckyluke181 said:

I am after a 7 seater family car so for example
to lease a "BMW 2 Series Tourer 218 Gran Tourer 1.5 i 140 Sport" for 3 years on a personal lease
taking into account initial payment it would work out to be around £370 a month but would then have to pay for insurance and maintenance on top of that.

?

These are fairly cheap to lease anyway, this is £270 per month (3+23) https://leasing.com/independent-brokers/silverston...

[luckyluke181]

Gareth1974 said:

luckyluke181 said:

I am after a 7 seater family car so for example
to lease a "BMW 2 Series Tourer 218 Gran Tourer 1.5 i 140 Sport" for 3 years on a personal lease
taking into account initial payment it would work out to be around £370 a month but would then have to pay for insurance and maintenance on top of that.

?

These are fairly cheap to lease anyway, this is £270 per month (3+23) https://leasing.com/independent-brokers/silverston...

Thanks, I have been looking for deals on 7 seaters for a while, mainly because I need the big boot but with the option of occasionally using the extra seats.
The best value option I can find is the 2 series Grand Tourer, which is the 7-seater. The one you have found is the 5 seat version, which I think would be fine if I could convince the good lady that we don't need the extra seats!
But yes they are cheap, this is one of the best deals I can find - https://leasing.com/independent-brokers/new-car-co...

It would just be nice to know if it would be cheaper still through a sacrifice scheme.

I guess I will probably have to wait until I start the job and see what quotes they come up with and compare with lease / PCP to see what works out best.

Edited by luckyluke181 on Tuesday 21st August 19:09

Edited by luckyluke181 on Tuesday 21st August 19:13

[numtumfutunch]

oop north said:

Do be aware that the benefit in kind tax is likely to be pretty awful on a company car. Look up the co2 and list price for the car you are considering and work out the tax on that. Could well be more than the pre-tax car allowance, possibly pushing you away from co car. Also be aware that hmrc can pick the higher of the car allowance or the benefit in kind to tax unless it is a v low emissions vehicle (tho unlikely the bik would be lower if not v low emissions)

My work announced this scheme with a major fanfare, and it does make sense for the company

In a rampant frenzy of internet excitement I registered and logged on to find that just about every deal was worse than 2 mins on CHL.com even allowing for the insurance

And then theres the BIK conundrum.......

Cheers

[syl]

It's only any good if you want a cheaply priced (list) car with low CO2 levels - which excludes pretty much anything worth thinking about unless you want a tiny engined econobox. In a couple of years, the BiK tax on electric vehicles may make it worth it for a Tesla. For now, just lease everything else from your post-tax salary and forget about BiK.

[Sargeant Orange]

I've got access to tusker, just had a quick look for you.

The only gran tourer available on the scheme is the "216 1.5d 116 ss se" with a P11d value of £27,490.

Gross effect on your salary is £551pm, net effect (for me) is a reduction of £473pm.

That's a 3 year deal, 10k a year

The petrol variant isn't available, presumably due to emissions as mentioned above

[luckyluke181]

Sargeant Orange said:

I've got access to tusker, just had a quick look for you.

The only gran tourer available on the scheme is the "216 1.5d 116 ss se" with a P11d value of £27,490.

Gross effect on your salary is £551pm, net effect (for me) is a reduction of £473pm.

That's a 3 year deal, 10k a year

The petrol variant isn't available, presumably due to emissions as mentioned above

That's great, thanks. I guess the net effect is different for everyone depending on salary.
Just one more question - does the price your are seeing include the BIK deduction?

I just had a quick look and the best deal I can find on that particular model is
https://www.fleetprices.co.uk/personal-lease-cars/...
Works out at £397 p/m if you take into account the upfront costs.
So would be effectively be paying £76 a month for insurance , servicing and maintenance which seems ok in my opinion.

Not that I am saying that this is a great deal but I guess its worth waiting until I start and speaking to Tusker to see if they have any offers on similar cars.

[foiled]

Is an extra £76 per month a great deal?
£30 per month for insurance, £10 per month for toad tax, £30 per month for servicing, seems about break even.

We have a similar scheme in the nhs, just remember if you are salary sacrificing £500 per month, that’s £6k in salary every year, you wouldn’t be getting any pension benefits on. Might be ok for 3 years, but do it constantly for 10 years and you’ll lose a chunk of pension pot come retirement age.

[luckyluke181]

foiled said:

Is an extra £76 per month a great deal?
£30 per month for insurance, £10 per month for toad tax, £30 per month for servicing, seems about break even.

We have a similar scheme in the nhs, just remember if you are salary sacrificing £500 per month, that’s £6k in salary every year, you wouldn’t be getting any pension benefits on. Might be ok for 3 years, but do it constantly for 10 years and you’ll lose a chunk of pension pot come retirement age.

I like the idea of the convenience but will only do it if it makes sense financially. I suppose it depends what kind of deals Tusker can come up with.

Hadn't really thought about the lower pension contributions, or retirement for that matter.
I will weigh it all up once I get some quotes but it gives me something else to think about. Thanks

[Blue Oval84]

Thread bump!

I've found out that my employer will start offering salary sacrifice cars through Tusker as of late this year. It's still getting ready for launch and ironing out some details but apparently they will only be offering ULEV and EVs on the scheme. The upcoming BiK changes in 2020 make it a bit of a no brainer by all accounts.

I've got an inside scoop with the team setting it up and they suggested that one example of a price they've seen is a Model 3 Standard Range, for under £300 net take home reduction, no deposit, with all maintenance, insurance etc included in that figure.

That seems staggeringly good.

Anyone got any recent observations on Tusker and the deals in general? I'm aware that it's probably not worth doing until April 2020 and waiting for the 0% BIK to kick in on EVs.

I've already started getting myself excited thinking about having access to cars as cheap as that although I'm not totally sold on the Tesla, there's a lot of new EVs out soon though so I expect the range to increase significantly in 2020

[wobman]

Bump on this thread

Hello does Anybody use Tusker for a salary sacrifice lease car their workplace ??
Just wondering if it's worth it and the costs involved?

Thanks

[neil-c]

Had my car on salary sacrifice from Tusker for a year now. Some observations:

They were painful to deal with at the point of ordering. I’m sure COVID played a significant part but I ended up waiting around 9 months for delivery. During which they changed the price 3 times! This might have been just my experience as colleagues didn’t have too many issues. My first price was an error apparently, got bumped up significantly, moaned about it, then dropped the price to lower than the original quote, then threw in a £250 Amazon voucher for my troubles!!

EVs are, or certainly were, a no brainer, especially for higher rate tax payers. The BiK is moving yearly though. I ended up paying £300 after tax in year one for an Audi Etron with a P11D value of over £60k and with many options. When I looked at ICE cars though the prices were higher than traditional leases. Would have to calculate what additional costs would be on a personal lease though.

The “aftersales” service is very good. Have had to make an insurance claim, which was handled efficiently and without issue. Had a puncture fixed free after just driving into a kwik fit (with tyre replacement covered also). And when I had a tech issue requiring the car to go back to Audi I firstly called the local dealer direct who said there was no way they could have a look for several weeks. When I logged into the tusker portal and reported the issue they suddenly wanted to collect the car from my door in two days and return the same day. The power of the fleet customer I presume.

Anything else you want to know ask away

[Dan B47]

Hi, my company is using Tusker from April. I currently have an ioniq 5 premium rwd 73kw on order with the current lease company they use which is Zenith but just been told today, unsurprisingly, it has been delayed several months.
I am trying to decide if it is better to cancel, reorder with Tusker and go to the back of the build que for a better deal.

Is anyone able to help me out and let me know what Tusker charge per month for leasing this?

Edited by Dan B47 on Sunday 16th January 14:02