EV leasing through a business
Discussion
Hope I've got the right forum section for this...
My wife and I run a small business and after recent, brief discussion with our accountant he suggested we could potentially take advantage of EV leasing schemes through the company. He wasn't very sure about details, where to go etc. and some web searching mostly just seems to return a number of leasing companies. Presuming that a number of PHers will have done this already, where do we need to go to find out what we need to know and which leasing companies are recommended for this?
My wife and I run a small business and after recent, brief discussion with our accountant he suggested we could potentially take advantage of EV leasing schemes through the company. He wasn't very sure about details, where to go etc. and some web searching mostly just seems to return a number of leasing companies. Presuming that a number of PHers will have done this already, where do we need to go to find out what we need to know and which leasing companies are recommended for this?
A great starter for ten is the PH Leasing Deals thread:
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Pages upon pages of links to various deals in there, although you will need to go off and do your own searching of various sites for EV specific deals. (Deals don't hang around for long).
WhatCar Leasing Comparison site is a good place to start doing your own comparisons, as is Lease Loco. The big brokers whose names pop up the most seem to be Central, Nationwide, Select, Vanarama, First, Leasing Options etc - but they are just that, deal brokers only. They charge a fee too once you've agreed your terms. (Can easily range from £199 to £2000 and you pay that upfront.
From my experience, I prefer dealing directly with the manufacturer, so once you have found a suitable deal, contact the business team at your local dealer and ask them whether they can match the offer you have found elsewhere. That way you can also arrange to go and see / drive one their cars, in a non-pushy (non sales type) environment. Also no fee......but note, depending on the structure of your local franchise, they may not be able to get anywhere near a broker price.....in which case try another franchise elsewhere. (This is where you need to put in the effort if not using a broker).
For reference, my current Cupra came from Lookers, Stockport over 200 miles away from where I lived.....but the deal was incredible and the car was in stock. They will usually deliver too.
Bare in mind that Benefit in Kind you will be liable for under your Self Assessment, I think it is 2% on EV's this year.
Also bare in mind you need to be searching/making clear you are after a business lease - this doesn't always just mean the VAT disappears from your quote, but it can also affect some other aspects of the lease - not much, but just be sure your getting quoted correctly.
Good luck.
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Pages upon pages of links to various deals in there, although you will need to go off and do your own searching of various sites for EV specific deals. (Deals don't hang around for long).
WhatCar Leasing Comparison site is a good place to start doing your own comparisons, as is Lease Loco. The big brokers whose names pop up the most seem to be Central, Nationwide, Select, Vanarama, First, Leasing Options etc - but they are just that, deal brokers only. They charge a fee too once you've agreed your terms. (Can easily range from £199 to £2000 and you pay that upfront.
From my experience, I prefer dealing directly with the manufacturer, so once you have found a suitable deal, contact the business team at your local dealer and ask them whether they can match the offer you have found elsewhere. That way you can also arrange to go and see / drive one their cars, in a non-pushy (non sales type) environment. Also no fee......but note, depending on the structure of your local franchise, they may not be able to get anywhere near a broker price.....in which case try another franchise elsewhere. (This is where you need to put in the effort if not using a broker).
For reference, my current Cupra came from Lookers, Stockport over 200 miles away from where I lived.....but the deal was incredible and the car was in stock. They will usually deliver too.
Bare in mind that Benefit in Kind you will be liable for under your Self Assessment, I think it is 2% on EV's this year.
Also bare in mind you need to be searching/making clear you are after a business lease - this doesn't always just mean the VAT disappears from your quote, but it can also affect some other aspects of the lease - not much, but just be sure your getting quoted correctly.
Good luck.
Edited by MattyD803 on Tuesday 12th July 11:19
I've just had a model Y delivered a couple of weeks ago through my Ltd company, it works out near same price as running an 8 year old NX from net income so was a no brainer finance wise.
Are you vat registered? If so you can claim half the Vat back, all the Vat on servicing, maintenance and charge point installation. I got mine through vanarama who price matched Gateway2lease back in March, included a years insurance and free charger too. Can pay for insurance through Ltd company too.
BIK is 2% until April 2025 which is why I went for a 3 year lease, it could go up after that, it could go up sooner with a labour govt. Other issue is many EVs have a lead time of a year or so, unless you go for an overpriced in stock model which negates a lot of the savings.
Are you vat registered? If so you can claim half the Vat back, all the Vat on servicing, maintenance and charge point installation. I got mine through vanarama who price matched Gateway2lease back in March, included a years insurance and free charger too. Can pay for insurance through Ltd company too.
BIK is 2% until April 2025 which is why I went for a 3 year lease, it could go up after that, it could go up sooner with a labour govt. Other issue is many EVs have a lead time of a year or so, unless you go for an overpriced in stock model which negates a lot of the savings.
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