Calculating the Cost - Keep ICE car vs Salary Sacrifice EV

[Smitters]

Apologies if I've missed a very obvious link anywhere as this seems like an obvious question.

Is there a calculator that allows you to compare the cost difference over the term of getting a salary sacrifice EV (work have just released the scheme) vs the running costs of keeping your existing car? As it stands, I'm keen to be green, but I'm also keen not to hose money away, especially as the kids are growing up and getting more expensive.

I've tried a basic excel, but I'm sure there must be a website somewhere. Damned if I can find it though.

TIA

[malaccamax]

yeah also interested in this.

eg Octopus EV quoted £412 net monthly sacrifice for a Renault Scenic 87kWh two year/10k pa, which is worse than I can get as a private punter. But my small maths brain can't work out if that means the sacrifice savings are included in that? Also I think there's BIK to be paid on top of that

[Mr911lover]

malaccamax said:

yeah also interested in this.

eg Octopus EV quoted £412 net monthly sacrifice for a Renault Scenic 87kWh two year/10k pa, which is worse than I can get as a private punter. But my small maths brain can't work out if that means the sacrifice savings are included in that? Also I think there's BIK to be paid on top of that

NET is after your tax savings and includes BIK. £412 is the amount your take home pay would reduce by.

On a new car cars it's fairly easy to compare as you just need to factor in the below.

IP/Deposit -amortized over the term.
Insurance.
RFL.
Maintenance - on an EV this should be minimal so unless your high mileage user/looking at something higher end £20 per month should be enough.
GAP insurance - perhaps controversial but you could easily be left in a position where you are paid out less than you in owe in the event of a total loss.

[malaccamax]

Mr911lover said:

malaccamax said:

yeah also interested in this.

eg Octopus EV quoted £412 net monthly sacrifice for a Renault Scenic 87kWh two year/10k pa, which is worse than I can get as a private punter. But my small maths brain can't work out if that means the sacrifice savings are included in that? Also I think there's BIK to be paid on top of that

NET is after your tax savings and includes BIK. £412 is the amount your take home pay would reduce by.

On a new car cars it's fairly easy to compare as you just need to factor in the below.

IP/Deposit -amortized over the term.
Insurance.
RFL.
Maintenance - on an EV this should be minimal so unless your high mileage user/looking at something higher end £20 per month should be enough.
GAP insurance - perhaps controversial but you could easily be left in a position where you are paid out less than you in owe in the event of a total loss.

Thank you. That single figure really does seem to cover everything, which is both super handy and also complicated as I add up the constituent parts of the current PCH

[Smitters]

My issue is we own our car outright. It's tricky to factor things in correctly, but I've come to the conclusion that it's cheaper by some distance to keep the car we have. Even my stty excel, with a constant depreciation rate (unlikely) and a low ball car value doesn't man-maths me into an Ionic 5.

[Tractor Driver]

https://comcar.co.uk/cashorcar/simple/

Is this any help? Various tools on the Comcar website.

As a (very general!) rule, the cheapest car to own is the one you currently have.

[Speed1283]

Smitters said:

My issue is we own our car outright. It's tricky to factor things in correctly, but I've come to the conclusion that it's cheaper by some distance to keep the car we have. Even my stty excel, with a constant depreciation rate (unlikely) and a low ball car value doesn't man-maths me into an Ionic 5.

Same for me with my 640d, even if I assume £150 a month depreciation it is still about on par. Also as I don't have the ability for cheap overnight charging at home (live in a flat with pre set rates) so my current 45mpg average and Costco fuel means it's very similar per mile on fuel Vs electricity.

[df76]

Speed1283 said:

Smitters said:

My issue is we own our car outright. It's tricky to factor things in correctly, but I've come to the conclusion that it's cheaper by some distance to keep the car we have. Even my stty excel, with a constant depreciation rate (unlikely) and a low ball car value doesn't man-maths me into an Ionic 5.

Same for me with my 640d, even if I assume £150 a month depreciation it is still about on par. Also as I don't have the ability for cheap overnight charging at home (live in a flat with pre set rates) so my current 45mpg average and Costco fuel means it's very similar per mile on fuel Vs electricity.

If you don't have the ability to charge cheaply overnight, then I can't see how there's any real savings to be had. We've got access to low rate, and that "saves" about £100 a month in fuel costs, which swings it for us.

[yeager2004]

I'm in a similar position. Also to factor in is the work scheme includes insurance, maintenance, breakdown cover, and they will also install a home charger.

[SWoll]

Speed1283 said:

Same for me with my 640d, even if I assume £150 a month depreciation it is still about on par. Also as I don't have the ability for cheap overnight charging at home (live in a flat with pre set rates) so my current 45mpg average and Costco fuel means it's very similar per mile on fuel Vs electricity.

45mpg at current Costco diesel prices (137.7) comes out at 14p per mile.

An EV averaging 3.5 miles/kWh at current electricity prices (25p per kWh) comes out at 7p per mile.

Out of interest how much are you assuming monthly maintenance, tyres and warranty costs are on the used car?

[df76]

SWoll said:

Speed1283 said:

Same for me with my 640d, even if I assume £150 a month depreciation it is still about on par. Also as I don't have the ability for cheap overnight charging at home (live in a flat with pre set rates) so my current 45mpg average and Costco fuel means it's very similar per mile on fuel Vs electricity.

45mpg at current Costco diesel prices (137.7) comes out at 14p per mile.

An EV averaging 3.5 miles/kWh at current electricity prices (25p per kWh) comes out at 7p per mile.

Out of interest how much are you assuming monthly maintenance, tyres and warranty costs are on the used car?

Anyone with access to private driveway charging will predominantly be using an overnight rate of 7p per kWh. That brings the cost per mile right down.

[TheBinarySheep]

df76 said:

Anyone with access to private driveway charging will predominantly be using an overnight rate of 7p per kWh. That brings the cost per mile right down.

I think our EV is costing us around 3p per mile at the minute. Overnight charging as you say.

[SWoll]

TheBinarySheep said:

df76 said:

Anyone with access to private driveway charging will predominantly be using an overnight rate of 7p per kWh. That brings the cost per mile right down.

I think our EV is costing us around 3p per mile at the minute. Overnight charging as you say.

As the poster I quoted mentioned, he doesn't have access to cheap overnight charging. The point was that even at 25p a kWh a average EV is still half the cost of a diesel car doing 45mpg.

[Quattr04.]

It’s worth noting you need to find out what termination fees apply if you leave the company

My company which is run with Arval don’t change a thing but my OH scheme run though zenith has a 50% of the remaining lease termination fee

It seems car dependent too, at the moment I could get a polestar 2 LR for £410 a month which is significantly less than PCPing it myself, insuring etc

And then at the other end of the spectrum you get something like a new Audi A6 etron which is £1200 a month

Seems to fluctuate quite a bit!

[Mr911lover]

Quattr04. said:

It’s worth noting you need to find out what termination fees apply if you leave the company

My company which is run with Arval don’t change a thing but my OH scheme run though zenith has a 50% of the remaining lease termination fee

It seems car dependent too, at the moment I could get a polestar 2 LR for £410 a month which is significantly less than PCPing it myself, insuring etc

And then at the other end of the spectrum you get something like a new Audi A6 etron which is £1200 a month

Seems to fluctuate quite a bit!

Will be 40% of remaining rentals for Zenith if they don't have the early termination waiver in place.

Most Sal Sac providers now include ET cover, as much for the employer as it is for the driver.

[Smitters]

Quattr04. said:

It’s worth noting you need to find out what termination fees apply if you leave the company

My company which is run with Arval don’t change a thing but my OH scheme run though zenith has a 50% of the remaining lease termination fee

It seems car dependent too, at the moment I could get a polestar 2 LR for £410 a month which is significantly less than PCPing it myself, insuring etc

And then at the other end of the spectrum you get something like a new Audi A6 etron which is £1200 a month

Seems to fluctuate quite a bit!

Our scheme leaves the liability to pay with the driver. So you can pay the real monthly, i.e. without the tax savings, or terminate early by paying many pounds or cashing in on ET insurance, which is in fact another cost I didn't factor in.

I just don't think it works for us, which is a shame.

[OutInTheShed]

SWoll said:

As the poster I quoted mentioned, he doesn't have access to cheap overnight charging. The point was that even at 25p a kWh a average EV is still half the cost of a diesel car doing 45mpg.

No it isn't because the major cost of either is leasing it not fueling it.

People should understand the total cost for their own use case.

[rugbyleague]

I'm close to my salary sacrifice lease concluding and I'm unsure if I want to go again, net cost to me is £600 a month over 3 years with no further costs.

I'm wondering if I can do anything different with my £600.

I need to do some homework but I'm thinking options are pcp, personal lease or outright purchase.

Can't help thinking I might struggle to replace my Genesis Gv60 like for like!

[Speed1283]

OutInTheShed said:

SWoll said:

As the poster I quoted mentioned, he doesn't have access to cheap overnight charging. The point was that even at 25p a kWh a average EV is still half the cost of a diesel car doing 45mpg.

No it isn't because the major cost of either is leasing it not fueling it.

People should understand the total cost for their own use case.

The flat I currently rent has charging points but you can't choose the provider so the rates are set fairly high at about 38p per kWh.

As for my current ownership costs I put it all into a spreadsheet, including my expensive BMW warranty, insurance, tax, MOT, £500 servicing per annum (average) and even a tyre cost. It's only if I factor in depreciation when it starts to get close to a 'decent' ev cost through sacrifice.

If I were on a PCP then I'm sure the EV would make far more sense.

[SWoll]

OutInTheShed said:

SWoll said:

As the poster I quoted mentioned, he doesn't have access to cheap overnight charging. The point was that even at 25p a kWh a average EV is still half the cost of a diesel car doing 45mpg.

No it isn't because the major cost of either is leasing it not fueling it.

People should understand the total cost for their own use case.

Thought it was pretty clear I was specifically commenting on the the comparative cost of "fueling" the vehicles.

And the major cost of any vehicle ownership is depreciation, leasing is just a way to finance that cost.