Help needed with car leasing

ianaf72

Newbie
Hope I’m posting this in the right section. Recently been promoted, which means I have to give up my company car. I’ll still need a runaround for school drop offs, weekends out, etc - 5000 miles a year should cut it.

I’ve been looking into leasing as I don’t really want to own a car; and don’t have enough saved to buy one outright. However, I’ve had company cars for 15 years, so my head is swimming with the different options out there.

I had been looking at Octopus EV as they fit a free charger and 5,000 free miles with servicing, maintenance, tyres etc included. However, I’m not wedded to an electric vehicle - just thought it made sense as I wouldn’t need to charge every day and the allowed mileage would effectively a
cover me for a year.

The pay rise will be about £400 a month after tax, so I‘ve accepted I’m probably going to be worse off being promoted, but I suspect there’s no great deals out there at the moment.

Grateful for any thoughts on Octopus (as it seems to pretty much cover everything I’ll need to get on the road, save insurance) or other vfm leasing companies? Thanks in advance.
 

Drox

TK Veteran
Do they offer a salary sacrifice scheme at your workplace? Benefit in Kind tax is only 2% on EVs.
 

Scufferoo

Member
TK Supporter
You’ll be paying tax on company car so you can add that into your equations , so hopefully you won’t be worse off.
octopus looks good if you can salary sacrifice , if not then maybe cheaper else where , gateway2lease can have some good offers.
personally , I don’t like leasing , I‘d rather get a loan from Tesco ( or other low rate loan company) and buy a car .
I wouldn’t go electric yet either , not enough charging points .
 

steptoe

VIP Member
Leasing is a minefield, even for SE,
The only real way to save money by leasing is by being Ltd co , even then you need a hefty turnover for it to make financial sense.
Just wait until they hit you with a load of charges for stuff you thought was fair wear and tear.
 

ianaf72

Newbie
Thread starter
Thanks for the comments so far. I work in the civil service - Kia Niro hybrid car at present, paying £75 a month, so you can see why I’m in a quandary!
 

mrmchd

Member
TK Supporter
You may be better off, you need to ask how much tax you were paying on your company car / petrol card if you had one.

You can make a better decision then.

Don,t discount buying say a three year car and getting a loan.
 
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