48 Months. BMW iX3. iCalculator UK Salary Sacrifice Calculator is updated for the 2022/23 tax year. Updated for tax year 2022-2023. If you are talking about salary sacrifice you are giving up a % of the £870/month pension contribution for gratification now. That figure of £802 sounds far too high! Saturday 31st July 2021. Tesla Model 3. Salary Sacrifice is either offered by the employer or the leasing provider. £802/pm as the salary sacrifice. Check out our new Tesla Model Y Salary Sacrifice offer below! I already sacrifice a large portion of my salary into a top-up pension scheme, it would just mean instead of 25% sacrifice going into this fund, it would be more like 12.5%, with 12.5% going to the car scheme, ok, I may have to work an extra year or two (always planned to retire at 57) but hey ho, that life. The BIK calculator shows the amount of company car tax payable for the TESLA Model 3 model taking into account any capital contributions and selected income tax rate. With a Tesla you can also enjoy fantastic running-costs savings. Even at it's 31mpg combined rating, I would have ended up spending around 4k a year on gas. 32 posts. Tesla Model 3 Long Range 12k per annum 36 months £486/month. With zero emissions, all Tesla cars are exempt from Vehicle Excise Duty. More information: Salary Sacrifice. I have come to the conclusion, that the cheapest way into a Tesla 3 LR will be through a salary sacrifice scheme starting in the next year when BIK will be zero for ultra low emission cars. Estimates compare Model 3 to a comparable petrol/diesel powered car over a 5 year period. Tesla Model Y Long Range AWD 5dr Auto. More information: Vehicle tax rates, Budget 2020 less; £90 earned from liftsharing. Employer saving over a 36 month term: £2376. For the first time, UK company car drivers and salary sacrifice schemes have a cost-effective solution from the $1 trillion EV manufacturer. Running a Tesla Model 3 as company car - my costs. Gross effect . The prices above are for some of the newest and best electric models on the market! *This is the standard lease cost for this car and is also the amount that will be deducted from your gross salary each month in order to benefit from reduced tax (as shown by the % saving). £60 from parking space rental. If Warren instead went to loveelectric to get his Honda E, he would take his gross monthly salary of £2166.67 and make a gross sacrifice of £356 every month (this is £427 minus the VAT). Assume £500pcm for the Tesla (NET) Fuel cost PA Volvo about £1500 (61mpg on 15k, though probably more) Fuel Cost Tesla (assume 10p rate) at 3.8KWH/mile about £400 PA Then car tax, insurance, servicing etc Salary Sacrifice £0 Volvo assume £400 insurance, £150 tax, £300 tyres, £300 servicing. Model 3. Plus there are heaps of Tesla Model 3 add ons to daydream about. Tesla. Instantly compare with taking a cash allowance instead. J1mmy90. Net Cost: £401.12 . The Tesla Model 3: Is this the ultimate salary sacrifice electric car? Leaving your Model 3 overnight on a 7 kW home charge point would need 11 hours to take the battery from 0-100%. Yippee! Only housing and food exceed that amount. This estimated saving combines your forecast tax saving as well as the "benefit in kind" tax you will pay. On the current NHS scheme assuming you have 25 years left on the scheme, a 2% inflation, and you live for 20 years post retirement, 3 years lease will cost you about £35k in 'lost' pension pay out. £30 from V2G. Sargeant Orange said: I've got access to tusker, just had a quick look for you. For the second year running, electric vehicles have remained the most popular choice for those choosing a new vehicle as part of Tusker's salary sacrifice car benefits scheme. Mini EV. Since you aren't paying nearly as much for electricity as you would have for petrol, you can absorb that monthly cost a bit easier. The monthly cost for a Tesla Model 3 Standard Range Plus with no deposit down over 48 months could be roughly £530, but under salary sacrifice for a higher rate taxpayer it effectively costs 42 . Tesla Model 3 tops Aston Barclay's used car desirability index Audi Q4 e-tron tops salary sacrifice orders New electric vehicle rating scores BMW i4 and Tesla Model 3 highly It's quick and easy and it works. Also, our prices don't include admin fees cos we don't charge 'em. Jul 22, 2019. Just select your Tesla Model 3 from the list to calculate. Tesla Model 3 no deposit lease deals. Under the new salary sacrifice scheme, the new ID.3 would cost a 20% taxpayer £365 per month compared with £566 for the same vehicle under a personal contract hire . That figure of £802 sounds far too high! Instantly compare with taking a cash allowance instead. *Based on a Tesla Model 3 Standard Range, 3 year lease, 5,000 miles per year. Insurance costs are coming down too. Safe, fast and with the entire Tesla Supercharger network at its disposal, it's not hard to see why the Model 3 is a UK best-seller. businesses need to partner with a specialist provider, such as Hippo. To configure a sweet Tesla Model 3 Performance lease price and to see how you save with salary sacrifice, simply request a quote or call us on 020 8012 8190. Price: £42,990 to £59,990. Gross lease cost of £570 per month, including VAT and with no deposit from 1st Feb 2022. If they aren't enough to convince you that salary sacrifice is the way to go, keep reading! The employee can pay for certain items from their pre-tax salary, in this case, a brand new car with everything included but the charge. 36 months. Personal Excess mileage charges may apply. That's a change of 22 km (~14 miles). Tesla Model 3. The Tesla Model 3 has seen 5,304 registrations in the period covering January to March 2020. The monthly cost for a Tesla Model 3 Standard Range Plus with no deposit down over 48 months could be roughly £530, but under salary sacrifice for a higher rate taxpayer it effectively costs 42 per cent less, or £307 of the wages they would normally see per month. User #43637 11679 posts. Long Range. The Tesla Model 3 on our scheme prices from £400 a month, all in, no deposit. Calculate the company car tax and any fuel benefit charge on your actual income. For our Model 3 customers charging on the public roads, rapid charging at a 200 kW DC charge point allows the battery to go from 10-80% in just a 30-minute charging session. A carbon fiber spoiler improves stability at high speeds, all allowing Model 3 to accelerate from 0-60 mph* in as little as 3.1 seconds. Show est. *Home charging times based on a 7.4 kW/h charger. To access these schemes. It's basically the Cycle to Work scheme but for electric cars. Yippee! You can also optionally add your capital contribution. Tesla Model 3 Review. A - Price point is certainly the headline benefit with the Tesla Model 3 costing around £26,400 - half the cost of the Tesla Model S. However, you still get a lot of driving for your dollar. Salary Sacrifice is a way of getting a "company car" where you effectively pay for it. Here are the sums again. *This is the standard lease cost for this car and is also the amount that will be deducted from your gross salary each month in order to benefit from reduced tax (as shown by the % saving). Ignore the calculations the lessor gives you - all you need to calculate is the reduction in take home pay vs the out of pocket costs you will have - see below . = £3468pa Net pay saved. Edit: Doing a bit of reading on this. Charging it will cost around £20 if you're doing the typical 800 miles a month with a mixture of home and public charging. NET 40% - £287.52. So i will make sure that i put £577.92 per year into my pension. To configure a sweet Tesla Model 3 Long Range lease price and to see how you save with salary sacrifice, simply request a quote or call us on 020 8012 8190. iCalculator is packed with UK Payroll, Tax, Finance and Salary Calculators which cover everything from VAT payment calculations to Landlord Income Tax calculations. 36 Months. Similar with my company (fully maintained and insured) was about £585 a month out of pocket (for a base spec etron with list price of £61,220). The automaker's notification states that the hardware update shifted the Model 3's range to 602 km (WLTP), or around 374 miles. I found it a good option in that the costly part of an electric car is the up front cost, and by getting it on a novated lease that cost is spread over several years. This would equate to around a 42 percent reduction on . Model 3 comes with the option of dual motor all-wheel drive, 20" Überturbine Wheels and Performance Brakes for total control in all weather conditions. Model 3 £4,144 Running Cost Comparison Car £26,474 Running Cost An Tesla Novated Lease takes the burden away from bank loan repayments with incredibly high interest rates, or lump sum payments. Case study 3: Maddie on £80k salary gets a Tesla Model 3 Benefit in Kind rates for electric cars are very low for the next few years: BiK rate Net monthly cost 2020-21 0% £329 2021-22 1% £343 2022-23 2% £357 Maddie's net payment Apr 2020 - Mar 2023 £343 per month 10000 Miles/year. The cost of fuel is also considerably lower, as the car plugs into the many free chargers dotted around the country. Tesla's best car yet is also its most affordable and has a great range. monthly savings of £372. maintenance. Tesla Model 3 Long Range - 325 kW - 75 kWh - 360 miles. £1150 PA Personal Excess mileage charges may apply. £460/month for a P Model 3 on NHS salary sacrifice is a discounted rate, Tusker which charges you the list price is around £570/month take home pay and well over £1000/month gross - equating to . The Tesla Model 3 I've been driving is the cheapest option from the EV pioneer, starting at around £38,000. . To put the Model 3's sales into context, in Q1 2020 it outsold the next best selling electric vehicle at more than two to one. What is Tesla Financing? £350 net on the 'zero' salary sacrifice scheme. Excl. NET 20% - £337.10. A Salary Sacrifice scheme is a new benefit that enables your staff to acquire a brand-new company car. As the lease is taken before tax, it will be significantly cheaper than any other way of getting one. It's amazing to me that in a TCO, a lower-priced vehicle is right up there with the Tesla Model 3 in ownership costs. I will more than happily pay £100-144 a month for a luxury of driving a model 3! Even the basic Tesla Model 3 provides great range (more on this below), the same extremely high levels of safety standards as the other models and Wi . Not only will you be paying 0% BIK (benefit in kind) until April 2021, you'll only pay 1% until April 2022! eNiro 64kWh 2021. £802/pm as the salary sacrifice. Also, our prices don't include admin fees cos we don't charge 'em. Previous estimates have revealed a new Tesla Model 3 could cost some motorists just £307 per month under a 48-month salary sacrifice scheme. Employer saving: £66. Gross sacrifice* . Salary Sacrifice: Tesla Model Y Offer . The Model 3 comes with insane tech that has over-the-air software updates, like Auto Lane Change and even Dog Mode, and is full of hidden Easter eggs like rainbow charging lights. Figures are shown for the next three tax years. . Over the next three years, assuming you're in the 40% tax bracket, the Model 3 will cost you just £1824 in tax. The only gran tourer available on the scheme is the "216 1.5d 116 ss se" with a P11d value of £27,490. *Home charging times based on 0-100% based on a 7.4 kW/h home charger. Tesla's preferred financiers combine a low fixed rate with no setup or monthly account keeping fees for both consumer and commercial approved applicants. . Learn More. As an employee, you sacrifice a small portion of your salary in return for a new electric car, typically saving 50% of your annual motor costs through income tax and national insurance savings. Tusker has revealed its ten most popular vehicle orders of 2021, with all of them being either electric or hybrid. The cost of fuel is also considerably lower, as the car plugs into the many free chargers dotted around the country. That made it basically a wash with the Model 3 (though I could have chosen a lower trim level to lower the cost). For example an average small car usage is about 6 to 7 litres per 100kms and for a large 4×4 this can range between 12 to 16 litres per 100kms. There was only one truly dominant car during the year that was 2020 - the Tesla Model 3.Having swept up most awards for electric car of the year, car of the year and also becoming the top-selling car of December 2020, it is fair to say that the UK have firmly adopted Tesla's alternative to the BMW 3 series, Mercedes C . Request a quote for Tesla Model 3. long range awd 4dr auto |. If you'd rather call us, you can reach us on 0345 266 5602. Make an enquiry . Reply . Jul 22, 2019. What makes a Tesla Model 3 lease more affordable than other brands isn't just the fact the manufacturer has priced this model so appropriately for the UK market, but also our select finance companies . I will be saving £289pm by paying for the car from gross pay. If the car is an ultra-low emission vehicle (<75g/km) it can be provided to the employee using a salary sacrifice scheme. The lease company charge your employer (say) £500 a month and they then deduct that from your salary - before tax. Gross sacrifice* . Tesla 3 = £450 monthly lease. If you are getting a Tesla you can also salary sacrifice the cost and installation of a wall charger. Automotive Lease Packaging provides Tesla Novated Leasing Not only is an Tesla novated lease the most affordable way to purchase your vehicle, but it is the most sensible and secure step. This is what my model 3 long range has cost over the last 4,144 miles in 2 months: . Many leasing companies offer turnkey solutions that can be implemented within 4 . Answer (1 of 17): How much should one earn to afford a Tesla model 3? You can also optionally add your capital contribution. If you choose the 3 Series, you'll have to sacrifice £12,604 of your salary . Model 3. Salary sacrifice is a fantastic way for employers to enhance their employee benefits without spending any money. We have an entire team solely focused on helping company directors and their employees understand all benefits of offering a Salary Sacrifice Electric Car benefit. So with a Tax rate of 40% that is quoted as £ 465.24/pm going up to £ 494.86 in the 3rd year because of changes in the BIK. Tesla works with select financiers to provide a commission free finance product exclusively for Tesla owners. Model 3 comes with the option of dual motor all-wheel drive, 20" Überturbine Wheels and Performance Brakes for total control in all weather conditions. If the car is an ultra-low emission vehicle (<75g/km) it can be provided to the employee using a salary sacrifice scheme. It amounts to between $250,000 and $350,000 over their driving lifetime. The price they are quoting for a Tesla Model 3 Standard Plus is. The Tesla Model 3 Long Range has the longest driving range of the three Model 3 specifications available, with each featuring a different powertrain. Consider that with the salary sacrifice your pension contributions will drop and since the NHS has one the best pensions then this will hurt big time in the long run. Just select your Tesla Model 3 from the list to calculate. And for a basic rate taxpayer it effectively costs 32 per cent less, or £360 of the wages they would normally see per month. Tech specs. Ioniq 38kWh 2020. Tesla. Tuskerdirect Limited trading as Tusker is an appointed representative of Product Partnerships Limited which is authorised and regulated by the Financial Conduct Authority (FRN 626349) for consumer credit activities. Tax savings assumes . £688 x 12 x 0.07 = £577.92 less per year will go into my pension. Reducing that expenditure would go a long way toward saving for . salary sacrifice, flexible benefits package or other. 5 years savings. £ . Salary sacrifice is an employee scheme that enables people to exchange part of their gross (before tax) salary for a non-cash benefit, such as a bike, season ticket or brand-new electric car. #20. Alternatively, you can recharge by plugging in at home For the Employee. Watch Ginny's review of the 2021 Tesla Model 3 Here are are six easy ways to cut your carbon footprint and electricity use - so you have more for driving! See below some calcs I did recently on a Tesla model 3 I was considering novating. Tesla's range disclosure . They save tax, NI, can access volume . Finally, operating an Ultra-Low Emission Salary Sacrifice scheme contributes to them improving their environmental footprint. Vehicle Excise Duty. Company Name *. **Rapid charging is based on the maximum charging rate available for this vehicle - from a charge of 10% to 80%. Because you aren't paying tax on that £500 it effectively costs just £300 a month for a 40% tax payer. The price they are quoting for a Tesla Model 3 Standard Plus is. Wow really that is a bargain. Alternatively, you can recharge by plugging in at home For the Employee. We're the Salary Sacrifice experts. NIC saved on salary sacrifice: £72. If you have a 5-year-old Focus on the drive, you're losing £200 a month in depreciation alone! Salary sacrifice is a financial solution offered by an employer to employees through a leasing company. Tuskerdirect Limited trading as Tusker is an appointed representative of Product Partnerships Limited which is authorised and regulated by the Financial Conduct Authority (FRN 626349) for consumer credit activities. Excl. Straight salary . A Tesla Model 3 Standard Range Plus costing £40,990 would be cheaper to lease through salary sacrifice than a BMW Model 3 costing £32,320 - £29 a month cheaper for a 20% taxpayer, £71 a month cheaper for a 40% taxpayer, and £95 a month cheaper if you're rich enough to be in the 45% tax bracket. 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