Why we bought 2, £80,000 Tesla Electric Cars to Save Money
It may sound like the punchline of a funny joke, but in this article I want to explain why, by purchasing 2, Tesla Model S Cars worth ?80,000 each could actually save you money!
At the time of my decision, I was considering getting a new Audi S5 on lease, which was circa ?50k’s worth of car and around ?300-400 per month on finance, more than I’d ever dreamt on spending on a car!
Instead, when we started looking at the Tesla – it was a ?30k more expensive car, yet all of the savings you can get made it more affordable!
Below are some short bullet points on exactly what those savings are:
Corporation Tax Savings
By buying one car, that is worth ?100,000, you immediately get ?20k back in corporation tax (year 1 write down).
So we took the savings from this, banked ?10k and spent the other ?10k on the deposit.?
It costs me around ?5 to fill mine from empty to full, which gets me 200+ miles.?
Benefit in Kind (p11d) value
As of 2020, the P11D value on an electric car is 0%!?This means there is zero monthly car tax to pay on fully electric vehicles!
It’s short and simple, but these 3 items above provide all of the main tax savings that you can reap as a business owner.
There are other savings to be had…government grants for home charger installation etc.. and that’s not to mention that electric cars are typically fast as you like and still practical.
With the launch of the even more affordable Tesla Model 3, premium electric cars are becoming even more affordable, with incredible savings on fuel costs and the potential for electric cars to be far, far better for the environment than petrol and diesel cars.