EV Business Leasing is the smart choice if you want to take advantage of a host of cost-saving benefits exclusively available to EV company car drivers.

I have been recommending clients switch to EV’s for many years primarily because of the tax efficiencies which can be gained, particularly when you compare 2% Benefit-in-Kind tax vs 33.75% on dividend tax alone. The savings make financial sense and can equate to thousands which make a big difference to many of my clients

David Arden FCCA, Finance Partner, MAP

Let’s look at the savings…

We compared the Whole Life Costs of familiar company car brands fuelled by petrol and diesel to a fully electric BMW iX2, it’s simple to see the cost-benefit. In the example below, leasing the electric BMW vs the petrol Mercedes over 4 years saves more than £260 per month, that’s more than £12,500 over the lease term!*

Vehicle Details

Manufacturer	BMW	AUDI	MERCEDES
Model	iX2	Q3	A CLASS
Description	iX2 ELECTRIC HATCHBACK 150kW eDrive20 M Sport 65kWh 5dr Auto 24A	Q3 DIESEL SPORTBACK 35 TDI Sport 5dr S Tronic [Tech Pack] 24	A CLASS HATCHBACK A200 AMG Line Premium 5dr Auto 25
Taxable List Price (P11d)	£51,599.99	£39,880.00	£36,855.00
Monthly Rental (excl. VAT)**	£482.71	£465.30	£584.47
CO2 Tailpipe Emissions	0g/km	145g/km	137g/km
Fuel Type	Electric	Diesel	Petrol (Mild Hybrid)

Whole Life Costs

Manufacturer	BMW	AUDI	MERCEDES
Fuel cost	£54.00	£79.26	£81.40
Employer NI	£11.86	£155.93	£135.63
Monthly Whole Life Cost	£594.03	£743.71	£855.55

Driver Costs

Manufacturer	BMW	AUDI	MERCEDES
Monthly BIK Tax at Higher Rate	£34.37	£451.97	£393.12
Monthly BIK Tax at Lower Rate***	£17.19	£225.99	£196.56

* Savings based on Whole Life Cost Comparison in the tables above.

** Figures based on contract hire, 8K miles per annum, 48 month term excluding insurance and – correct as of 10/05/2024.

*** Driver BiK rate payable figures relate to tax year 24/25

Monthly in advance including maintenance, calculations use current fuel prices and tax rates which may change therefore are for general information.

Why we use Whole Life Costs

The vehicle rental cost in isolation can be misleading so we use WLC to account for all the related factors of acquiring and running a company car over set period of time.

This includes:

• Monthly rental (Depreciation and interest),
• Servicing and maintenance,
• Employers NI, Fuel Costs (Including WLTP),
• Disallowable VAT(assuming 50% recovery).

We don’t include insurance.

We calculate WLC rental monthly for the current tax year.

Contact us for more information and breakdown of figures

Choosing your ideal Electric Company Car

When it comes to choosing the right car for you, you’ll need to consider two key questions, how many miles you travel and where you will charge your car. With many executive cars range isn’t an issue as most come with big battery technology – take a look at the examples below.

Charging is a doddle too, the most cost-effective way to charge your car is at home. It’s simple, plug in. Charge. Sleep. You’ll set off in the morning fully charged ready for your busy day. 

Let us guide you

Want to know more about how EV Business Leasing works? We’ve put together a handy guide to get you on the right track.

Learn more

Am I eligible?

• Sole traders: Provided you have a bank account in the sole trading name
• Limited Companies, Private Limited Companies (PLC’s) and Limited Liability Partnerships
• A Partnership: With 2 or more partners working in the business
• VAT Registered or evidence of being in profit
• Trading for more than 3 years