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Electric BMW on Zenith salary sacrifice scheme

Zenith says drivers can make significant savings by opting for an electric vehicle through a salary sacrifice scheme compared to driving an equivalent diesel car.

The BMW i3 is being priced on Zenith’s salary sacrifice car schemes from £310 (net monthly cost) for an all inclusive package on a 36 month, 10,000 miles per annum selection.

An extra £29 per month will allow drivers to have the car with a range extender. The extender increases the range from up to 100 miles to up to 186 miles. The price includes seven days' daily rental per year for a fossil fuelled car, which can be used for longer journeys where an electric vehicle may not be suitable.

Whole life cost analysis, showing the true cost of ownership of a car over its life, illustrates that the BMW i3 can cost £189 per month less than a BMW 118d Sport based on a 36 month 10,000 miles per annum selection (see table). This includes an indicative cost for diesel and electricity and the seven days rental factored in with the i3 option.

Ian Hughes, Zenith commercial director comments: "We have already had a lot of interest in electric vehicles on our schemes. Given that an estimated 93% of journeys carried out are less than 25 miles in length, an electric vehicle would suit a high proportion of salary sacrifice drivers who are often general commuters.

"With the seven days rental included for a fossil fuelled car it provides an extremely viable and cost effective transport solution for our drivers and we expect to see take up of electric vehicle accelerate significantly throughout the next 12 months."

 

36 months, 10,000 miles per annum
40% tax payer

BMW 118d
Sport Auto
BMW i3
List price £25,000 £30,625
CO2 116 0
Term 36 36
Mileage 10,000 10,000
     
Monthly gross salary sacrifice £444 £457
Monthly BIK (40% tax rate) £167 £45
Monthly National Insurance and income tax Savings £187 £192
Net monthly cost (40% tax rate) £424 £310
Monthly private fuel cost £92 £17*
Total £516** £327**

*Electricity has been calculated at 2p per mile
**Includes insurance, maintenance, road tax, tyre and windscreen cover, accident management and breakdown recovery

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Comments

  • Carcoat Damphands - 19/03/2014 09:39

    I'm trying to work out the Monthly NIK (40% tax rate) for the BMW i3. I assume it's the average BIK payment over the 3 year contract taken into account the 5% rate in 2015, and the 7% rate in 2016. However, my calculations makes that £40.80.
    £45 per month would be the BIK for the Range Extender version, would it not.?

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  • Carcoat Damphands - 19/03/2014 09:41

    Typo... I'm trying to work out the Monthly BIK (40% tax rate) for the BMW i3. I assume it's the average BIK payment over the 3 year contract taken into account the 5% rate in 2015, and the 7% rate in 2016. However, my calculations makes that £40.80.
    £45 per month would be the BIK for the Range Extender version, would it not.?

    Reply as guest

    Login  /  Register
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