Salary Sacrifice - Lex

[Matt W]

Hi, first post from me.!

The company I work for look to be setting up a salary sacrifice scheme in the next month or so, I believe with Lex. I dont know the ins and outs yet of this scheme yet and have been driving myself crazy wondering if I can afford a Taycan CT. I’m well into the 40% band, and should with the sacrifice for the car get some of my personal allowance back. The killer (I think) for me is that I do 20k mikes per annum and not sure if the cost will just be too much as the extra miles massively increases the monthly payment. Is anyone else with Lex on a similar mileage usage to me? Whilst I’d really like the 4S, just to get one I’d take the base model with some small upgrades, so maybe £91.5k. I do know each scheme is different and not sure if the company will keep NI or pass some back - I think this can be plus or minus £90. If anyone has played with figures similar to me I’d be really interested to see if I’m in close… I’ve got the Mrs on board, but in my head I don’t want to be spending more than £850/900 a month or kinda thinking the money would be better spent on the family..

Then, even if that does all come together, I am assuming lead time will be 12 months maybe more. I’d happily wait, even writing this is the closet I’ve got to owning a Porsche….

Thanks in advance..

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[caytan]

WTF is Salary Sacrifice - Lex!? Sounds like additional king's tax and you get flagellated at the end of the month?

 

[Redhot2474]

Take care of your family first, cars will always be around ….you won’t be able to fully enjoy the car feeling the $ is better utilized on family. These are 100k toys ….no one “needs” a $100k+ car…

 

[YLC]

I have recently ordered a CT 4s on the salary sacrifice scheme with the company I work for and is using Lex.

The cost is about £900pm (After tax savings) with the following options.

150 kW On board booster
Standard 19-inch Taycan S Aero wheels
Acoustically insulated laminated privacy glass
Automatically dimming interior and exterior mirrors
Side Window Trims in Black (high-gloss)
BOSE surround sound system
Porsche Torque Vectoring Plus (PTV Plus)
Electrically folding exterior mirrors
Park assist including surround view
Porsche electric sport sound
Porsche metallic - Jet Black
Rear axle steering including power steering plus
Sport chrono pack including compass display on dashboard - Taycan
14-way comfort seat
Two tone smooth full leather - Black/Crayon

The wait time is about 12 months.

It will also be my first Porsche and like you probably would never have gone for it outside the salary scheme.

 

[Matt W]

I have recently ordered a CT 4s on the salary sacrifice scheme with the company I work for and is using Lex.

The cost is about £900pm (After tax savings) with the following options.

150 kW On board booster
Standard 19-inch Taycan S Aero wheels
Acoustically insulated laminated privacy glass
Automatically dimming interior and exterior mirrors
Side Window Trims in Black (high-gloss)
BOSE surround sound system
Porsche Torque Vectoring Plus (PTV Plus)
Electrically folding exterior mirrors
Park assist including surround view
Porsche electric sport sound
Porsche metallic - Jet Black
Rear axle steering including power steering plus
Sport chrono pack including compass display on dashboard - Taycan
14-way comfort seat
Two tone smooth full leather - Black/Crayon

The wait time is about 12 months.

It will also be my first Porsche and like you probably would never have gone for it outside the salary scheme.

Thanks for the info, can I ask how many miles this is based on? You’ve got a lovely spec car and I expect it will be a long 12 months but worth it when it arrives. Cheers

 

[YLC]

10k per annum

 

[Lofty]

I have recently ordered a CT 4s on the salary sacrifice scheme with the company I work for and is using Lex.

The cost is about £900pm (After tax savings) with the following options.

150 kW On board booster
Standard 19-inch Taycan S Aero wheels
Acoustically insulated laminated privacy glass
Automatically dimming interior and exterior mirrors
Side Window Trims in Black (high-gloss)
BOSE surround sound system
Porsche Torque Vectoring Plus (PTV Plus)
Electrically folding exterior mirrors
Park assist including surround view
Porsche electric sport sound
Porsche metallic - Jet Black
Rear axle steering including power steering plus
Sport chrono pack including compass display on dashboard - Taycan
14-way comfort seat
Two tone smooth full leather - Black/Crayon

The wait time is about 12 months.

It will also be my first Porsche and like you probably would never have gone for it outside the salary scheme.

£43200 a year on a four year lease for something you won’t own - that’s a serious amount of money to having nothing at the end of it. I get that leasing is an option but surely would it not be better to work out how to buy it? I have a turbo, I put £60k down and pay it off at £2000 a month - this is a Porsche and leasing seems crazy as the running costs are in keeping with the car. Please do factor in that they are £1000 to service and you would need one a year on your mileage and they eat tyres and with Porsche N marked tyres your talking £350 a corner and my fronts barely do 8000 miles.

 

[EVGuy101]

Hey,
I’m also in the boat having ordered thru Lex on a sacrifice scheme - only 5k a year so not representative of your plans.
Just to comment on the above - the scheme covers maintenance and tyres, as well as insurance (at least on our scheme), so it actually starts making a bit more sense.

I ordered a GTS ST back in Feb, still not expecting delivery until November 2023 so a massive wait still!

Financially I couldn’t commit to lumping 50-60k upfront, so this scheme helps me get into something with minimal risk. Yes, leasing is dead-money but very few cars ever appreciate, so it’s a decision I (and many others) are obviously comfortable with.

Happy Friday folks!

 

[YLC]

Yes, I think it makes sense as it is effectively £40k for 4 years including insurance, servicing and tyres. If you assumed that depreciation is around £10k per annum then it is the same. The added benefit is that you don't need a deposit and there is an option at the end of the 4 years to buy the car or get a new car.

I ordered the CT4s in July 2022, projected delivery 31/08/2023. Judging by the delays experienced by other people in the forum, that date may not happen.

 

[Lofty]

Hey,
I’m also in the boat having ordered thru Lex on a sacrifice scheme - only 5k a year so not representative of your plans.
Just to comment on the above - the scheme covers maintenance and tyres, as well as insurance (at least on our scheme), so it actually starts making a bit more sense.

I ordered a GTS ST back in Feb, still not expecting delivery until November 2023 so a massive wait still!

Financially I couldn’t commit to lumping 50-60k upfront, so this scheme helps me get into something with minimal risk. Yes, leasing is dead-money but very few cars ever appreciate, so it’s a decision I (and many others) are obviously comfortable with.

Happy Friday folks!

Thanks for explaining and with everything included that does make a little more sense, I couldn’t wait for a car for years which I see a lot are doing for Taycan’s I just purchase nearly news that are at the dealer and change my car whenever I am bored with the colour or a better vehicle is released - I guess buying gives you the advantage that you can have them straight away. Although I was hoping to keep this one for 3-4 years as I don’t see anything on the new car horizon that’s better than a taycan.

 

[EVGuy101]

Thanks for explaining and with everything included that does make a little more sense, I couldn’t wait for a car for years which I see a lot are doing for Taycan’s I just purchase nearly news that are at the dealer and change my car whenever I am bored with the colour or a better vehicle is released - I guess buying gives you the advantage that you can have them straight away. Although I was hoping to keep this one for 3-4 years as I don’t see anything on the new car horizon that’s better than a taycan.

I can’t deny, I originally ordered with the plan of getting into a car within 9-12 months!!! I had spec’d up a 4SCT but the day before committing Lex released the GTS ST for ordering so decided to switch - silly me!

 

[W1NGE]

WTF is Salary Sacrifice - Lex!? Sounds like additional king's tax and you get flagellated at the end of the month?

UK employee company car scheme - makes EVs potentially cheap as chips to run as ICE vehicles are taxed quite highly as benefit

"A salary sacrifice arrangement is an agreement to reduce an employee's entitlement to cash pay, usually in return for a non-cash benefit. As an employer, you can set up a salary sacrifice arrangement by changing the terms of your employee's employment contract."

If you have lots of time have a read of this - https://www.gov.uk/guidance/salary-...erview,of your employee's employment contract. - riveting stuff.

 

[W1NGE]

£43200 a year on a four year lease for something you won’t own - that’s a serious amount of money to having nothing at the end of it. I get that leasing is an option but surely would it not be better to work out how to buy it? I have a turbo, I put £60k down and pay it off at £2000 a month - this is a Porsche and leasing seems crazy as the running costs are in keeping with the car. Please do factor in that they are £1000 to service and you would need one a year on your mileage and they eat tyres and with Porsche N marked tyres your talking £350 a corner and my fronts barely do 8000 miles.

I guess you must fly low between the hedges!

I've 17.7K miles on my car (first service this month - £720 (incl VAT) discounted to £540 odds (20% discount in October at my dealer)) and have the same set of tyres from new which still have 5mm across each (Michelin) but agree they will be expensive to replace if worn (if I get a puncture my tyre insurance picks up the tab).

 

[Lofty]

I guess you must fly low between the hedges!

I've 17.7K miles on my car (first service this month - £720 (incl VAT) discounted to £540 odds (20% discount in October at my dealer)) and have the same set of tyres from new which still have 5mm across each (Michelin) but agree they will be expensive to replace if worn (if I get a puncture my tyre insurance picks up the tab).

I am on just under 23000 miles and which dealer is this from? I use Wilmslow and the pricing for the service is obscene , when asked what they service on the actual vehicle they don’t list much. I have a problem with the inside edge being worn out much earlier than the rest of the tyre, complained during service and they said my alignment is correct. I also drive it like a Porsche….. so that’s certainly doesn’t help.

 

[Lofty]

UK employee company car scheme - makes EVs potentially cheap as chips to run as ICE vehicles are taxed quite highly as benefit

"A salary sacrifice arrangement is an agreement to reduce an employee's entitlement to cash pay, usually in return for a non-cash benefit. As an employer, you can set up a salary sacrifice arrangement by changing the terms of your employee's employment contract."

If you have lots of time have a read of this - https://www.gov.uk/guidance/salary-sacrifice-and-the-effects-on-paye#:~:text=Print this page-,Overview,of your employee's employment contract. - riveting stuff.

It’s a little different when you are the employer!
The technicians have Octavia estates and I30 Tourers there won’t be any Taycans on the company car list any time soon… we did use Lex Autolease years ago but go directly to manufacturer now as the leasing rates are cheaper for the business.

My senior management receive car allowances only.

Never looked into the salary sacrifice option, will definitely speak to my HR about it.

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