Company-funded EV vs keeping my own petrol car + 55p/mile: which is actually better? (UK apprentice)
UK, first-year degree apprentice. After holidays and bank holidays I drive about 14,000 miles a year commuting. My employer pays 55p a mile in my own petrol car, which is about £7,700 a year.
They also have a company car scheme where the company pays the lease, the insurance and all maintenance costs, and I can charge at work for free. I'd just pay benefit-in-kind tax. The car I want is a BYD Seal (P11D £48,665, 4% BiK, so about £32/month at 20% tax). The catch: no mileage is paid on a scheme car.
My rough numbers:
• My own petrol car now: ~£640/month mileage, minus ~£165 petrol, £167 insurance (£2,000/yr), £16 tax (£190/yr) and some servicing. That leaves roughly +£260/month before tax.
• Seal: about -£32/month and no other costs.
Questions:
1: MOST IMPORTANTLY: How should I go about asking this? I feel as though it could seem rude in a way to ask - but the company technically would be saving the £650+ minimum payment to me every month they're currently giving
2. Is the 55p/mile partly taxable? HMRC's approved rate drops to 25p after 10,000 miles, so how much tax would I really pay on it?
3. Am I missing anything in the comparison (depreciation, resale value of my own petrol car, private use)?
4. Would you give up \~£250-300/month for the company car?
5. Does having a company car affect things like car finance, mortgage affordability or my own insurance?
Thanks!
Thanks!