EV - Sell private and company buy EV

[yop]

Mods. I spotted the other thread but didn't want to jump on it as I didn't think it was close enough. But if you prefer I merge this then let me know.

Company director, currently own a 2 year old EV and claiming mileage, last year 7000 euro.
The car payments are currently 543 euro PM. Insurance, tax, tyres (250 each) I pay for.
Home charger.

I have had a change in personal circumstances so I need to reduce my costs and I was considering selling off the EV. I'm also trying to secure a mortgage on my own.
I have 32k left on PCP and 1 offer from a garage of 39k.
I was going to buy the EV through the company and then tax it through the company. I have a few questions I can't get an answer to yet.

1. Can I use my own insurance on the car, I'm 27 driving with full no claims.
2. Is buying or leasing a better option? I am reading that leasing is a better option, but I'm not sure.
3. Does it make sense to sell the privately owned car and lose the 7k mileage I claim?
4. Any other things I'm missing

I appreciate any help

 

[cloughy]

Why not sell the EV to your company, or do you want new (no grant) so you can claim accelerate capital allowances.
If it was me I'd probably get company to buy from me, claim capital allowances at 12.5% or whatever, but you will be subject to BIK but that's same if company buys new.
I'm assuming you are company director of your own Ltd company, but maybe not.

 

[yop]

Why not sell the EV to your company, or do you want new (no grant) so you can claim accelerate capital allowances.
If it was me I'd probably get company to buy from me, claim capital allowances at 12.5% or whatever, but you will be subject to BIK but that's same if company buys new.
I'm assuming you are company director of your own Ltd company, but maybe not.

Thank you for the reply.
I never thought of that. I know the amv is on the new value.
Bik I think is still reduced for ev. I'm not sure what it is.

I am indeed a director and employee of my own limited company

 

[Savvy]

1. Can I use my own insurance on the car, I'm 27 driving with full no claims.

No, as the car will be registered in the name of the company. You normally have to transfer your insurance over to the company car.
I think you may need a broker form this. I did when setting it up several years ago(for an EV also). Insurance will be high for first 1-2 years(1.5k and 1k) for me.

2. Is buying or leasing a better option? I am reading that leasing is a better option, but I'm not sure.

To me buying is better because after the company buys the car (assume you buy a new) you wont have further repayments.
With leasing you will always have a monthly payment. Ownership just gives more options.

For info, in calculating BIK, the OMV is reduced by:
35k this year,
20k in 2014,
10k in 2015.
No exemptions after that

 

[peemac]

I never had an issue with my insurance when I had a company owned car.

They seem to treat owner director company car different to just any employee with a car from a company.

I was with AIG.

 

[Zenith63]

I never had an issue with my insurance when I had a company owned car.

They seem to treat owner director company car different to just any employee with a car from a company.

I was with AIG.

Yep once I proved I was a Director I was able to get a personal policy on the company owned car from FBD without issue.