MG4 X-Power waiting area

[bowfer]

Aren’t the total costs (real term money out of pocket) are closer to £300 per month all in for a 40% tax payer based on a salary sacrifice of £450 per month and benefit in kind of £720 per year?

No, the £450 is what actually comes off your pay.
But that’s inclusive of insurance and maintenance.
Not enough of a difference for me, with the disadvantages inherent with it being a lease.
We’ve seen one guy here who has a problematic 4 on a SS scheme and he’s having a mare sorting it.
Far more of a mare than if it were his own on PCP

 

[siteguru]

Does that £450 come off gross or nett salary? If it comes off the gross salary then you'll pay less tax as your gross salary amount is reduced.

 

[domsim]

Does that £450 come off gross or nett salary? If it comes off the gross salary then you'll pay less tax as your gross salary amount is reduced.

£450 comes off before tax - hence the tax break.

Edit: so my thinking is that it will be around £300 per month worse off, but I’ll have a brand new white xpower.

 

[siteguru]

That's what I thought - so what @bowfer stated isn't quite correct; you do pay less (effectively) than £450 per month.

 

[SiW80]

That's what I thought - so what @bowfer stated isn't quite correct; you do pay less (effectively) than £450 per month.

Exactly - the cost looks high as a deduction front end but you reduce your tax bill on the back end.

Just need the net position to be less than a comparable PCP + overhead cost.

 

[pickle]

Just to add another data point regarding salary sacrifice scheme. I've just placed an order for a Racing Green XPower which has gross monthlies of £710, resulting in net monthly payments of £437 (40% bracket)

I'm not entirely sure how they can justify the quoted gross figure.. but the only reason I've been able to rationalize dropping £437/month on a lease is that I'll be able to charge for free at work, and it also reduces student loan monthlies by £64!

On another note, it's just updated in the portal with an estimated stock date of 27-10-2023, though I'm not sure how accurate that is.

 

[bowfer]

That's what I thought - so what @bowfer stated isn't quite correct; you do pay less (effectively) than £450 per month.

In my case, the £450 is net.
That’s what would come out of my salary if I wanted the same car as I have.
As someone else has said, the gross figure is inflated (no one is paying £700 a month for a Cupra born)
I’ve no idea why they do this.

Just checked a Tesla M3 and it’s £580 a month net.
Not bothered checking the MG4.

 

[Foulsmell]

Also besides the SS schemes being fully inclusive they don’t require a deposit of several thousands of pounds like a PCP.

As for issues with the car. It has a manufacturers warranty wether it’s leased or not so MG a obliged to fix it.

 

[Tig170]

Just to add another data point regarding salary sacrifice scheme. I've just placed an order for a Racing Green XPower which has gross monthlies of £710, resulting in net monthly payments of £437 (40% bracket)

I'm not entirely sure how they can justify the quoted gross figure.. but the only reason I've been able to rationalize dropping £437/month on a lease is that I'll be able to charge for free at work, and it also reduces student loan monthlies by £64!

On another note, it's just updated in the portal with an estimated stock date of 27-10-2023, though I'm not sure how accurate that is.

Yes it would have been the same in my case (NHS lease soultions), which does cover everything, but at the time 9 months ago, it was impossible to get anything of any use. Its 6 of one - 1/2 dozen scenario:- at least we own our MG4 fully, but the devil in me does think about trading it in for the X power!

 

[Rolfe]

I've got the same devil. Get thee behind me, Satan.

 

[Brettus]

From the sounds of it, Wave 1 of Xpowers might not be without their own faults and quirks so probably far more sensible to see how it plays out and if the novelty wears off for us lot. Maybe we get buyers regret and find out the ER with the beefier motor AND bigger range is actually the one we wish we’d gone for heh. (Tries not to tempt fate TOO much)

But yeah I get the FOMO aspect, but you’ve got cars that work, rolling the dice on a new version seems perhaps ill advised

 

[bowfer]

As for issues with the car. It has a manufacturers warranty wether it’s leased or not so MG an obliged to fix it.

No one has suggested otherwise.
When it does become problematic is rejection, as an owner will have to deal with this via their company, rather than with MG direct.
You’re then becoming a thorn in your employer’s side.
One owner here seems to be at the mercy of a disinterested HR department for his problem 4 through SS

 

[smbmetal]

MG4 XPower review: the least hot hatch-like hot hatch we've ever driven Reviews 2023 | Top Gear

What’s this, an MG4 hot hatch? That’s one way of describing it, but really it’s more of a conundrum. I don’t think I’ve ever driven a hot hatch that’s less of a hot hatch. For starters, look at it. Have you ever seen a more nondescript hot hatch? That’s a set of 18-inch wheels by the way. 18s...

www.topgear.com

Not sure if this has already been posted. Apologies if so.

Just a straight line sleeper racer then.

 

[Foulsmell]

No one has suggested otherwise.
When it does become problematic is rejection, as an owner will have to deal with this via their company, rather than with MG direct.
You’re then becoming a thorn in your employer’s side.
One owner here seems to be at the mercy of a disinterested HR department for his problem 4 through SS

I’d have none of that. Take it straight to MG. Doesn’t matter how they obtained the car.

 

[tsedge]

I’d have none of that. Take it straight to MG. Doesn’t matter how they obtained the car.

You can't reject it if you are not the owner, that's the problem with company supplied cars - you may be the registered keeper but you don't decide whether to reject, your company does (or more likely their car supplier 3rd party).

From the sounds of it, Wave 1 of Xpowers might not be without their own faults and quirks so probably far more sensible to see how it plays out and if the novelty wears off for us lot. Maybe we get buyers regret and find out the ER with the beefier motor AND bigger range is actually the one we wish we’d gone for heh. (Tries not to tempt fate TOO much)

But yeah I get the FOMO aspect, but you’ve got cars that work, rolling the dice on a new version seems perhaps ill advised

The ER appeals most to me, although I can't honestly justify needing anything beyond my LR Trophy, I don't need the range and while the extra performance would be nice, the standard car is plenty fun to drive.

I am sure they will evolve the XPower too and improve the fun factor and handling, there's a lot possible between software, suspension and tyres, even if it will always be a heavy beast.

Note: when the first Golf R came out in 2002 (R32), it was criticised for being nose heavy, heavy steering and over-firm ride. It's changed a lot over the years too.

 

[bowfer]

I’d have none of that. Take it straight to MG. Doesn’t matter how they obtained the car.

That’s not how rejection works.
The rejection fight is with the finance company and the supplying dealer.
If you go salary sacrifice, neither of those were appointed by you and they don’t know you from Adam, you’re not their client.
So your company would have to fight on your behalf.

 

[Foulsmell]

No one has suggested otherwise.
When it does become problematic is rejection, as an owner will have to deal with this via their company, rather than with MG direct.
You’re then becoming a thorn in your employer’s side.
One owner here seems to be at the mercy of a disinterested HR department for his problem 4 through SS

I’d have none of that. Take it straight to MG. Doesn’t matter

Apologies. I didn’t realise they were rejecting the car. I thought they were being stubborn about fixing an issue.

 

[lsb777]

I've just ordered Xpower in Black via Tusker on salary sacrifice. Surprisingly, it was only £14 p/m more than the Trophy I'd previously ordered. Trophy cancelled and now back of the queue again for the Xpower.

 

[ianwlk]

Bit concerned by the trend towards 400 plus horsepower EVs. Brabus Smart, Volvo , M.G etc. I've driven many supercars when part of a car club and huge horsepower needs to be used carefully. Also these fast ICE cars are specifically engineered for this power. Stuffing another motor in is of course very tempting and cheap - and I will probably join the club eventually - but will need to be convinced by the additional engineering .

I've just ordered Xpower in Black via Tusker on salary sacrifice. Surprisingly, it was only £14 p/m more than the Trophy I'd previously ordered. Trophy cancelled and now back of the queue again for the Xpower.

Great deal

 

[WonkoTheSaneUK]

Bit concerned by the trend towards 400 plus horsepower EVs. Brabus Smart, Volvo , M.G etc. I've driven many supercars when part of a car club and huge horsepower needs to be used carefully. Also these fast ICE cars are specifically engineered for this power. Stuffing another motor in is of course very tempting and cheap - and I will probably join the club eventually - but will need to be convinced by the additional engineering .

If an EV has a "performance" version, it was likely originally designed as that version, and one motor removed for the "normal" cars.