Stupid Q: should I buy n EV?

[teodor995]

https://imgur.com/a/p9kBItW

My brain is not smart and not getting the concept.

I have a 6 figure job. I took gig delivery which I do for a few hrs on the weekend and adds an approx $15k/yr gross.

I have a 10 yo car which costs me approx $400/mostly fuel at 80% business utilisation.

So my figures are in the above link if i buy a $50k ev vs a $70k ev.

Business is GST registered so i can get up to $5800 gst refund and accessories etc.

Based on my figures linked. I can lower the $15k gross profit say down to $5k gross and only pay taxes on the $5k - is that correct?

 

[bracketdash]

@teodor995 Would recommend talking to an accountant and not taking tax advice on reddit

 

[bracketdash]

@molika Shit. I am what i despise

 

[gmaof6]

@molika Just like Fight Club. The first rule of Reddit, you don't take advice from Reddit.

Just like Fight Club. No one obeys the first rule.

 

[artmai522]

@teodor995 What sort of delivery? If its like uber eats or amazon, then heck no, use the cheapest civic or corolla going around.

 

[teodor995]

@artmai522 I mean, I already want to replace my car, why not offset it?

I actually took up gig work to pay for the car upgrade

 

[artmai522]

@teodor995 Because the depreciation you'll put on the car doing the gig isn't worth it. Then if you get into an accident or something happens it's a very expensive car to fix.

Plus ev have an unproven resale value, especially those with high km and battery wear.

Plus is that 1500 insurance the right cover? Covering for business use on a 70k car?

 

[teodor995]

@artmai522 Ok its the other way around, i did gig work to pay for the EV. The depreciation n offsets are a bonus. The $1500 quote is for business use on the $50k EV, so another $500 or so on the $70k EV.
Both EVs have 8 yr battery warranty but all calculations are based on 7 yr loan term

 

[resjudicata]

@teodor995 Where do you live?

If you live in Perth, Brisbane or Adelaide in a house that you own, with a garage, that you could put a solar panel on to charge the car I would say yes do it.

If you rent in Sydney or Melbourne I would say definitely don't do it - yet.

I own a Tesla and the margins really only make sense if you can charge it for "free" at home.

If you just want/need a new car and are looking at spending it anyway just do it. But I would hate to have a Tesla in a place where I rent or have to find street parking.

 

[teodor995]

@resjudicata Thanks, I do have solar and battery

 

[lietuva]

@teodor995 You are basing this off the EV being 100% business usage ?