New BIK Rates Jan 2023

IrishLyonsie

Has anyone any ideas on the new BIK rates due on Jan 1st, Are many switching from company cars to buying their own and recieving mileage?

R.O.R

https://www.boards.ie/discussion/2058271683/new-bik-rates-jan-2023

2022 BIK Rates.png

There's the 2022 BIK rates.

For most people, there's not going to be a change. It's mainly going to affect higher mileage drivers or those in some form of Diesel SUV. Some higher mileage drivers in diesel SUV's are getting hammered from January.

There have been a lot of enquiries about moving out of company cars to personal cars and charging mileage, but look very closely at the costs involved in each before doing anything, as a lot of the time you'd still be better off paying BIK than forking out for it all yourself.

IrishLyonsie

I am one of those high mileage drivers 70k pa who is getting hammered in Jan, new car ordered same car as I have but 10k more expensive than 4 years ago and BIK rate is then doubling. Its very unfair when you have to travel to get the job done.

R.O.R

https://www.boards.ie/discussion/comment/119872949#Comment_119872949

It's definitely unfair for someone doing your sort of mileage as you really have no other option. However, you are not going to be able to run your own car at that mileage for anywhere near the cost of BIK each month, unless you start running something older, then you run the risk of it just not starting or stopping when it shouldn't.

You could minimize the increase by going for a plug-in hybrid - would cost the company a lot more to run, but you'd get in to the 9% BIK bracket. Big issue there is lack of reasonably priced, decent sized, PHEV's. And, the ones that fit that bill have such long lead times that even the manufacturer's don't know when they are coming.

IrishLyonsie

Thanks for your comments they have been helpful.