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If you’ve ever thought about leasing a pickup truck, or even if you already have one, now is the time to act! Recent announcements about the UK government’s new taxation changes—set to take effect in 2025—mean that the cost of owning and running a pickup will increase significantly. With these hikes on the horizon, locking in a new lease on a pickup today could help you sidestep the impact, extending the many benefits of driving one of these rugged, versatile vehicles while the tax is still favourable. Let’s dive into why leasing a pickup now makes sense and how you can get the most out of your next truck.
The upcoming 2025 tax changes are an important reminder to act now. If a pickup truck is an essential part of your business or lifestyle, taking out a new lease now means you’ll maximize your tax benefits for much longer and get to drive a vehicle that’s versatile, powerful, and suited to your needs. The pickup truck has long been a workhorse on the road, and leasing lets you make the most of this vehicle category without locking yourself into a more costly future.
In 2025, pickup drivers will face a major tax hike, a result of the government’s plan to align the tax treatment of pickups with that of standard company cars. Currently, pickups have a lower tax rate, which has made them a popular choice for businesses and individuals who need utility without the high costs. However, starting in 2025, the tax structure will change, leading to a substantial increase in the Benefit-in-Kind (BIK) rates for pickups used as company vehicles.
This increase could mean hundreds or even thousands of pounds more each year for pickup drivers in the form of tax, making a pickup truck significantly more expensive to operate. Fortunately, if you act now, leasing a new pickup before the tax changes go into effect could allow you to benefit from the current lower tax rates and potentially save big in the long run.
Leasing is the ideal solution for pickup drivers looking to secure a truck before the 2025 tax changes. Here’s why:
1. Lock in Lower Tax Rates: By leasing a pickup truck now, you can enjoy the lower tax rate for the duration of your lease or 2029 whichever comes first. This means you’re not affected by the 2025 tax hike until you’re ready for your next vehicle, saving you money and giving you time to adjust to the new tax landscape.
2. Access to the Latest Models: Leasing allows you to drive a brand-new pickup equipped with the latest features and technologies. Here at MW Vehicle Contracts we always offer competitive lease rates, making it possible to get into a top-tier truck with all the latest performance and safety advancements.
3. Budget-Friendly Monthly Payments: Leasing typically offers lower monthly payments than financing a vehicle purchase, helping you manage costs and make the most of your budget. Acting now avoids the tax changes for as long as possible, making the savings even greater. Leasing is a great way to enjoy lower payments without sacrificing quality.
4. Avoid Depreciation. Keep Flexibility to Upgrade: Leasing allows you to avoid the depreciation concerns associated with ownership. And with tax rates set to change, the flexibility of leasing means you can decide in a few years whether you want to keep with the pickup category or move on to another vehicle without a long-term commitment.
This is the perfect time to secure a lease with favourable terms, lower payments, and a great truck to boot. If you already drive a pickup or your current lease is ending soon, it may be worthwhile to consider early termination and switch to a new lease now. Contact us and we can look at options for trading in early, helping you make the transition easy while locking in the current tax benefits.
Take advantage of today’s leasing deals and secure a pickup that will serve you well, both financially and functionally, in the years to come. Give us a call on 0116 259 9548 today or click here to explore options and find the perfect pickup lease that fits your needs—and your budget.
