Cars: Tax benefits drive pick-up trucks' surge in popularity - - PressFrom - United Kingdom
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CarsTax benefits drive pick-up trucks' surge in popularity

04:50  21 june  2019
04:50  21 june  2019 Source:   uk.motor1.com

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Truck orders are surging thanks to a healthy economy, which has increased the amount of freight and how much it costs to haul it. Motor carriers are trading up to trucks equipped with the latest safety equipment and connectivity Read Next: Popularity of Pickup Trucks Drive 2017 Auto Sales.

Pick up trucks are so popular in the US because they are versatile vehicles…Not just cause ‘Murica and a place to put stickers. This truck can tow almost any trailer, it gets 15 MPG regularly, it is comfortable, and it can drive on the highway at 80 MPH or crawl through the mud at 5 MPH.

Tax benefits drive pick-up trucks' surge in popularity © Motor1.com UK 2019 Isuzu D-Max

Vehicle data expert says drivers are drawn to the big 4x4s for tax reasons.

The increasing popularity of pick-up trucks in the UK is being fuelled by the tax advantages of driving such vehicles, according to a leading vehicle data firm.

Cap HPI says the registrations of what it calls “4x4 lifestyle vehicles”, but what most people think of as pick-up trucks, have increased year-on-year for the past decade. Back in 2010, the company says pick-ups represented 7.24 percent of the light commercial vehicle (LCV) market, which is mostly made up of vans, but that almost doubled to 13.67 percent in 2018.

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A pickup truck is a light-duty truck having an enclosed cab and an open cargo area with low sides and tailgate. Once a work tool with few creature comforts, in the 1950s consumers began purchasing pickups for lifestyle reasons, and by the 1990s

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So far this year, Cap HPI says pick-ups make up about 15 percent of light commercial vehicle registrations. That means the vehicles are the third most popular type of LCV on the market, after medium-sized vans and large vans.

Tax benefits drive pick-up trucks' surge in popularity © Motor1.com UK Ford Ranger Euro facelift lead image

The company says this is mostly driven by tax rules, which see pick-up truck drivers pay far less tax than they would for an SUV. The company car benefit-in-kind (BIK) tax rates for normal cars and SUVs are based on their carbon dioxide emissions, with more polluting vehicles generally costing more.

A 1-litre, five-door Ford Fiesta Titanium, for example, would be taxed at 26 percent of its value, meaning a 20-percent taxpayer would pay a fifth of that 26 percent, while a 40 percent taxpayer would pay two-fifths of that sum. That means annual tax on such a vehicle would be £942 for a 20-percent taxpayer and £1,884 for a 40-percent taxpayer.

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The tax benefits can be used to get back some of the money you spend on tuition or loan interest or to maximize your college savings. Tax Credits for Higher Education Expenses Coverdell Education Savings Account Qualified Tuition Programs (QTPs; also known as 529 Plans) Student Loan Interest

Experienced truck drivers know to look beyond cents per mile and slick advertising. Truck specs: The equipment you drive ultimately impacts your livelihood and your bottom line. Commuter benefits : Purchase parking or transit passes online with no hassle, with pre- tax paycheck deductions.

Tax benefits drive pick-up trucks' surge in popularity © Motor1.com UK 2017 Ford Fiesta

Meanwhile, a base-spec Audi Q7 SE would be taxed at 37 percent of its value, meaning a company car driver paying 20 percent tax would have to shell out £3,763 a year for the privilege of driving one.

If you opt for a pick-up truck, though, you pay a flat rate of tax. No matter which pick-up you drive, you’ll be taxed on just £3,430 in the 2019/20 tax year. That means a 20-percent taxpayer would pay just £686 a year to drive a top-of-the range Mercedes-Benz X-Class 350 d.

Tax benefits drive pick-up trucks' surge in popularity © Motor1.com UK Mercedes-Benz X-Class X250 d

Add in the high levels of equipment fitted to such vehicles, as well as the rugged image, and Cap HPI’s senior editor for commercial vehicles and motorcycles, Steve Botfield, said the vehicles made sense for buyers.

“Drivers often choose lifestyle pick-up vehicles to reduce company car tax, because the HMRC classify any vehicle as a van if the payload is greater than 1,000kg,” he said. “This has big tax benefits and can mean that motorists can drive a vehicle with a good spec and big on road presence at a fraction of the cost of running a large luxury 4x4. The increasingly enhanced specifications and features such as a Truckman top and other secure load covers, which are not included with standard 4x4 lifestyles, means they also hold their values well in the used market, making them an even more solid purchase.

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Pickup trucks come in endless permutations: full-sized or compact; long bed or short; regular Access: Climbing into a tall cabin can be difficult—buyers who choose four-wheel- drive trucks There are certainly benefits to buying a brand-new pickup truck . Most notably, new trucks have the latest

Drivers can expect a higher earning potential by becoming an Uber partner since there are more ride options available. Services like UberBLACK cost much more than regular Lyft rides, so drivers will see more money in their pockets driving for the higher end services.

Tax benefits drive pick-up trucks' surge in popularity © Motor1.com UK Nissan Navara N-Guard Special Edition

“It’s easy to see why registrations have doubled in this sector in the past nine years as drivers recognise 4x4 lifestyle vehicles’ flexible use as a multi-purpose vehicle with top class specifications and very appealing tax benefits.”

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Tax benefits drive pick-up trucks' surge in popularity

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