When it comes to managing the costs of owning and driving a Toyota, understanding vehicle taxes, insurance options, and financing plans is essential. Toyota provides a range of services designed to make vehicle ownership as straightforward and affordable as possible. This article offers a comprehensive overview of Vehicle Excise Duty (VED), Toyota Motor Insurance, and flexible finance options available through Toyota Financial Services. Additionally, we’ll explore how company car tax (Benefit in Kind or BIK) impacts your annual costs.
Vehicle Excise Duty, commonly known as road tax, is calculated based on the CO₂ emissions of your vehicle. For all passenger cars registered on or after 1st April 2024, a banded system is used to determine the first year’s tax rate, followed by a standard rate in subsequent years. Below is a summary of the VED rates based on CO₂ emissions:
CO₂ Emissions (g/km) Standard Petrol Vehicle (£) Alternative Fuel Vehicles (£) Diesel Vehicles (RDE2 Compliant) (£) Diesel Vehicles (Non-RDE2) (£) 0 £0 £0 £0 £0 1–50 £10 £0 £10 £30 51–75 £30 £20 £30 £135 76–90 £135 £125 £135 £175 91–100 £175 £165 £175 £195 101–110 £195 £185 £195 £220 111–130 £220 £210 £220 £270 131–150 £270 £260 £270 £680 151–170 £680 £670 £680 £1,095 171–190 £1,095 £1,085 £1,095 £1,650 191–225 £1,650 £1,640 £1,650 £2,340 226–255 £2,340 £2,330 £2,340 £2,745 Over 255 £2,745 £2,735 £2,745 £2,745
After the first year, a standard rate of £190 applies to all vehicles, with alternative fuel vehicles subject to a slightly lower rate of £180. Vehicles with a retail price exceeding £40,000 incur an additional charge of £410 for five years.
Toyota Motor Insurance provides comprehensive coverage for your vehicle, with competitive premiums and a range of benefits. Toyota ensures that only genuine parts are used in any repairs, maintaining the integrity and safety of your vehicle.
Toyota Financial Services offers a variety of finance plans designed to make purchasing and owning a Toyota simple and affordable. Their finance options include easy budgeting solutions and the flexibility of AccessToyota, which brings together numerous benefits into one package.
Benefit in Kind (BIK) is a tax on employees who receive benefits or perks from their employment, such as a company car. The BIK tax is calculated based on the car’s CO₂ emissions and the employee’s income tax rate. Below is an example:
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