Peugeot 508 Hybrid running costs
|Insurance group||Warranty||Service interval||2020/21 company-car tax cost (20%/40%)|
|31-33||3yrs / unlimited miles||TBC||From £698 / £1,624|
As you'd expect, a large part of the 508 Hybrid's appeal is a reduced cost of ownership compared to its conventionally powered stablemates. While savings on fuel speak for themselves – especially if you can keep the car's battery topped up – in other aspects of ownership, the 508 does well to be competitive with its closest rivals.
Perhaps the most important aspect of a car like this is its suitability for company-car users, and with low CO2 emissions it certainly doesn't disappoint. Private buyers will have to foot up a substantial chunk over the internal-combustion models, however, so it's worth doing your sums first to see if these reduced running costs are worth the extra cash (or higher monthly finance payments).
Peugeot 508 Hybrid insurance group
The Peugeot 508 Hybrid sits in insurance group 31 or 33, depending on trim level, with Allure models proving slightly cheaper to insure presumably due to their relative lack of expensive-to-replace equipment. For context, the Skoda Superb iV starts in group 25, while the BMW 330e starts in group 33.
All Peugeot cars get a two-year/unlimited-mileage warranty as standard, with a third optional year offered for free. This compares favourably with the more conservative mileage limits on some rivals' warranties; Skoda has a 60,000-mile limit on its optional third year, while BMW's warranty is capped at 100,000 miles.
Exact servicing costs for the 508 Hybrid are still to be confirmed, but Peugeot lets owners pay for a plan either up-front or in small monthly instalments. On petrol and diesel models, the cost range from around £14 to £17 per month depending on how many miles or months of coverage you pick; expect the Hybrid to be slightly more than this, but not by much.
As with so many plug-in hybrids, the 508 Hybrid appeals to company-car users most. Its Benefit-in-Kind (BiK) rate of just 10% during the 2020/21 financial year equates to £698 for 20% taxpayers, going up to 11 and 12% in 2021/22 and 2022/23 respectively. That makes it look particularly attractive compared with a like-for-like diesel 508 – higher-rate taxpayers will fork out £1,396, while a 2.0-litre diesel in Allure spec sets you back £3,951.
First-year road tax is free thanks to those low CO2 emissions, followed by annual payments of £140. If you manage to spec your 508 to break the £40,000 barrier (GT models start just above this threshold) then you'll have to pay an extra £325 a year on top of this in years two through six of ownership.