Need a bigger car for my business. Can my LTD company..
Discussion
..buy/finance a used car.
Basically i have recently started up my own company (selling soft furnishings online) and it has grown bit quicker than i expected and could do with a bigger car to fit stock in etc.. I don't need a van, i just need something bigger than Audi A3. I don't really want to lease as for something E-class sized would be too high payment. I'm thinking of a used V70/E-class/Subaru Outback for about the £13k mark.
How does it work with regards to my company. Can the finance be in the companys name? Will anyone finance a car with a new company? Is this even something you can do?
I am going to ask my accountant what to do next week but thought id see if anyone has any experience or tips!
ETA The car is used for taking dogs to the park and the odd trip out but mostly business use, about 150-200miles a week.
Basically i have recently started up my own company (selling soft furnishings online) and it has grown bit quicker than i expected and could do with a bigger car to fit stock in etc.. I don't need a van, i just need something bigger than Audi A3. I don't really want to lease as for something E-class sized would be too high payment. I'm thinking of a used V70/E-class/Subaru Outback for about the £13k mark.
How does it work with regards to my company. Can the finance be in the companys name? Will anyone finance a car with a new company? Is this even something you can do?
I am going to ask my accountant what to do next week but thought id see if anyone has any experience or tips!
ETA The car is used for taking dogs to the park and the odd trip out but mostly business use, about 150-200miles a week.
V8mate said:
You're going to use the same car for moving soft furnishings as taking the dogs to the park?
Yup everything is packaged in plastic bags when picked up from the suppliers and then they are in mailing bags and then mail sacks when taken to the sorting office. The little dogs also have a blanket to go on when they go to the park so don't worry no dog germs.Eric Mc said:
What about the option of a van - or at the very least, a proper "commercial vehicle"? Things can work out very differently if you explore that particular option.
That is another thing. A friend has the latest Izuzu pick up. Which i have thought about as i live in rural area the 4x4 aspect would be good and the high load area means i am not bending over as much.. Shifting 200kg of bedding into the back of a hatchback does get tiring!Dr Interceptor said:
We do this...
I would consider a personal lease too... Buying a £13k used car is all well and good, but what if it needs £1000 spending on it next MOT?
You can lease a nice decent sized estate car for a couple of hundred quid a month, yes you don't own it, but it's also brand new and under warranty, so no unexpected costs, which can be useful when trying to grow a new business and keeping cash in the bank is key.
Yeah thats one thing that is worrying me about the audi, I am carrying quite abit of weight in it and i just think to myself one day somethings going to break and eat into my profits!!I would consider a personal lease too... Buying a £13k used car is all well and good, but what if it needs £1000 spending on it next MOT?
You can lease a nice decent sized estate car for a couple of hundred quid a month, yes you don't own it, but it's also brand new and under warranty, so no unexpected costs, which can be useful when trying to grow a new business and keeping cash in the bank is key.
Must admit i have just been checking out some deals on small vans. Top of the range transit connect (think based on a focus?) with about every toy i would want and not too big so wouldn't be an eye sore. Problem with the pick up is I'm a little unsure on the fuel bills! Need to persuade the Mrs to buy the audi off me so i can avoid trading it in/we buy any caring it and having to pay £2000 towards settlement figure!
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