Discussion
My company car is getting less and less cost-effective with the new tax rules etc so I'm thinking of opting out when it goes back (a while away yet...)
I should be able to get somewhere in the region of £5k per annum cash instead of the car, plus the tax savings. I'm wondering whether I can PCP / contract hire a TVR for that money.
Accepting that I will get clobbered on the mileage rate the company will pay for business use, what do you think about my plan?? I only do around 10k miles per year, including business, so I'm thinking that reliability shouldn't be a huge issue.
Anyone have a TVR on this basis (i.e. on finance)? What sort of monthly payments am I looking at? What are the hidden costs (e.g. servicing, tyres etc.)?
Am I mad???
I should be able to get somewhere in the region of £5k per annum cash instead of the car, plus the tax savings. I'm wondering whether I can PCP / contract hire a TVR for that money.
Accepting that I will get clobbered on the mileage rate the company will pay for business use, what do you think about my plan?? I only do around 10k miles per year, including business, so I'm thinking that reliability shouldn't be a huge issue.
Anyone have a TVR on this basis (i.e. on finance)? What sort of monthly payments am I looking at? What are the hidden costs (e.g. servicing, tyres etc.)?
Am I mad???
well if you can get a TVR for 25k then look here loan info here the payments come out at about £488 p/m over 5 years. Otherwise I suggest taking out a PSL if you have a flexible mortgage and setting the term at 5 years as you will be able to borrow more due to the lower interest rates. If you need any further help post or mail me and I will help you.
Tom (CeMAP level 3 advisor)
here's a nice one
>> Edited by minimax on Tuesday 25th March 10:12
>> Edited by minimax on Tuesday 25th March 10:16
>> Edited by minimax on Tuesday 25th March 10:25
Tom (CeMAP level 3 advisor)
here's a nice one
>> Edited by minimax on Tuesday 25th March 10:12
>> Edited by minimax on Tuesday 25th March 10:16
>> Edited by minimax on Tuesday 25th March 10:25
Not sure I agree nb. Did the calculations for myself very low business use, no fuel, scheme managed by one of the big leasing companies, included all the costs of ownership including depreciation and I was better off buying my own car and taking cash alternative. The only risks are if the depreciation or maintenance is higher than expected. Whats more I get to drive the car I want, which is a griff.
It also may not work if you have a car scheme which does not properly reflect the economic cost of the car.
It also may not work if you have a car scheme which does not properly reflect the economic cost of the car.
I do 20k business miles a year. I have just bought my own Honda S2000 and am giving back my five year old, A3 1.8T.
nicholasblair said: No chance.
The company car is an easy target for the Chancellor, but still hell of a lot cheaper than financing your own.
If you elect to pay for you own fuel, you can at least save on the Fuel Benefit which really is horrendous.
Cost to have tha Audi as a company car £244 pcm
Cost to own the S2000 (inc depreciation, tax, personal petrol, service, insurance etc) £190 pcm
The Honda is worth at least double the Audi
, and if I were to buy the Audi from work, I could probably ruin it for nothing (doesn't rev to 9000 rpm though 
) What is stupid, is that if you do no miles for the company, then you are better off having a company car. If you need to do milage for your job, then you are better off buying your own.
Excellent thinking Gordon
Rich
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