Which new motor for 20k miles a year
Discussion
Hi all,
I've landed a new job with a great base salary, but a dissappointing company car list (not much choice on hybrids etc).
My initial thoughts were take a car allowance of £6k, and coupled with a mileage allowance of 45p/25p I could easily lease a car through the salary sacrifice scheme. Something like an X5 45e with all the toys is around £900 p/m which is affordable, a very nice car, and included all insurance, maintenance etc. This would allow me approx 12-15k business miles and also cover my personal miles. however that would equate to £32,400 over 3 years, and on long runs probably would be quite thirsty.
I could therefore purchase a car and hopefully do things a bit better/cheaper. I was thinking along the lines of g20 320d M Sport touring, then this swelled to something nicer like a 330d, or if I can find the extra £ either a M340d or S4 Avant. I would really need £35k for a 320d but more like £45k for an M340d.
I am somewhat reluctant to buy a used car because currently used car prices are at an absolute premium, in short supply, and also I do worry long term about the residuals on a diesel car. However a diesel would give good mpg, not make me worry about charging up and be quite relaxed about the mileage each year.
Alternative is something older like a 420d Gran Coupe and save further for an M340d next 12-18 months.
Anybody have any experience in this position. I could get a Polestar 2 for approx £650 p/m however I then need to factor in a home charger and also plan my routes around getting charge somewhere.
I've landed a new job with a great base salary, but a dissappointing company car list (not much choice on hybrids etc).
My initial thoughts were take a car allowance of £6k, and coupled with a mileage allowance of 45p/25p I could easily lease a car through the salary sacrifice scheme. Something like an X5 45e with all the toys is around £900 p/m which is affordable, a very nice car, and included all insurance, maintenance etc. This would allow me approx 12-15k business miles and also cover my personal miles. however that would equate to £32,400 over 3 years, and on long runs probably would be quite thirsty.
I could therefore purchase a car and hopefully do things a bit better/cheaper. I was thinking along the lines of g20 320d M Sport touring, then this swelled to something nicer like a 330d, or if I can find the extra £ either a M340d or S4 Avant. I would really need £35k for a 320d but more like £45k for an M340d.
I am somewhat reluctant to buy a used car because currently used car prices are at an absolute premium, in short supply, and also I do worry long term about the residuals on a diesel car. However a diesel would give good mpg, not make me worry about charging up and be quite relaxed about the mileage each year.
Alternative is something older like a 420d Gran Coupe and save further for an M340d next 12-18 months.
Anybody have any experience in this position. I could get a Polestar 2 for approx £650 p/m however I then need to factor in a home charger and also plan my routes around getting charge somewhere.
Try and get this moved to car buying advice.
I would also check
45p/25p mile is usually, but not always, for employees who don't get an allowance - I would get that in writing but also be prepared for it being removed (which happened to a mate recently) and replaced with a much lower £/mile
£6k after tax (presume 40%) isn't much to run a car like the ones you've mentioned.
I would also check
45p/25p mile is usually, but not always, for employees who don't get an allowance - I would get that in writing but also be prepared for it being removed (which happened to a mate recently) and replaced with a much lower £/mile
£6k after tax (presume 40%) isn't much to run a car like the ones you've mentioned.
white91 said:
Hi all,
I've landed a new job with a great base salary, but a dissappointing company car list (not much choice on hybrids etc).
My initial thoughts were take a car allowance of £6k, and coupled with a mileage allowance of 45p/25p I could easily lease a car through the salary sacrifice scheme. Something like an X5 45e with all the toys is around £900 p/m which is affordable, a very nice car, and included all insurance, maintenance etc. This would allow me approx 12-15k business miles and also cover my personal miles. however that would equate to £32,400 over 3 years, and on long runs probably would be quite thirsty.
I could therefore purchase a car and hopefully do things a bit better/cheaper. I was thinking along the lines of g20 320d M Sport touring, then this swelled to something nicer like a 330d, or if I can find the extra £ either a M340d or S4 Avant. I would really need £35k for a 320d but more like £45k for an M340d.
I am somewhat reluctant to buy a used car because currently used car prices are at an absolute premium, in short supply, and also I do worry long term about the residuals on a diesel car. However a diesel would give good mpg, not make me worry about charging up and be quite relaxed about the mileage each year.
Alternative is something older like a 420d Gran Coupe and save further for an M340d next 12-18 months.
Anybody have any experience in this position. I could get a Polestar 2 for approx £650 p/m however I then need to factor in a home charger and also plan my routes around getting charge somewhere.
It's like asking us what your favourite meal is, I can tell you what my favourite is but only you'll know what the answer is!I've landed a new job with a great base salary, but a dissappointing company car list (not much choice on hybrids etc).
My initial thoughts were take a car allowance of £6k, and coupled with a mileage allowance of 45p/25p I could easily lease a car through the salary sacrifice scheme. Something like an X5 45e with all the toys is around £900 p/m which is affordable, a very nice car, and included all insurance, maintenance etc. This would allow me approx 12-15k business miles and also cover my personal miles. however that would equate to £32,400 over 3 years, and on long runs probably would be quite thirsty.
I could therefore purchase a car and hopefully do things a bit better/cheaper. I was thinking along the lines of g20 320d M Sport touring, then this swelled to something nicer like a 330d, or if I can find the extra £ either a M340d or S4 Avant. I would really need £35k for a 320d but more like £45k for an M340d.
I am somewhat reluctant to buy a used car because currently used car prices are at an absolute premium, in short supply, and also I do worry long term about the residuals on a diesel car. However a diesel would give good mpg, not make me worry about charging up and be quite relaxed about the mileage each year.
Alternative is something older like a 420d Gran Coupe and save further for an M340d next 12-18 months.
Anybody have any experience in this position. I could get a Polestar 2 for approx £650 p/m however I then need to factor in a home charger and also plan my routes around getting charge somewhere.
Do you have a car already? Why not stick with that until (if) second hand prices calm down a bit?
I've had a few jobs with car allowances but only once ended up buying a different car for the job (which turned out to be a regretful purchase!). For reference when I used to do 15-20k miles a year I was always happy to use leggy older cars as long as service history was good and kept on top of maintenance. First year doing 15k+ was in a ten year old 330d with 130k on the clock.
£900/month is a lot of money to spend for what I'd say would be max 50hr/month bum on seat, I personally would be weighing up whether the cash is better spent on the car or elsewhere and from there whittle down a list based on my personal car preferences.
You talk about "leasing a car through salary sacrifice".
What effect does this have on your pension? I seem to remember reading that the NHS scheme, because it lowers your pension based on your lower salary, is financially very poor. Even if your lower salary just means a lower employer contribution, it's another cost of going down that route.
What effect does this have on your pension? I seem to remember reading that the NHS scheme, because it lowers your pension based on your lower salary, is financially very poor. Even if your lower salary just means a lower employer contribution, it's another cost of going down that route.
Just for reference although the car allowance is on the low side, the salary is approx £70k, so I'm going to have more money than I'm used to. its also worth pointing out the company car tax I would avoid, generally for an ICE that's £450 p/m right off the bat, hence me looking at hybrids.
I was just using those cars to highlight the rough costs, my question relates more to the long term residuals of diesel car over the next 3-5 years, will we simply see them drop off a cliff due to electric vehicles etc?
In a normal world i.e. anytime over the last 10 years a diesel would make perfect sense. I will check my crystal ball....
I was just using those cars to highlight the rough costs, my question relates more to the long term residuals of diesel car over the next 3-5 years, will we simply see them drop off a cliff due to electric vehicles etc?
In a normal world i.e. anytime over the last 10 years a diesel would make perfect sense. I will check my crystal ball....
andyalan10 said:
You talk about "leasing a car through salary sacrifice".
What effect does this have on your pension? I seem to remember reading that the NHS scheme, because it lowers your pension based on your lower salary, is financially very poor. Even if your lower salary just means a lower employer contribution, it's another cost of going down that route.
Thankfully my pension is very good @ 7.5%, as its a salary sacrifice pension, as far I'm aware it will be unaffected by any other 'sacrifice' I makeWhat effect does this have on your pension? I seem to remember reading that the NHS scheme, because it lowers your pension based on your lower salary, is financially very poor. Even if your lower salary just means a lower employer contribution, it's another cost of going down that route.
Many company car drivers want electric cars at the mo - means you pay very little benefit tax. If taking the car option then check the co2 carefully as it dictates the tax %.
Then work out the alternative offer, after tax at 40%.
You will decide an electric company car is potentially the only worthwhile option.
bennno said:
Many company car drivers want electric cars at the mo - means you pay very little benefit tax. If taking the car option then check the co2 carefully as it dictates the tax %.
Then work out the alternative offer, after tax at 40%.
You will decide an electric company car is potentially the only worthwhile option.
the Polestar 2 is a possibility, however I am concerned that the range is quoted as 270 miles, which means 230 miles in summer and 200 miles in the winter. plus maybe £1500 on a home charger and planning work trips around charge network, maybe its too early to adopt a full electric car?Then work out the alternative offer, after tax at 40%.
You will decide an electric company car is potentially the only worthwhile option.
white91 said:
andyalan10 said:
You talk about "leasing a car through salary sacrifice".
What effect does this have on your pension? I seem to remember reading that the NHS scheme, because it lowers your pension based on your lower salary, is financially very poor. Even if your lower salary just means a lower employer contribution, it's another cost of going down that route.
Thankfully my pension is very good @ 7.5%, as its a salary sacrifice pension, as far I'm aware it will be unaffected by any other 'sacrifice' I makeWhat effect does this have on your pension? I seem to remember reading that the NHS scheme, because it lowers your pension based on your lower salary, is financially very poor. Even if your lower salary just means a lower employer contribution, it's another cost of going down that route.
Pica-Pica said:
Unless you are at maximum annual contribution or total maximum in a pension, it is always better to put money in a pension than anywhere else, especially if a higher rate tax payer. The more you put in, and the earlier the much, much better. When young, this seems a boring suggestion, but it is the best use of the money and tax-relief available.
I agree, I will be contributing more than the minimum into my pension. I have just handed back my Passat so I am currently in a hire car, and despite the decent salary the best car I can get is a Prius, which has led me to consider the options.
I have calculated doing 15k business miles and a car allowance will net me £680 p/m on the scheme, obviously I will need to allow for fuel and running costs too. Just a shame used car prices are at an all time high!
white91 said:
Hi all,
I've landed a new job with a great base salary, but a dissappointing company car list (not much choice on hybrids etc).
My initial thoughts were take a car allowance of £6k, and coupled with a mileage allowance of 45p/25p I could easily lease a car through the salary sacrifice scheme. Something like an X5 45e with all the toys is around £900 p/m which is affordable, a very nice car, and included all insurance, maintenance etc. This would allow me approx 12-15k business miles and also cover my personal miles. however that would equate to £32,400 over 3 years, and on long runs probably would be quite thirsty.
I could therefore purchase a car and hopefully do things a bit better/cheaper. I was thinking along the lines of g20 320d M Sport touring, then this swelled to something nicer like a 330d, or if I can find the extra £ either a M340d or S4 Avant. I would really need £35k for a 320d but more like £45k for an M340d.
I am somewhat reluctant to buy a used car because currently used car prices are at an absolute premium, in short supply, and also I do worry long term about the residuals on a diesel car. However a diesel would give good mpg, not make me worry about charging up and be quite relaxed about the mileage each year.
Alternative is something older like a 420d Gran Coupe and save further for an M340d next 12-18 months.
Anybody have any experience in this position. I could get a Polestar 2 for approx £650 p/m however I then need to factor in a home charger and also plan my routes around getting charge somewhere.
Congratulations on the new job, now with you doing 15k business mileage I'd go about it a different way, I'd buy something diesel to ramp the miles up with:I've landed a new job with a great base salary, but a dissappointing company car list (not much choice on hybrids etc).
My initial thoughts were take a car allowance of £6k, and coupled with a mileage allowance of 45p/25p I could easily lease a car through the salary sacrifice scheme. Something like an X5 45e with all the toys is around £900 p/m which is affordable, a very nice car, and included all insurance, maintenance etc. This would allow me approx 12-15k business miles and also cover my personal miles. however that would equate to £32,400 over 3 years, and on long runs probably would be quite thirsty.
I could therefore purchase a car and hopefully do things a bit better/cheaper. I was thinking along the lines of g20 320d M Sport touring, then this swelled to something nicer like a 330d, or if I can find the extra £ either a M340d or S4 Avant. I would really need £35k for a 320d but more like £45k for an M340d.
I am somewhat reluctant to buy a used car because currently used car prices are at an absolute premium, in short supply, and also I do worry long term about the residuals on a diesel car. However a diesel would give good mpg, not make me worry about charging up and be quite relaxed about the mileage each year.
Alternative is something older like a 420d Gran Coupe and save further for an M340d next 12-18 months.
Anybody have any experience in this position. I could get a Polestar 2 for approx £650 p/m however I then need to factor in a home charger and also plan my routes around getting charge somewhere.
https://www.autotrader.co.uk/car-details/202107275...
Insignia
https://www.autotrader.co.uk/car-details/202108286...
Also don't worry about diesels as long as what buy is euro6 it's not an (the next change will be to make all petrols Euro5) issue.
This way there's no rush for a car & then spend the other 20-30k (from your 35-45k budget) on something far more interesting when you feel the market has eased off.
M2
https://www.autotrader.co.uk/car-details/202108206...
M4
https://www.autotrader.co.uk/car-details/202108306...
Lotus Evora
https://www.autotrader.co.uk/car-details/202107094...
Mustang
https://www.autotrader.co.uk/car-details/202106163...
6.2 VXR8
https://www.autotrader.co.uk/car-details/202105192...
Now if you want to spend the full 35-45k then buy an Alpina D3:
https://www.autotrader.co.uk/car-details/202108136...
or if you can't find one then go for the XD3:
https://www.autotrader.co.uk/car-details/202108236...
They've always been expensive but drive one & you'll get it.
Good options there, my own car must be less than 7 years old, so I'd likely go for something newer. Regarding a weekend toy, I'm lucky I have 2 motorbikes sat in the garage, therefore looking for a car with the following;
munch up the motorway miles
little bit fast/fun for the B roads
a few toys like CarPlay and radar cruise
room for dog i.e. estate or suv
decent residuals so it doesn't cost me the earth
ideally cost me £30-40k tops
munch up the motorway miles
little bit fast/fun for the B roads
a few toys like CarPlay and radar cruise
room for dog i.e. estate or suv
decent residuals so it doesn't cost me the earth
ideally cost me £30-40k tops
Mrs Leg took on a new job almost 2 years ago - this entailed driving around 15 -20k miles per year.
As it was going to be mainly motorway driving in all weathers, she decided on a 7.5 Golf R.
Cheap to service, cheap to insure (even with full business use), comfortable, has the radar cruise, CarPlay etc, and she regularly gets 40-50 mpg…
Thoroughly impressive car.
As it was going to be mainly motorway driving in all weathers, she decided on a 7.5 Golf R.
Cheap to service, cheap to insure (even with full business use), comfortable, has the radar cruise, CarPlay etc, and she regularly gets 40-50 mpg…
Thoroughly impressive car.
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