Used 911 Company Car
Discussion
So, had a 944S, A 944 S2 Convertible and currently a Boxster S.
4 seats are handy though for 2 young kids (4/5).
Work currently pay for a Leon FR. But the allowance for using your own is £250 month, + plus the saving in BIK £110.
Using your own car also pays 45p per mile.
Would it be possible to run a £20k 911 accruing circa 15k miles a year? Which models to look for? And are there any other tax benefits to running your own car?
Cheers
4 seats are handy though for 2 young kids (4/5).
Work currently pay for a Leon FR. But the allowance for using your own is £250 month, + plus the saving in BIK £110.
Using your own car also pays 45p per mile.
Would it be possible to run a £20k 911 accruing circa 15k miles a year? Which models to look for? And are there any other tax benefits to running your own car?
Cheers
The 250 would be taxed if I am claiming the mileage for fuel etc. + the saving of current BIK though so 250 taxed plus the 110 back on circa £300 a month.
Plus 4.5k for 10,000 miles then 1250 for for other 5k....- Petrol and running costs.
3.5k in fuel, leaves circa 2 grand for other costs, + £3600 for allowance.
I already have a Boxster in the Garage and a Chimaera which do about 3k miles a year between them. Just thinking I might consolidate Boxster and have a 911 to go to work in!
Plus 4.5k for 10,000 miles then 1250 for for other 5k....- Petrol and running costs.
3.5k in fuel, leaves circa 2 grand for other costs, + £3600 for allowance.
I already have a Boxster in the Garage and a Chimaera which do about 3k miles a year between them. Just thinking I might consolidate Boxster and have a 911 to go to work in!
£250 allowance before tax leaves you £180 at 20% after tax and NI or £135 at 40%.
45p per mile will cover you business miles only, it doesn't cover commuting.
That is £375 a month, the fuel at 25mpg will cost you £181, leaving you £195 to add to your £135 (or £180) so you have around £250 a month. Will that pay for a £20k 911?
It may just about cover the finance.
If you pid £20k and put £2k down and financed the rest at 6% apr it would cost you £347 a month over 60 months.
Just stick away £100 a month for servicing and up keep and pay for your own fuel yourself and you will be there or thereabouts.
If you don't do 10k business miles a year you will loose out on the £181 you make on the mileage allowance, so you are then seeing if you can run a 911 on £135-180 a month, which is a very obvious 'No".
45p per mile will cover you business miles only, it doesn't cover commuting.
That is £375 a month, the fuel at 25mpg will cost you £181, leaving you £195 to add to your £135 (or £180) so you have around £250 a month. Will that pay for a £20k 911?
It may just about cover the finance.
If you pid £20k and put £2k down and financed the rest at 6% apr it would cost you £347 a month over 60 months.
Just stick away £100 a month for servicing and up keep and pay for your own fuel yourself and you will be there or thereabouts.
If you don't do 10k business miles a year you will loose out on the £181 you make on the mileage allowance, so you are then seeing if you can run a 911 on £135-180 a month, which is a very obvious 'No".
gizlaroc said:
£250 allowance before tax leaves you £180 at 20% after tax and NI or £135 at 40%.
45p per mile will cover you business miles only, it doesn't cover commuting.
That is £375 a month, the fuel at 25mpg will cost you £181, leaving you £195 to add to your £135 (or £180) so you have around £250 a month. Will that pay for a £20k 911?
It may just about cover the finance.
If you pid £20k and put £2k down and financed the rest at 6% apr it would cost you £347 a month over 60 months.
Just stick away £100 a month for servicing and up keep and pay for your own fuel yourself and you will be there or thereabouts.
If you don't do 10k business miles a year you will loose out on the £181 you make on the mileage allowance, so you are then seeing if you can run a 911 on £135-180 a month, which is a very obvious 'No".
Cheers, no finance though to worry about. I do 15-18k every year so thats fine.45p per mile will cover you business miles only, it doesn't cover commuting.
That is £375 a month, the fuel at 25mpg will cost you £181, leaving you £195 to add to your £135 (or £180) so you have around £250 a month. Will that pay for a £20k 911?
It may just about cover the finance.
If you pid £20k and put £2k down and financed the rest at 6% apr it would cost you £347 a month over 60 months.
Just stick away £100 a month for servicing and up keep and pay for your own fuel yourself and you will be there or thereabouts.
If you don't do 10k business miles a year you will loose out on the £181 you make on the mileage allowance, so you are then seeing if you can run a 911 on £135-180 a month, which is a very obvious 'No".
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