Salary Sacrifice for Cars Scheme

[Quinnaay]

456GT said:

Do you build up any no claims bonus under the scheme? If you do, that would be a big plus and would offset a good chunk of the costs.

Yes it builds up no claims, to be honest my insurance is £93 a month which is decent for someone my age but i just cant afford a new car and this way with insurance and everything included sounds a very good way to get one. Its around £5000 to buy the Fiesta after 3 years im just not convinced i'll have that money and wondered if i would be foolish not buying it.

[Blown2CV]

you could find a buyer for the car just before 3 years, then take a loan out to buy the car at £5k, then sell the car to your buyer and use the funds to clear the loan during the 14 day cooling off period with no penalty and keep the profit - if there were any. If this were not financially beneficial then you would not be stupid to walk from buying it at the 3rd year.