£420 (net) car allowance. Suggestions please

[smandir]

My company will be paying me a car allowance of £700 per month, £420 after tax. Any suggestions on a car within that budget?

Ideally I'm looking for a Audi Q3, Range rover Evoque type vehicle. Will be doing about 15k miles a year.

Edited by smandir on Tuesday 21st August 10:58

[luckyluke181]

I guess it depends if you want to lease ort buy ?

With leasing there is loads you can get within budget.
For an Audi Q3 SUV 1.4 TFSI CoD 150 Black Edition 5Dr S Tronic - on a personal lease 15k mile a year, you can get a 3 year lease -
£390 upfront then £390 a month.

https://www.carsiteleasing.co.uk/personal-lease-ca...

[ZX10R NIN]

Do you want to lease or buy?

[Gareth1974]

The Q3 is really showing it's age now.

The new BMW X2 might be worth considering (MSport spec on 15k mileage) https://leasing.com/independent-brokers/carleasing...
Skoda Kodiak is good value - this high spec edition model looks good. https://leasing.com/independent-brokers/leasing-op...

If you want an Evoque, you'll need to a find a very high intial payment (c£3500) to get close to your £420 per month budget on 15k mileage - for the bottom of the range model.

Edited by Gareth1974 on Tuesday 21st August 17:50

Edited by Gareth1974 on Tuesday 21st August 17:50

[sman81]

ZX10R NIN said:

Do you want to lease or buy?

Lease. 24 months preferably.

Mercedes GLC could be an option instead of the Q3

[JQ]

smandir said:

My company will be paying me a car allowance of £700 per month, £420 after tax. Any suggestions on a car within that budget?

Ideally I'm looking for a Audi Q3, Range rover Evoque type vehicle. Will be doing about 15k miles a year.

Edited by smandir on Tuesday 21st August 10:58

You do understand that if the cash payment is in lieu of a company car your budget is significantly higher, as if you took the company car you'd also be paying company car tax (BIK). For example the net cost of a 520d MSport Touring Auto company car would be £850pcm (£420pcm allowance and £430 BIK). My company car park is full of brand new Audi's and BMW's whilst I pocket the cash and turn up in a variety of old snotters and cheap lease deals.

[ZX10R NIN]

sman81 said:

ZX10R NIN said:

Do you want to lease or buy?

Lease. 24 months preferably.

Mercedes GLC could be an option instead of the Q3

Take a look at the Alfa Stelvio there are some good deals out there at the moment:

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[sman81]

JQ said:

You do understand that if the cash payment is in lieu of a company car your budget is significantly higher, as if you took the company car you'd also be paying company car tax (BIK). For example the net cost of a 520d MSport Touring Auto company car would be £850pcm (£420pcm allowance and £430 BIK). My company car park is full of brand new Audi's and BMW's whilst I pocket the cash and turn up in a variety of old snotters and cheap lease deals.

There is no company car option. It's a straight £700 a month payment in addition to the regular salary.

As i am a higher rate tax payer, i have been told i will get taxed at 40% on the £700 (£420 net payment), hmrc just treat it as additional salary.