Ferrari Classic Company Car

[Davel]

I was hankering after a Testarossa originally as an occasional commute and weekend toy but think I've shot myself in the foot.

You used to be able to buy say an E-type Jag and the BIK was based on the list price new which was only about £3,500 I'm told.

A Testarossa though was about £80k new and so the BIK would seem to be far worse as you can pick them up for around £30k.

Am I reading this wrong and, if so, what other classic Ferrari could I buy use as above please? I might need to do about 10k miles per year and is a Ferrari suitable for this and all year round use, when I'm not on the bike?

I'm only looking to spend say £20 - £40k at the moment.

[amcphillips]

I thought BIK was now calculated on market value of classic cars and not list price? Check in the business forum.

[Davel]

Not sure on how it is calculated now.

Thanks for that!

[TSS]

amcphillips said:

I thought BIK was now calculated on market value of classic cars and not list price? Check in the business forum.

It is normally for cars over 15 years old I think. I looked into this a while ago.

[944gav]

You would be stuck with the original list price. HMRC define a classic car as one that:
- is at least 15 years old at the end of the year of assessment, and
- has a market value of at least £15,000, and
- has a list price lower than market value.