Company car question- lease?

[Brian McGee]

Hi All,

the o/h is potentially swithcing jobs- the current job provide her with a lovely 3-series E92 BMW.

The new place is potentially offering her 450 pound, minus tax, for any car per month.

We are not looking a getting a cheap car and keeping the cash, or buying an older car on finance etc.

The reason being is she racks up a lot mileage- 20k is the last 4 months.

Is there a way of renting (leasing?) a car where everything is payed for like her current car?

Servicing, tyres, tax, MOT, insurance?

The other option is she opts into the potential new companies company car scheme and gets a Ford Crocus which I dont see her going for.

Ideally a 1 series, 3 series et al will do nicely.

Thanks,
BM

Edited by Brian McGee on Thursday 10th June 14:46

[Brian McGee]

Struth this place moves quick! Page 3 :S

[Snowman23]

I've just been through a similar process. I think she will struggle to get anything decent with this budget.

Even with lower rate tax this will end up at c£300, a fully maintained lease will be roughly c£400 on a decent spec 1 series even at 20k per year (if she continues at current rate 60k a year leases will very expensive), on top of this as somebody has mentioned she will have to insure it, which again at high mileage will not be cheap.

I have to pay quite a bit a month extra on my opt out lease (recently got a mk6 Golf GTI) but my allowance at work would allow a 1.6 diesel Focus/Astra....but I consider it worth it.

If your wife is willing to pay the extra then it is certainly possible to get the fully maintained package (bear in mind I think there is profit margin in this aspect for lease compaines), but it will cost her...

[rob.e]

Google with throw up companies who can quote you for a fully maintained lease car. Bear in mind that it will need to be a "personal" lease which is usually more expensive than those offered for businesses.

Don't think you'll manage to get a bmw for that £..

[mattman]

try www.lingcars.co.uk - mate has leased a couple of cars from these and swears by them
don't forget to factor in the initial lease fee - usually 3 months up front.
e
Your problem with leasing will be the amount of miles you intend to cover - most leases are 10k pa or 20k pa - so if you go over these you have to pay a penalty - 6-7p per mile over the agreed rate - if you request a higher mileage allowance that will push the monthly price up and the quality of the car down.

[excel monkey]

BMW is offering a 118d Sport for £285 a month(with a £3750 deposit)

http://www.bmw.co.uk/bmwuk/pricesandspecifications...

This is based on 10k miles per annum - the monthly charge would be greater if the annual mileage was higher.

Audi do a similar deal on the A3, for a slightly lower price.

http://www.audi.co.uk/new-cars/a3/a3/finance-and-o...

Neither deal is the greatest in the world, but they might suit your wife's needs.

[Welshbeef]

If she is "switching" jobs I'm guessing she is getting more £ base salary so she could use some of that plus her car allowence job done.

Shame that 635d Sport fully loaded is no longer available at £500pcm...

[edo]

that mileage, stick with the company car.

[750turbo]

edo said:

that mileage, stick with the company car.

This ^^^^ Mileage is a killer.

[Welshbeef]

E92 Sport mmm or 1.6TDI chug chug.

Is the new job really that much better. - Jokey smile

[wezo]

Nobody seems to be factoring in the notional benefit tax implications of the company car. I'm in a similar position (but do less company miles, which seems to be the problem here) and I will be handing my car back due to the extra £450 pm salary I will receive and the reduced monthly tax payable of c£250 pm (net) that I will be paying....

[Welshbeef]

wezo said:

Nobody seems to be factoring in the notional benefit tax implications of the company car. I'm in a similar position (but do less company miles, which seems to be the problem here) and I will be handing my car back due to the extra £450 pm salary I will receive and the reduced monthly tax payable of c£250 pm (net) that I will be paying....

Hold on here if you take the cash your NET (assuming higher tax payer) will be £270pcm better off. And you say your current tax bill is £250pcm so a difference of £520pcm.

Can you honestly say that you can get the equivalent new car fully serviced & insured for the same amount? In fact if you downgraded your co car to the 316 ES youd be paying c£100pcm in tax so a potential upside of £370pcm to spend on getting a car.

[wezo]

Agreed, your calcu;ations are spot on, I was just making a point about the company car tax implications. Given the personal lease deals around it should be pretty marginal, although as I said the mileage could prove problematic! I took the company car in the first place for similar reasons, it just doesn't seem worth the cost to me anymore though. However given the miles the OP is quoting I think its probably a no brainer to continue to have a company provided vehicle if given the option,.

[750turbo]

Have a look here for some good advice..

http://cashorcar.com/

Whatever choice you make there will be doubters, trust me I have been there. I can easily mange to fund a new Civic Type R and a somewhat ageing old Kawasaki on what we get.

£5240 Per year on basic.
Fuel Allowance is 26ppm for first 10k Miles, then 22ppm (And you can claim some money back from CMD as this is not the full Gov Rates)
Covers servicing/maintenance

And after a few years the car is mine (Although it has a few miles on it )

This is just my situation, there are many variations out there. The main thing for me was that I get to buy the car I want, not pick from the usual company list that we have to do now.

[rob.e]

I do c30k miles a year, mostly personal (commuting) so for me its a no-brainer to take the company car and fuel card and pay the tax. The opt out here is pretty good @ 9k pa gross at my grade but it still works out better to have the co car..