We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Company Car
Hi I'm hoping to get a promotion at work, if I do I have the option of opting out of the company car, and using my own, however my personal car is not suitable and so would like to get a new/second hand one more suitable for my new position within the company, my problem is I'm on a DMP my question is what are my options?
Proud to be dealing with my debts
0
Comments
-
If I was in your situation I would take the company car.He who has four and spends five, needs neither purse nor pocket0
-
Check it out but you may well find company car is the way to go given you will probably not get access to car finance at a sensible rate.0
-
I'd go for the company car option but try and ensure that you pay for private use fuel otherwise you will be absolutely hammered on your tax code!!!
There are a lot of benefits to having a company car - no service costs, no insurance, no repair costs - even regular stuff like tyres, no road tax costs and generally the use of a nice new car rather than a used one which will be renewed on a regular basis:DMBNA [STRIKE]£2,029[/STRIKE] £1,145 Virgin [STRIKE]£8,712[/STRIKE] £7,957 Sainsbury [STRIKE]£6,870[/STRIKE] £5,575 M&S [STRIKE]£10,016[/STRIKE] £9,690 Barclaycard [STRIKE]£11,951[/STRIKE] £11,628 CTC [STRIKE]£7,629[/STRIKE] £6,789 Mortgage £[STRIKE]182,828[/STRIKE] £171,670
LBM Dec12 excl mort 47,207/42,784 Dec13
Excl mortg and CTC 39,578/35,995 Dec13
Incl mortg 230,035/214,454 Dec13
Extra payment a week:this week £0 / YTD£1,457.550 -
It depends how much private mileage you do, if you do high private mileage it works out better to pay the tax. My husband commutes 80miles per day to work and back while most of the time the car is then parked in the car park, so that's 80 miles private 0 miles business, that works out a lot of petrol over 1 year.I'd go for the company car option but try and ensure that you pay for private use fuel otherwise you will be absolutely hammered on your tax code!!!
There are a lot of benefits to having a company car - no service costs, no insurance, no repair costs - even regular stuff like tyres, no road tax costs and generally the use of a nice new car rather than a used one which will be renewed on a regular basis:D
ML.He who has four and spends five, needs neither purse nor pocket0 -
If you are referring to my post re: car park scotsman4th, he drives 40mile parks outside his office, walks into town for lunch, when the working day is done, drives 40 miles home parks on drive, walks into house. simples! But on Saturday, 50 miles (business) to Manchester airport, park in another car park for 1 week, fly to Argentina via France, return next Saturday and drive 50 miles (business) back home. So I think you will agree private mileage best.
ML.He who has four and spends five, needs neither purse nor pocket0 -
If you are referring to my post re: car park scotsman4th, he drives 40mile parks outside his office, walks into town for lunch, when the working day is done, drives 40 miles home parks on drive, walks into house. simples! But on Saturday, 50 miles (business) to Manchester airport, park in another car park for 1 week, fly to Argentina via France, return next Saturday and drive 50 miles (business) back home. So I think you will agree private mileage best.
ML.
Sorry, no I wasnt, hadnt even read your post. It was more about what does it matter what car you have in the car park (the whole idea a promotion could force you to changer your car to try to look better)
Deleted my post.
Thought it was funny at the time.
May not be in hindsight. Apologies.0 -
Plus if you get made redundant, demoted etc your not stuck with finance0
-
Sorry to you as well scotsman4th must have got our threads crossed.scotsman4th wrote: »Sorry, no I wasnt, hadnt even read your post. It was more about what does it matter what car you have in the car park (the whole idea a promotion could force you to changer your car to try to look better)
Deleted my post.
Thought it was funny at the time.
May not be in hindsight. Apologies.
I think the op means should he accept a company car if one is offered, I think he should rather than get into anymore debt and if he has a long commute and high private mileage then not to worry about paying the extra tax.
ML.He who has four and spends five, needs neither purse nor pocket0 -
I was more concerned that the OP could be setting themselves up for a fall. Unfortunately I know someone that had taken finance on a car as they thought they may get a promotion.
If the OP had been advised to opt out, they may have went out and bought a car in all the excitement (easy thing to do, I've bought cars before a couple of weeks after deciding to just check out the options).
If the promotion falls through, you could have a car you cant afford.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards