Go back to Company Car ?

no_more_cards_for_me

I'm concerned about the rise in fuel costs.

Currently running a 2002 Volvo S60 Turbo, petrol, 115k. No finance so owned outright. Insurance cost £59 per month, 2 years no claims (was in company car before). Average fuel bill £170 per month

Company car scheme is £6k per annum cash or up to £500 per month finance.

I'm considering getting a Prius, which would mean no more allowance, all maintenance covered, insurance covered but £78 BIK per month. Allowance would easily cover the car, so i would just have to fuel it.

Is it would changing given the rising costs in fuel ?

I cycle to work 2 days a week, so wife could use car locally, further cutting fuel bill. Other car is a 2.2 petrol MPV.

Wh05apk

Are you taking the £6k cash now?

If so effectively it will cost you £6k less tax (brt?)= £4800+ BIK £78*12 = £936 ==£5736 pa

You will save ~ £750 insurance
depreciation ~ £1000
maintainance ~ £500
Petrol ~ £1000

or about £3250, so I reckon driving a tree hugging cr4ppy prius will cost you an extra £2500pa, you will then effectively lose your own NCB (I know some insurers will allow it)

Personally I would carry on using your own car, I have recently used my own, even when I had the option, as I felt it was always cheaper, and I could have what I wanted, not what the company policy said we could have.

no_more_cards_for_me

Yes, taking the car allowance, after tax about £330 per month.

Volvo owes me nothing so I'm not really worried about depreciation. I'd sell it for about £2k.

Maintenance bill for volvo was £328 last year, plus £300 tyres. However I can see bigger bills lurking such as new discs, shocks and radiator.

I could keep NCB on MPV if i do a little swapping.

Prius or Auris Hybrid would save insurance, maintenance and a substantial amount of fuel costs. Plus peace of mind that company foots bill in the event of problems.

Wh05apk

I would still stick with your own car, if you could get a similar car for the money, fair enough, but I feel you will be paying an extra £200 pm to downgrade to a much smaller, slower car with no driver enjoyment.

Lum

With the current fuel price rises and company fuel rates not rising to match, a company car is a lot more attractive.

I took a company Mondeo "econetic" and got rid of my old Volvo 940. As all I now pay for is fuel, private trips are 1/3rd the price of doing them in the Volvo and no risk of big bills down the line.

NCB isn't an issue for me as I kept my other car.

It definitely feels like I have more money, I haven't sat down and done the figures. What I do have is more time due to not having to fix the bloody Volvo.

That said the Volvo 940 is much nicer to drive than the Mondeo

Hintza

The joy of hassle free motoring (company car) would be worth an awful lot to me. If "your" car breaks down it is your problem, if the company car breaks down it is their problem. With costs rising so fast just now I think I would be taking the company car.

Lum

Just read the OP again. Going from an S60 turbo, which is a fairly fun car, to a Toyota Pious is going to take a lot of fun out of driving, which is something you need to weigh against the financials and the convenience. It'll be a lot worse than my 940 -> Mondeo jump.

You can offset it though by getting a cheap MX-5 for the weekend and insure it on a limited mileage policy

Ignore this post if you don't actually enjoy driving anyway. If so then the Prius will be perfect for you!

Green.Lander

I had a private 2002 Audi A4 and had to decide as well. I have got a pirus T sprint now mainly because i got a assignment that meant i was going to put on a lot of mileage on it and i saw some big bills coming for the Audi. I traded in my Audi for a 5 year old Corsa for my 17 year old daughter as they gave £2000. Very happy knowing all bills being picked up by the company now.: