Car buying options - high mileage

IM

I do a 120 mile daily commute, plus reasonably regular additional work-related journeys. Add this to personal use, and I reckon I’m looking at around 35,000 miles a year.

I’ve managed to secure a car allowance from work (haven’t figured out what it translates to post-tax yet) and want to replace my current car before I drive it into the ground (03 plate, around 60K on the clock).

Can anyone point me in the direction of a buyer’s guide which includes the options open to high mileage drivers?

There seem to be any number of websites comparing buying vs. leasing etc. but all assume ‘normal’ mileage, maybe with a caveat that you need to be aware of potential penalties.

All contributions gratefully received.

Hintza

What figure are you getting? As long as its within guidelines there will be no tax to pay and you might beable to claim tax back (I'm not sure of the technicalities)

Are you expected to have a car of a certain quality/age?

Anyway the figures are 40p per mile on first 10,000 miles and then 25p per mile thereafter. So on 35,000 miles you should be able to claim for £10,250.

You can buy a copy of what car and it will give you the cost of running any model of car per mile.

So if you can buy a car that returns 50mpg that is 700 gallons per year or £2,800.

You will probably have two services a year at say £200 x 2 = £400

Road Fund licence and insurance to add (but you would have them anyway)

That leaves you with £7,050 per year to buy a car. At your sort of mileage you probably only want to keep for two years three at a push. To lease one will be expensive with your high mileage.

I also assume your employer is giving you a rate substantially less but you nee to talk to them about how to claim back any tax etc.

I forgot to add you will need a set of tyres a year at probably £250 as well.

plane_boy2000

Why change your current car? 60K is not much on the clock these days so why not just keep pocketing the allowance until your exisiting car becomes unreliable?

vansboy

The car you have now, is actually BELOW the mileage, of what I'd suggest you think of buying!! But as you already own it - I'm assuming, or are perhaps in a position to acquire it, at a guaranteed residual value, assuming it's diesel & you like it, KEEP IT!!

I would have suggested as NEW as you could find, with as HIGH a mileage already on it. The wear you'll add won't cause major component problems & maintained well, with 4000mile oil changes, you'll be doing fine.

Going down route of restrictive lease deals, wouldn't work as far as saving £$£$

VB

scottishlizzie

My husband has always had a lease car through work. The firm (local authority) put a small amount towards the lease and he pays the rest (currently about £160 per month for a Citroen Xsara Picasso). He is taxed on the firm's contribution as a benefit in kind to the value of £1203 per annum.

His lease is up for change and we are deliberating whether to continue with it or buy a new or nearly new car privately. He would get a car allowance of £80 to £100 per month and would have to fund the rest himself although the firm offers low rate loans.

The sort of figures he has been given for his contribution to continue the lease are:

Peugeot 307 5 door 1.6 Hdi £183.86 per month
Mazda 5 MPV 2.0 SPort £216.38 per month
Mazda 5 MPV 1.8 TS2 £194.87 per month
Fiat Multipla 5 dr estate 1.9 Multi jet Dyn Plus £198.25 per month
Citroen Xsra Picasso 5 dr 1.6i 16v Exclusive £123.75 per month

Added to these monthly figures is the tax cost of the benefit in kind which, by my reckoning at £1200 per year would be £100 per month - i.e. he will be taxed as if he has additional income of £100 per month

These figures include insurance, servicing, tax - everything basically, so it is hassle-free motoring. However, with interest rates, council tax and utility bills going up all the time we want to make sure we are doing the best thing financially.

Interested in views on what might be the best option, details of any websites that can help compare and general opinions.

Mileage is probably in the region of 20,000 per year maximum.

tomstickland

Keep current car, change oil and filter regularly, I don't see why it can't make 200,000 miles like that. Mileage doesn't kill engines, it's the cold starts.

Little_John

Im thinking exactly the same thing, pocket the money the company are paying you , stick it in a high interest account and keep the older car, especailly if you like the car you have alread one through the problem period that normally comes with buying a new car. Look after it and you should get many more miles out of it, my dads 1.7TD astra is about 11-12 years old now 112000 miles on it and the bits that are going wrong are internal trim bits are failing, dash lights seats look taty with stains etc. If he had looked after the interior bettre it would be a really nice (oldish) car the engine is sweet.

An 03 with 60k isnt alot I just returned an 03 with 90k on it in october, I bought a nearly new vectra 1.9 CDTi 150 saved £8000-9000 over buying new I will proberlby run it up to 120000 miles then give it my dad for a nominal fee. for tax reasons. your mileage is high enough to warrent spending on a diesel 25k or more usually works out cheaper to run diesel than petrol. try not to buy unpopular colours black or silver are the best then blue aparently defnatly dont buy gold.

A Leas for 30000 miles will be expensive, also bear in mind that your insurance company will want to know if you do mileage for business whihc I do, companys charge a premium for this and there are varying levels of how much more they want depending on what you do while using the car like sales.