Value of a company car?

zoomy

Not sure if I'm posting this in the right place but I need some help in trying to work out the salary equivalent of my company car -my salary review is due and I feel like my salary is lagging behind the market a little but it has been suggested that I need to argue it based on other roles that are advertised at the moment (most of which don't come with the same benefits package!)

The company provide me with a BMW 118d, it's on a 3yr lease and they cover all insurance, repairs, maintenance etc. I also have a company fuel card for both business and personal mileage

Some thoughts...

It's a nice car but if I was paying I wouldn't choose to drive around in a new BMW (I am a money saver after all!)

I do about 14000 miles per year of which I'd estimate about 10,000 are personal - but I wouldn't do as many miles if the fuel wasn't free!

Insurance wise I'm 30 with 12 years no claims bonus and with my parents as named drivers (again no recent claims)

any advice appreciated!

Premier_2

zoomy wrote: »

Not sure if I'm posting this in the right place but I need some help in trying to work out the salary equivalent of my company car -my salary review is due and I feel like my salary is lagging behind the market a little but it has been suggested that I need to argue it based on other roles that are advertised at the moment (most of which don't come with the same benefits package!)

The company provide me with a BMW 118d, it's on a 3yr lease and they cover all insurance, repairs, maintenance etc. I also have a company fuel card for both business and personal mileage

Some thoughts...

It's a nice car but if I was paying I wouldn't choose to drive around in a new BMW (I am a money saver after all!)

I do about 14000 miles per year of which I'd estimate about 10,000 are personal - but I wouldn't do as many miles if the fuel wasn't free!

Insurance wise I'm 30 with 12 years no claims bonus and with my parents as named drivers (again no recent claims)

any advice appreciated!

You might want to double check your NCB entitlement.
If you've been having the insurance provided by your employer for the past 3 years, you won't have any current NCB
(although insurers may well offer an introductory discount for having been regularly driving without accidents/claims)

zoomy

Thanks for that, I am fine on that entitlement though as I also have a non-company car used for towing purposes ;-)

Premier_2

Well, as long as you knbow you can't use the same NCB on 2 cars at the same time.

As to value, this should be highlighted on your benefit in kind certificate (P11D ?) that you should be provided with.

Alternatively you can input your details in this calculator and see what it is:

http://cccfcalculator.hmrc.gov.uk/CCF0.aspx

Alternatively, you could take the value of the fully maintained car as that it would cost to lease. This seems to be around £315 a month
http://www.ovl.co.uk/mailshots/11-05-31%20Car-Leasing-SEAT-Exeo.html

So about £3.5k for the car, about £3k for the fuel means it's probably equivilent to about £7.5k -£8k per year.