Company Car or Car Allowance

Verb

I'm unsure of what avenue to go down. I understand I pay tax on which ever option I take. Buy which option is the right one. Money in the bank to spend on my own car or a car that is looked after by the company??

I have 2 options:-

Option 1 - Company Car (Company Pay For The Following)
- Car (Unspecified what car at this moment)
- Road Tax
- Insurance
- Fuel
- MOT
- Repairs If Damaged
- Servicing

Option 2 - Car Allowance of £6,350 p.a (£420 per month after tax)
- I can then claim any work mileage done back at 27p per mile
- I have to pay for everything else myself

I currently have my own car so unsure of what to do...

Any advice is welcome

getmore4less

Can you keep your car and change your mind later.

What sort of mileage do you do and will do with the job.

any restrictions on the car you provide.

what if you loose your job? will you be able to get another car.

often it works out keep, the current car till you need/want to change and then go company for a period of new cars every few years.

One you know the cars on offer you can do the side by side finances.

TadleyBaggie

I had this same decision to make just over 2 years ago, I went for the company car. However I kept my existing car to:

a) Keep my NCD running
b) In case I lost my job

Recently b) happened and so I didn't have to suddenly purchase a new car.