Company car - financial benefit - shorter working week

anloax

The company I work for would like to offer me a financial benefit instead of the company car I have.  Is there a specific calculation for this and would it be affected by me now working a 3 day week, when I was on a 5 day week previously?  What was included, car, insurance, tax and servicing/repair.

Unfortunately the car broke down and it is not viable to repair.

DullGreyGuy

There is not going to be any formula because some people love the idea of a brand new car without the financial commitment and choose cars with a low BIK... others may love sports cars so cash gives them the opportunity to get one as BIK can be crazy or they dont give two hoots about cars so may just get something secondhand and basic pocketing the rest.  The two groups will have a very different idea of what the cash needs to be to be reasonable. 

anloax

Thanks, it was nothing special, £20k car which i had in 2019 and which has now rendered itself too expensive to repair.  Think i was more concerned that they will take into consideration my 3 day working week as opposed to 5 days in 2019.

Marcon

anloax said:

Thanks, it was nothing special, £20k car which i had in 2019 and which has now rendered itself too expensive to repair.  Think i was more concerned that they will take into consideration my 3 day working week as opposed to 5 days in 2019.

Yes, they probably will. Your salary is presumably pro-rated to FTE, so other cash benefits could quite reasonably be.

EnPointe

do you  require a vehicle for work  or is it a perk ?