Changing Job - No company car, how much is it worth

village_life

I'm looking to change job moving from a company that offers a company car to one that doesnt and just offers a car allownace. Based on what car I have currently I need to understand how much the new car allowance needs to be for it to be equal to the benefit I currently have from the Company Car.

Current Sitaution
- Company Car = Saab 9-3, Cost £22.5k, Leasing over 4 years

Not sure what the proposed car allownace will be, but need it to cover:
a) loan repayments for £20k car loan over 5 years
b) insurance (driver aged 25-30)
c) maintainance and servicing
d) depreciation (looking at Audi A3 or VW Golf Type)

Can anyone advise taking all this into acount, what I need the car allownace benefit to be per annum???

Phirefly

Hi there.

Mr Phirefly's specialist subject, he could give you an answer in seconds, but unfortunately you're stuck with me. I recommend you post this over on the motoring board.

Good luck

Madjock

don't know how this vehicle compares, but my oh has just got a co car and the benefit is calculated as worth £2k per year. He has a Peugeot 407 with 06 plates.

village_life

there are a few things to consider, i guess you refer to the Benefit in Kind (BIK) - mine is £3200 per annum, but driving a fully maintained Saab 9-3 is worth MUCH more than that to me per year as I dont have to worry about depreciation, servicing etc etc.....

So using my points a-d I am really after a number in "compensation" for losing this massive package benefit, that I'd need to replace with salary so that I am no worse off from losing a car...

if that makes sense?