Redundancy and Company Car

Beatle_Ray · 15 May 2018 at 12:09PM

Hello,

Need some help please, my employment ends on the 30th June after 37 years with the same company, I have a company car which we purchased outright in Feb 2015 for £9199, the company have asked me to get a valuation on the car, I went to we buy any car.com and they put a price on it at £4290, I also took a quick look at Autotrader to see how this compared and it was about right, you can never find an exact match, this is a two part question really, the first part and this is from the company view, on the books it will have a value, my understanding is that the car will devalue by 25% year on year which after three years I have calculated as £3882, not that far off the above buying estimates, is that correct? The second question is should I buy it, my redundancy is only the government basic which is approx.£13K but I do need a car where I live, its a bit rural but that would be a large chunk of the redundancy gone and given my failure so far to secure another job i'm starting to get a little anxious, unfounded probably but given the company is contuining for a short time after I leave and haven't cut any slack to me I can't see them being benelovent over the car, i.e. give it to me at a nominal price just to get rid, thoughts please.

lulu650 · 15 May 2018 at 12:44PM

Having a car would give you a wider geographical area to hunt for jobs. It doesn't sound as if you live anywhere near great transport links.

You need to ask your company if they would be willing to give you a price on the car. Better to be buying a car that you know has had regular servicing and that you are familiar with.

Beatle_Ray · 17 May 2018 at 2:14PM

Thanks for the reply, I got an answer back from the company and they have valued the car but need to show a small profit on the sale if they sold it to me so going to add an extra £75 to what they value it at which is approx. what I thought it would be above, if they sold it to me at that price its 28% of my redundancy payment

Takeaway_Addict · 17 May 2018 at 5:13PM

Beatle_Ray wrote: »

Thanks for the reply, I got an answer back from the company and they have valued the car but need to show a small profit on the sale if they sold it to me so going to add an extra £75 to what they value it at which is approx. what I thought it would be above, if they sold it to me at that price its 28% of my redundancy payment

Remember you need insurance etc on top.

But if you don't buy this car you'll surely have to buy another car...one which you don't really know if it is a good runner or not....if you know this car is fine and unlikely to have issues then I think I would buy it...worst comes to worst if the redundancy money runs out you can always sell it on

Redundancy and Company Car

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