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Car for Business - Help Needed 19:11 - Sep 3 with 2275 viewsAl_Bundy

I've had a car allowance for work for decades and utilising my own car. I'm considering a lease option as my car is over the age I can use in my position.

What are the best lease options available and pro's and cons? Ta AB
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Car for Business - Help Needed on 23:22 - Sep 3 with 2185 viewsCooperman

https://www.fansnetwork.co.uk/football/swanseacity/forum/227628/3245309/

https://www.fansnetwork.co.uk/football/swanseacity/forum/172369/cars-on-personal

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Car for Business - Help Needed on 00:58 - Sep 4 with 2149 viewstheloneranger

https://www.contractcars.com
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Car for Business - Help Needed on 07:05 - Sep 4 with 2091 viewsbuilthjack

You will, as a rough guide, pay around £200 per month company car tax to HMRC.

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Car for Business - Help Needed on 18:43 - Sep 4 with 1941 viewsAl_Bundy

Thanks for the links - interesting reading.

The challenge I have is I do 25-30k miles a year for business so not sure whether I can get a good deal or an unlimited mileage deal.

So I need to decide do I buy a new car with a 5 year ownership and maintain it myself and shell out for the value of the car or lease where possibly my outlay will be less but maybe not be able to get the car and mileage allowance I need.
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Car for Business - Help Needed on 20:01 - Sep 4 with 1902 viewsGowerjack

Car for Business - Help Needed on 07:05 - Sep 4 by builthjack

You will, as a rough guide, pay around £200 per month company car tax to HMRC.


I pay £64 per month BIK.

All legal and above board.

Plastic since 1974
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Car for Business - Help Needed on 20:29 - Sep 4 with 1879 viewsdickythorpe

BIK?

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Car for Business - Help Needed on 20:47 - Sep 4 with 1862 viewsGowerjack

Car for Business - Help Needed on 20:29 - Sep 4 by dickythorpe

BIK?


Benefit in kind

Tax Dicky

Plastic since 1974
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Car for Business - Help Needed on 20:49 - Sep 4 with 1859 viewsAl_Bundy

Do I pay tax if I take out a personal lease but use the car for work?
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Car for Business - Help Needed on 21:07 - Sep 4 with 1833 viewsGowerjack

Car for Business - Help Needed on 20:49 - Sep 4 by Al_Bundy

Do I pay tax if I take out a personal lease but use the car for work?


No.

You'd have to tell your insurance company though.

Expect much higher premiums.

Plastic since 1974
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Car for Business - Help Needed on 21:16 - Sep 4 with 1816 viewsmajorraglan

I think that kind of mileage may push the costs up considerably.

Would it be worth purchasing a nearly new car, say 12 months old with very low mileage and keeping it for 5years, something with a 5 or 7 year warranty? Doing it that way you would save a fair bit on the first years depreciation.
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Car for Business - Help Needed on 21:35 - Sep 4 with 1808 viewsAl_Bundy

Car for Business - Help Needed on 21:16 - Sep 4 by majorraglan

I think that kind of mileage may push the costs up considerably.

Would it be worth purchasing a nearly new car, say 12 months old with very low mileage and keeping it for 5years, something with a 5 or 7 year warranty? Doing it that way you would save a fair bit on the first years depreciation.


I am swaying to buying but I like the idea of a lower outlay, a newer car and costs covered with a lease.

The mileage issue is the stumbling block on leasing but if I can find a company to accommodate the miles without ripping me off I could well be tempted.

In the past I have used Sprint Contracts in Stafford which offered unlimited lease mileage where I racked up 182k miles on a Saab Aero. I currently have 132k on a BMW 3 Series so looking to upgrade again shortly.
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Car for Business - Help Needed on 21:55 - Sep 4 with 1791 viewsCooperman

Car for Business - Help Needed on 21:07 - Sep 4 by Gowerjack

No.

You'd have to tell your insurance company though.

Expect much higher premiums.


Not in my experience.

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Car for Business - Help Needed on 21:59 - Sep 4 with 1782 viewsCooperman

Car for Business - Help Needed on 18:43 - Sep 4 by Al_Bundy

Thanks for the links - interesting reading.

The challenge I have is I do 25-30k miles a year for business so not sure whether I can get a good deal or an unlimited mileage deal.

So I need to decide do I buy a new car with a 5 year ownership and maintain it myself and shell out for the value of the car or lease where possibly my outlay will be less but maybe not be able to get the car and mileage allowance I need.


A big factor here will be the RRP and type of car you wish to drive.

What sort of motor are you interested in?

Something two years old, on a forecourt but with a seven year warranty might be right up your street. Lots of depreciation already taken care of and five years of worry free motoring ahead.

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Car for Business - Help Needed on 22:18 - Sep 4 with 1758 viewsAl_Bundy

Car for Business - Help Needed on 21:59 - Sep 4 by Cooperman

A big factor here will be the RRP and type of car you wish to drive.

What sort of motor are you interested in?

Something two years old, on a forecourt but with a seven year warranty might be right up your street. Lots of depreciation already taken care of and five years of worry free motoring ahead.


Ideally a BMW 330D.. not the ideal car for business though as the MPG is around 40.

Currently I can pick one up for around £18K around three years old with anywhere between 20-50k miles on the clock.

I could trade in my current car for about £6k which could off set the outright purchase or sell privately to fund a lease. I think I could restrict the annual mileage to 20k at a push.
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Car for Business - Help Needed on 09:37 - Sep 5 with 1616 viewssquarebear

Car for Business - Help Needed on 21:07 - Sep 4 by Gowerjack

No.

You'd have to tell your insurance company though.

Expect much higher premiums.


My premiums actually dropped when I added multi-destination business insurance to my personal car insurance policy. Mad.
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Car for Business - Help Needed on 09:51 - Sep 5 with 1606 viewsPhil_S

Car for Business - Help Needed on 22:18 - Sep 4 by Al_Bundy

Ideally a BMW 330D.. not the ideal car for business though as the MPG is around 40.

Currently I can pick one up for around £18K around three years old with anywhere between 20-50k miles on the clock.

I could trade in my current car for about £6k which could off set the outright purchase or sell privately to fund a lease. I think I could restrict the annual mileage to 20k at a push.


I get a car allowance and ended up with a E220 Merc on a 3 year lease at 15k miles per year. Superb car that will deliver 55+MPG combined and generally over 60 on a motorway trip

Would recommend the car to anyone on that basis and with 190+bhp it moves when you want it to. I tend to drive in Sport mode all the time and still deliver the above on economy
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Car for Business - Help Needed on 13:31 - Sep 5 with 1561 viewsAl_Bundy

Thanks Phil.. I have put the feelers out to see what 20k miles would impact on a lease package so waiting to hear. On a separate note with your car allowance do you claim back the mileage from your company?
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Car for Business - Help Needed on 20:08 - Sep 5 with 1484 viewsCooperman

Car for Business - Help Needed on 13:31 - Sep 5 by Al_Bundy

Thanks Phil.. I have put the feelers out to see what 20k miles would impact on a lease package so waiting to hear. On a separate note with your car allowance do you claim back the mileage from your company?


Yes, at a pence per mile rate set by HMRC.

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Car for Business - Help Needed on 20:13 - Sep 5 with 1478 viewsCooperman

Car for Business - Help Needed on 09:51 - Sep 5 by Phil_S

I get a car allowance and ended up with a E220 Merc on a 3 year lease at 15k miles per year. Superb car that will deliver 55+MPG combined and generally over 60 on a motorway trip

Would recommend the car to anyone on that basis and with 190+bhp it moves when you want it to. I tend to drive in Sport mode all the time and still deliver the above on economy


I have similar experiences with an A6 2.0 tdi Ultra - 68.7mpg on a peak time run from Swansea to Heathrow; most of time spent in outside lane but limited to 70 to 80 mph.

3.0 tdi doesn’t return anywhere near 50 mpg.

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Car for Business - Help Needed on 21:05 - Sep 5 with 1454 viewsAl_Bundy

Car for Business - Help Needed on 20:08 - Sep 5 by Cooperman

Yes, at a pence per mile rate set by HMRC.


Can you claim back tax on fuel per mile above the set HMRC rate?
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Car for Business - Help Needed on 21:16 - Sep 5 with 1448 viewsCooperman

Car for Business - Help Needed on 21:05 - Sep 5 by Al_Bundy

Can you claim back tax on fuel per mile above the set HMRC rate?


I don’t believe so but the rules may be different if you are self employed.

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Car for Business - Help Needed on 14:48 - Sep 6 with 1368 viewsProfessor

Car for Business - Help Needed on 09:37 - Sep 5 by squarebear

My premiums actually dropped when I added multi-destination business insurance to my personal car insurance policy. Mad.


Have business use on both our cars=I think the difference is about 15 quid in total.
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Car for Business - Help Needed on 20:17 - Sep 6 with 1314 viewsSkettyJack

Car for Business - Help Needed on 20:01 - Sep 4 by Gowerjack

I pay £64 per month BIK.

All legal and above board.


What car would that be?

Also is cash allowance better than taking a car through a scheme. I've just been given a car through work and I think it's all a bit of a minefield!
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Car for Business - Help Needed on 22:36 - Sep 6 with 1278 viewsElmo

Car for Business - Help Needed on 20:17 - Sep 6 by SkettyJack

What car would that be?

Also is cash allowance better than taking a car through a scheme. I've just been given a car through work and I think it's all a bit of a minefield!


cash allowance far better - esp if you get a decent oldish BMW (within the age limits constrained by the OP)

an absolute no-brainer
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Car for Business - Help Needed on 23:08 - Sep 6 with 1262 viewsCooperman

Car for Business - Help Needed on 20:17 - Sep 6 by SkettyJack

What car would that be?

Also is cash allowance better than taking a car through a scheme. I've just been given a car through work and I think it's all a bit of a minefield!


The cash allowance question needs to be considered on a case by case basis. Ask your HR or Finance controller (or other appropriate person) to show you the calculations for what your company car costs you (in terms of tax, allowance sacrifice and so on). Then compare that to a monthly lease cost remembering that you may have to add tyres, insurance and servicing to your outgoing calculations.
[Post edited 7 Sep 2018 1:49]

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