Stot
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| posted on 11/12/14 at 07:36 AM |
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I have a Toyota Hilux Invincible as my company 'car'.
Its Like driving a nice family car/suv but its classed as a commercial vehicle so you only get BIK taxed on ~£3000 of its value rather than 35% of it
which would be over £10k on a similar priced car. Think it only costs me £90 in tax a month and has the added bonus of being able to cart engines
around in it if I need to. 
Cheers
Stot
[Edited on 11/12/14 by Stot]
[Edited on 11/12/14 by Stot]
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Slimy38
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| posted on 11/12/14 at 08:33 AM |
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Also bear in mind that if you do take the allowance, you 'should' have business insurance, which in my case rapidly offset any profit I
was going to make!!
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richardm6994
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| posted on 11/12/14 at 09:20 AM |
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Company car tax is shooting up over the next 4 years so what ever car you choose, aim for the lowest BIK %.
I've just had a Lexus is300h.....2.5ltr petrol hybrid......12% BIK and 50mpg all day long
However in 2015, the same Lexus will be 14% BIK....then 16% in 2016, 18% in 2017 and 20% in 2019.......so start as low as you can now because
it's shooting up fast and you'll be paying more money each month for a car that doesn't belong to you.
A car at 24% BIK now will end up at 32% by 2019
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Slimy38
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| posted on 11/12/14 at 09:52 AM |
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quote:
Originally posted by richardm6994
Company car tax is shooting up over the next 4 years so what ever car you choose, aim for the lowest BIK %.
I've just had a Lexus is300h.....2.5ltr petrol hybrid......12% BIK and 50mpg all day long
However in 2015, the same Lexus will be 14% BIK....then 16% in 2016, 18% in 2017 and 20% in 2019.......so start as low as you can now because
it's shooting up fast and you'll be paying more money each month for a car that doesn't belong to you.
A car at 24% BIK now will end up at 32% by 2019
Holy carp, you're right!! I'd checked the next two years but not the next four. Even zero emissions cars will be at 13% by 2018.
http://www.fleetnews.co.uk/fleet-faq/what-are-the-current-bik-bands-/3/
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loggyboy
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| posted on 11/12/14 at 10:01 AM |
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The government are finally realising how much they're loosing from their eco car incentives.
Expect cheap road tax for lowE cars to follow suit over next 5 years.
[Edited on 11-12-14 by loggyboy]
Mistral Motorsport
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nick205
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| posted on 11/12/14 at 10:09 AM |
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quote:
Originally posted by Slimy38
Also bear in mind that if you do take the allowance, you 'should' have business insurance, which in my case rapidly offset any profit I
was going to make!!
I haven't found it to be an issue, when I renewed in September it added £32 to the premium to include business use. That is with an estimated
annual mileage of 20k (I expect to do around 15k, but may go higher).
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Dangle_kt
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| posted on 11/12/14 at 12:31 PM |
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If I had the choice my heart would go for a BMW 3 series without doubt.
However my head says, get some cash back and get a cheaper car. It's what I ended up doing in fact. So I ran a volvo v40 d2, it had all the toys
I wanted and they paid me to take the downgrade, in fact it perfect matched the tax cost of the car, so I was effectively running a brand new serviced
and insured care for free.
I would predict though, that the rules around company cars will change radically over the next 3 years, with diesel being seen as the enemy and taxed
accordingly...something to consider.
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davidimurray
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| posted on 11/12/14 at 06:50 PM |
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Thanks everyone - some interesting thoughts there.
While the car is a 'company car', it isn't actually for business purposes - it's a perk of the job so will be our main family
car and for my commute to work so will only do about 20K miles a year
My current car is a 54 plate 1.4 MG ZR with 120k on the clock so anything will be an improvement. If I look at the cost of having the company car
compared to depreciation on something new then it's a no brainer.
All the insurance, tax etc is all covered in the contract hire so no need to worry about that.
Whatever car I go for it's 4 years before I can change so trying to find the right balance!
At the moment the 320D efficient dynamics is looking the favourite.
Gallery 1 http://www.facebook.com/media/set/?set=a.116893465324.130778.601005324
Gallery 2 http://www.facebook.com/media/set/?set=a.245243755324.181913.601005324&l=a9831a9319
Gallery 3 http://www.facebook.com/media/set/?set=a.440671625324.232627.601005324&l=3f0d42c523
Gallery 4 http://www.facebook.com/media/set/?set=a.490098255324.297598.601005324&l=efb083b7df
Gallery 5 http://www.facebook.com/media/set/?set=a.10150244028550325.366987.601005324&l=583fd5cd3a
Gallery 6 http://www.facebook.com/media/set/?set=a.10150550640070325.430417.601005324&type=3&l=fe779b358c
Duratec Engine Swap https://www.facebook.com/media/set/?set=a.10152527759580325.1073741828.601005324&type=1&l=40aae5e72f " target="_blank"> https://www.facebook.com/media/set/?set=a.10152527759580325.1073741828.601005324&type=1&l=40aae5e72f
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stevebubs
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| posted on 11/12/14 at 09:29 PM |
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quote:
Originally posted by davidimurray
Thanks everyone - some interesting thoughts there.
While the car is a 'company car', it isn't actually for business purposes - it's a perk of the job so will be our main family
car and for my commute to work so will only do about 20K miles a year
My beemer was, too ... I could have taken the allowance but any car I took the allowance for had to be under a certain age...did the math and taking
the company car made sense with the added bonus of no financial risk for myself should the worst happen.
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morcus
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| posted on 11/12/14 at 10:46 PM |
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My mate works for a company with age limits on your own car to have the allowance and he said a few people have been stung as it was only five years
meaning you had to buy new or buy a car about 3 years old for cash for it to be doable.
In a White Room, With Black Curtains, By the Station.
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