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Company cars?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
Not sure it fits anywhere else, but I've got an opportunity to get a company car on salary reduction which would bring the full cost of the car excluding petrol to around £70 net / month, which is probably cheaper than my Volvo currently ;)

Currently wondering what people think about the 2013 Ford Focus?

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    it's a solid bit of kit. I had a look at one, I thought the doors were noisy and the seats not quite right, but my sister has owned a focus for at least a decade no worries.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I was worried it might be a bit dull but the '13 one looks quite smart actually.

    I'm a bit fed up of driving a 13 year old Volvo and feeling like I'm 50. :p
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If you get the 1.6 petrol or 1.8 diesel (memory) then you'll have plenty of fun :)
  • SkiveSkive Posts: 15,282 Skive's The Limit
    Check out how this affects your tax. Ive been driving company cars for different employers for over ten years. They dont save you anything if you intend to use it for personal use.
    Weekender Offender 
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Skive wrote: »
    Check out how this affects your tax. Ive been driving company cars for different employers for over ten years. They dont save you anything if you intend to use it for personal use.

    Went over this with accounts - his interpretation (and what theyve done for others on the scheme) is you pay tax based on the P11d benefit which is different for each car... so a new economical car works out about £30 / month!

    http://www.hmrc.gov.uk/calcs/cars.htm

    http://www.nextgreencar.com/company-car-tax/calculator.php

    FORD Focus 1.6 TDCi Zetec 115PS DPF Manual 6-speed, 1560cc, Diesel, 5dr
    P11D Price: £18,840 CO2: 109g/km
    Tax year: 2013/14 2014/15 2015/16
    BIK rate: 16% 17% 19%
    BIK value: £3,014 £3,203 £3,580
    Tax at 20%: £603 £641 £716
    Tax at 40%: £1,206 £1,281 £1,432

    So at 20% its about £600 - £700 a year for me (not in the 40% band heh) for that car.

    Add to the fact that any reduction in gross for me also reduces student loan repayments ;) it did work out at about £70 against my net / take home for a Fiesta which frankly is brilliant - my insurance, servicing, MOT and tax for my car currently is around £1200 a year. The focus is a little more expensive but looks to be a nicer car.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Cars go vrooooooooooooom. That's all I know :)
  • SkiveSkive Posts: 15,282 Skive's The Limit
    ShyBoy wrote: »
    Went over this with accounts - his interpretation (and what theyve done for others on the scheme) is you pay tax based on the P11d benefit which is different for each car... so a new economical car works out about £30 / month!

    http://www.hmrc.gov.uk/calcs/cars.htm

    http://www.nextgreencar.com/company-car-tax/calculator.php

    FORD Focus 1.6 TDCi Zetec 115PS DPF Manual 6-speed, 1560cc, Diesel, 5dr
    P11D Price: £18,840 CO2: 109g/km
    Tax year: 2013/14 2014/15 2015/16
    BIK rate: 16% 17% 19%
    BIK value: £3,014 £3,203 £3,580
    Tax at 20%: £603 £641 £716
    Tax at 40%: £1,206 £1,281 £1,432

    So at 20% its about £600 - £700 a year for me (not in the 40% band heh) for that car.

    Add to the fact that any reduction in gross for me also reduces student loan repayments ;) it did work out at about £70 against my net / take home for a Fiesta which frankly is brilliant - my insurance, servicing, MOT and tax for my car currently is around £1200 a year. The focus is a little more expensive but looks to be a nicer car.

    It's changed a lot over the years I've been driving. You used to be able escape the heavy taxation by getting a van instead of car, but nowadays there's little in it.
    I've had all sorts of cars over the years and I also get 'free' fuel and once that's all been taken into account I've found it really doesn't save you anything financially.
    What it does do is give you peace of mind - you don't have the worry about paying for breakdowns, services, tyres etc
    Weekender Offender 
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It looks like a decent enough car and if it's going to save you some cash it's an added bonus. I say go for it :thumb:
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    On that note - can I ask people's opinion of 2010 citron Picasso c3? Thinking about having that as my first car, i know it's not cheap but it's the only secondhand car I can find with a sizeable boot and that's easy to get in and out of. Not sure if to buy diesel or petrol and if I pass in a manual do I buy a manual or automatic? What is most economic?

    Sorry to hijack just thought it made sense to out it in the same thread
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Have you looked into motability cars MR?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    For size the C3 isn't bad, and one thing to think of before purchasing is the cost to insure it, and I'd suggest going for a manual as you can choose the most appropriate gear for situations, whereas in an automatic it changes the gear based on the rpm which isn't the greatest indicator for gears required if I'm honest, but it's a decent enough car, not best looking, but a decent all rounder no the less, hope this is of use to you Miss_Riot :thumb:
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Fiend_85 wrote: »
    Have you looked into motability cars MR?

    Yes I have and it's totally dependent on getting high rate not just any rate of mobility and it can't be insured for two people to drive it and if its used for any purposes other than for me (like if my ma needed to run to the shops for herself and not me) it wouldn't be insured and they could take it back. It's all difficult and if I wanted a new scooter I couldn't and they're so expensive - 2k ish for a good one
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Your carer can be insured on a motability car and IIRC can be insured if she's running an errand for you.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yeah but I don't think both my carer, my mum and me can be insured on it
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