Cash v Co.Car Calcs

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Wed 24 Mar 2004 23:23
Cash v Co.Car Calcs - Nsar
My nightmare with the Audi is driving me back towards the comfort of the co car scheme.
The calculators I have seen assume you either have a co.car and you're about to switch to cash or you don't have a car at all.
Can anyone add to this list of costs attached to running my current vehicle?

Insurance
Reg. Servicing
Allowance for repairs
Allowance for consumables (tyres mostly)
Road tax
Estimate of depreciation through age/mileage
Tax paid on cash allowance
Tax not being paid as BIK


I've not included fuel as there won't be much difference whether I drive my own or a co car.
Does anyone know any leasing/contract hire sites which publish rates for 15,000 miles pa with maintenance rather than the usual 10k no maintenance rates?
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Wed 24 Mar 2004 23:31
Cash v Co.Car Calcs - DavidHM
www.tins.co.uk but their maintenance looks expensive to me. It's probably useful for getting a rough idea of the impact of a slightly higher mileage though.

Given the difficulty in getting quotes for anything other than the cheapest, headling figure, you should probably work out what you'd like as a company car and how much that would have to cost you per month (with/without maintenance) and then see if contract hire and leasing quotes match that.
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Wed 24 Mar 2004 23:36
Cash v Co.Car Calcs - Pugugly {P}
All our deals have been on 10k servicing.

SWMBO (who is an accountant) worked out that I was better off in taking the cash, she also did this when offered a company car from her current employer. She is not daft...

Your list seems comprehensive to me. The allowance for repair both mechanical and minor bodywork have been factored into my deal, I have a high annual mileage (26k) and minor dints are inevitable and I rather not claim off my own insurance or pay BMWs arm and a leg prices when a "smart repair" may do for instance. Estimating depreciation is a right lottery. I am on a flat rate mileage from the firm, I will be logging my milage into a PDA with a solution that our IT contractors came up with..

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Wed 24 Mar 2004 23:37
Cash v Co.Car Calcs - Pugugly {P}
Forgot to add that there is tax liabilty with the mileage....
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Thu 25 Mar 2004 08:23
Cash v Co.Car Calcs - Vin {P}
If the company reimburses you for company mileage, then if it is less than the running costs of the vehicle as defined by the Inland Revenue, you can reclaim tax. If it's more, you're due to pay tax, of course.

www.inlandrevenue.gov.uk/rates/mileage.htm

Section 8 gives the current rates.

I get around £1,600 a year back from the taxman, as my company only pays 12ppm or so, i.e. fuel alone.

V

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A guide to how much VED you will need to pay on your car.

Road Tax Bands and Rates