What will £450 a month get me - PhilDS
I may be changing jobs soon which will see me saying goodbye to my current company car - 320d ES Touring. The new company doesn't offer a car just an allowance. I will have £450 a month to spend on a car excl. insurance. I drive around 30,000 miles a year which will include some business. I need a decent amount of practical space so an estate, large hatch or MPV would be ideal - car before the 320 was an Alhambra. Has to be diesel and have good performance and a reasonable spec.
What do you recommend? Personal Contract Hire or buy something with a loan? I have no deposit and can finance £15,000 over 3 years. PCH looks good as it can include maintenance but will be more limited in my choice. Trade Sales have Mondeo 2.2 ST TDCi's for around £14k with less than 10k on the clock.
What will £450 a month get me - Mutton Geoff
Although the car may need to last you 3 years under your arrangement, the loan need not. After all if you are buying outright, there will be some value left in the car at 3 years, especially if it's a Merc, BMW or Audi. Factor your loan over 4-5 years, then work on the numbers by assuming the car is worth half it's basic price (exclude any options) at 3 years. See if that leaves enough to pay off any outstanding loan and if the sums work. Do your own "PCP scheme" as personal lending is so cheap these days.

What will £450 a month get me - y2k+4
Must be something wrong with me here, but I suddenly thought Vauxhall Signum and FIAT Croma. Unbelievable 150 diesels. Economical, and I dare say you could get a VERY good deal on them and quite exclusive. That said, depreciation would be steep.

Sensible thought = Golf Plus?
What will £450 a month get me - Big Bad Dave
What will £450 a month get me - stevied
What will £450 a month get me - DP
What will £450 a month get me - T Lucas
What will £450 a month get me - artful dodger {P}
Your idea of buying a nearly new car seems to be your best bet as the initial steep depreciation has been avoided. You do not mention whether you have to have a car which is less than x years old or of a certain type for the car allowance. You may have some rules that your new company insists on.

My advice would be to arrange finance from a bank or building society as the rate should be keener than a car dealer. Then the car will technically be yours, so if you change jobs and then no longer need a personal car, you can dispose of it and settle any outstanding finance easily. With PCH this may not be possible, so check any terms carefully.


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Roger
I read frequently, but only post when I have something useful to say.
 

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