Probably the 520d SE - pretty awesome spec for a base model, heated leather, parking sensors, latest iDrive, etc.
Hoping I can stretch mine to the 520d M-sport, not looking too likely though!
Car or allowance - what would you take?
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Probably the 520d SE - pretty awesome spec for a base model, heated leather, parking sensors, latest iDrive, etc.
Hoping I can stretch mine to the 520d M-sport, not looking too likely though!
Problem I've got is the whole 'ooh a such and such is only a few quid more', repeat that a few times and my original budget is well and truly blown.
Sensible side of me though is probably going to go for something reasonably cheap but still ok and sell the S2000 when the time comes as could do with that money if/when we move house in 6 months or so.
Sensible side of me though is probably going to go for something reasonably cheap but still ok and sell the S2000 when the time comes as could do with that money if/when we move house in 6 months or so.
Unfortunately theres no scope to do this, it's simply cash or car from the list which are all around the £30k mark.
In terms of which 5 series, theres quite a few, all variants of 520d, some with pro nav, some with bus nav, one of them is the Efficientdynamics, the others are all the SE, either saloon or touring with a choice of transmissions.
E Class is a choice of E220 or E250 SE
Evoque is a no go - she tried it today and had to have the seat back racked forward to be able to fully depress the clutch.
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I would agree with 'more comfortable' but think 'a different league' is a gross overexageration.
Soldato
The overall cost in terms of company car tax and loosing the (post tax) income of the car allowance will be dependent on her income but something worth considering, worth sticking the figures in comcar.co.uk and seeing what comes out, for example a BMW 320ed would cost me ~£5500 a year if I took it on my company car scheme or £22000 over the 4 years I'd have it. Personally I'd rather spend £12000 on buying and maintaining a 2nd hand car and pocket the other £10000.
Post tax plus the CC tax probably makes about £550 anyway, assuming 40% tax bracket and a cc tax of what £220 for a 520SE Auto with pro nav.
So yeah a fair wedge over the period, but then you're getting a brand new fully maintained 5 series out of the deal.
So yeah a fair wedge over the period, but then you're getting a brand new fully maintained 5 series out of the deal.
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I'm quite surprised by the generous list. We can get pretty much anything through our company car scheme but an Evoque is approx £800+ (net) while the F30/A4 start at £500ish for base spec. I suppose her work is subsidising part of the cost?
It is quite a bit, that's why we're not sure what do do either way.
To put it into perspective, the civic currently costs us approx £200 a month in running costs per month excluding fuel plus the same again in loan payment.
Nice 'dilema' to have mind.
To put it into perspective, the civic currently costs us approx £200 a month in running costs per month excluding fuel plus the same again in loan payment.
Nice 'dilema' to have mind.
Some companies have fairly stringent rules on what you can have even if you opt out, some wont even allow you to opt out. When we could opt out, we had to have a car less than 3 years old and with less than 100k miles on the clock and we have to show proof that it is being fully maintained by a recognised company. With all those conditions it was better to get a company car!
Soldato
The rules do seem to vary a lot depending on the company, mine is less than 10 years old with less than 100k though if you go over those criteria you can have the car inspected to see if it acceptable (i.e. not a heap of ****).
Once you're in the 40% tax bracket unless you really want a new car on the drive every 3/4 years or do mega mileage the government seem to have taxed company cars out of being a benefit IMO
Soldato
I have just come out of a company lease purchase arrangement and the choice was company car typically Audi / BMW 2 litre or a car allowance gross 6k (nett 3k) per annum.
I purchased my 2008 Civic 2.2D for £3.8k at the end of the lease with 87k miles on it.
Therefore the choice was run the Civic for one or two years with £250 per month allowance after tax. Or take a new company car and pay an extra £100-150 per month in income tax. Both choices required me to purchase fuel for personal use.
Currently I am running the older car and am financially better off until I need to purchase another car in two years or take the company car option again.
I purchased my 2008 Civic 2.2D for £3.8k at the end of the lease with 87k miles on it.
Therefore the choice was run the Civic for one or two years with £250 per month allowance after tax. Or take a new company car and pay an extra £100-150 per month in income tax. Both choices required me to purchase fuel for personal use.
Currently I am running the older car and am financially better off until I need to purchase another car in two years or take the company car option again.
Precisely this^
It is amazing how few people seemingly work out the actual cost to themselves, not only taking the "lost" car allowance income into account, but also the tax payable on the taxable benefit of the car.
A 520d works out to just over £220pm in tax.
The situation in the OP is that they are offered £550pm gross in lieu. (£325net).
This adds up to a cost in this situation of a net £545 per month, or £6540/year.
£6540/year for a low end 5-series BMW? Whether thats worth it or not to the OP is for them to decide, but company cars are not all they are cracked up to be.
This is the very reason why we're in the 'not sure what to do' position. If we liked the civic, it's no brainer take the money but I'd go as far as saying it's by far the worse car I've owned.
It currently costs us £200 a month to run excluding fuel with the same again in loan payment. Therefore the difference is 'only' £100 a month, however once the loan period is over or if we decide to pay it off early, then this changes to £300 a month difference and we have an asset at the end of it, albeit a depreciating one.
Soldato
Well how about a 3rd option of selling the Honda and buying a different car, if you're doing 4 miles a day to the station and back then there's all sorts of interesting cars with nice petrol engines that you could pickup for £6-7k