I am looking to opt out of my company car scheme. I need a reliable saloon for between 20-30k miles per annum. The car will occasionally be used for towing a small car/boat. I am looking at 1997 + MY Ford Mondeo or a E34 5 series (535i?).
Fuel economy is irrelevant as private and businesspetrol is paid for. What sort of money should I be looking at, considering I will keep the car for about a year and will get a better deal buying from an auction
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you will get a very good 98R or 98S Mondeo 2.0 litre for less than £4k retail. See the autcion reports on this website. The Mondeo is the best value car currently out there, simply because there are too many of them.
HJ
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Don't overlook the fuel consumption factor, your employer will declare to the Inland Revenue the value of the fuel provided for private use (via your annual P11D). You will be assessed for income tax on this at your highest rate.
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If you don't care about fuel, get a Jaguar.
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If any of your private use fuel costs are met by your employer it doesn't matter about your fuel consumption as you'll pay the fuel scale charge (£2460 benefit in kind in this tax year between 1.4 & 2 litre) therefore you can disregard this factor
regards
David
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David Bell wrote:
>
> If any of your private use fuel costs are met by your
> employer it doesn't matter about your fuel consumption as
> you'll pay the fuel scale charge (£2460 benefit in kind in
> this tax year between 1.4 & 2 litre) therefore you can
> disregard this factor
>
Assuming you pay top rate tax, (who flaming well doesnt these days!) then 2460 BIK = approx £19 every week on your PRIVATE fuel.
Now I do so many sodding business miles, the last thing I want to do at the weekend is get out into Hazard County and mix it with the middle lane appreciation society not to mention caravans. I definitely spend nowhere near £19 on private motoring every week and I suspect neither will most people unless they have a mega commute.
BTW the way I just cannot believe there has not been a caravan thread yet!
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Scale charges do not apply to privately owned vehicles. If an employer provides fuel for private use, the actual cost of the fuel provided is included in the annual declaration to the Inland Revenue (P11D) and is treated as if it were a cash bonus.
Scale charges only apply to company owned vehicles.
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