adios 717 Posted October 17, 2006 Share Posted October 17, 2006 (edited) I think that if i'm loaded enough to spend a third of the price of a house (in some places...) on a car then the depreciation is the last thing on my mind. I'll be happy with my brand new prestige car that in reality not many others can boast. I personally do value the brand new, first user feeling - and it's the same with anything I buy. I flogged a virtually new PSP and games a few months ago for a fraction of its original cost - it just didn't worry me. I agree this is reflective of today's society though, my mother would be horrified at the loss I took there. Anyway, in your opinion i'm 'horrendously rich' - so you're alright by me. Just a horrendous spectacle tbh. btw "Horrendously rich" is about 33m+ of your old money. Edited October 17, 2006 by ObaGol Link to comment Share on other sites More sharing options...
Craig 6703 Posted October 17, 2006 Share Posted October 17, 2006 RE company cars, it depends on the cash option. At my place it's far better than my mates at Uni were being offered at their companies. There's just no way I would take a company Vauxhall when I can get something else myself. The range of cars I get to choose from is not brilliant but then I am also given a fuel card for all business AND private mileage. The fuel card is not offered to those taking the allowance and they can only claim business mileage (which doesn't include commuting to the normal place of work) back on expenses. Considering I drive nearly 100 miles a day, it'd be madness for me to take the cash option. Sure I only have a 1.8 Mondeo LX but am safe in the knowledge that for around £125 a month I'm getting: * A car * Insurance * Road Tax * As much fuel as I can use * Full AA cover * Full dealership service (vehicle taken from the place of my choosing and returned later with a courtesy car left for me to use in the iterim) * All repairs dealt with * A brand new car every 4 years Link to comment Share on other sites More sharing options...
nufc4ever 0 Posted October 17, 2006 Share Posted October 17, 2006 (edited) I've got a fuel card for all mileage too. Great isn't it! I do agree that the all-in package for a company car is good for long-distance drivers, but I don't do that much and wouldn't want to drive what they'd be giving me. Edited October 17, 2006 by nufc4ever Link to comment Share on other sites More sharing options...
Gemmill 47456 Posted October 17, 2006 Share Posted October 17, 2006 You get caned on the tax for your private use fuel though, don't you? It's all classed as a benefit in kind. Are you certain you're better off doing things that way? Link to comment Share on other sites More sharing options...
adios 717 Posted October 17, 2006 Share Posted October 17, 2006 You get caned on the tax for your private use fuel though, don't you? It's all classed as a benefit in kind. Are you certain you're better off doing things that way? I was thinking that, can't see how you'd get around it legitimitely. Link to comment Share on other sites More sharing options...
nufc4ever 0 Posted October 17, 2006 Share Posted October 17, 2006 (edited) I assume you're responding to Craig, but I got a form last year detailing the amount i'd paid in tax for my private mileage on my fuel card and it was fuck all tbh. We have to fill out a form with all our mileage on per month which goes to calculate the tax. It's alright for me because I have no 'home to work' mileage. This is because the site I work at is classed as temporary (less than 12 months) so all my mileage is counted as business. Edited October 17, 2006 by nufc4ever Link to comment Share on other sites More sharing options...
Craig 6703 Posted October 17, 2006 Share Posted October 17, 2006 You get caned on the tax for your private use fuel though, don't you? It's all classed as a benefit in kind. Are you certain you're better off doing things that way? As I used to work supporting the financial IT applications at our place, I got to know the company taxation manager very well. Sat down one day and basically worked out how much it was costing me in additional tax (on top of standard income tax). The car was costing me £60 a month and the fuel card £65 a month. All in all £125 a month. Even if I was living 10 miles down the road, there's no way on earth I'd be able to run my own brand new car on that amount, nor the cash equivalent (£4,500 a year gross). Link to comment Share on other sites More sharing options...
Craig 6703 Posted October 17, 2006 Share Posted October 17, 2006 I assume you're responding to Craig, but I got a form last year detailing the amount i'd paid in tax for my private mileage on my fuel card and it was fuck all tbh. Yeah it's all done on a flat fee based on £14,400 multiplied by the percentage band that the car's CO2 falls in multiplied by your highest rate of tax. The more miles you use, the better value it is which is why I had no issues with driving up to Newcastle in the summer as it cost me no more than driving to Tesco over the road from me! Link to comment Share on other sites More sharing options...
nufc4ever 0 Posted October 17, 2006 Share Posted October 17, 2006 I'm looking at buying my next new car (June next year) outright anyway, so all my car allowance from then on is going into savings. Link to comment Share on other sites More sharing options...
Gemmill 47456 Posted October 17, 2006 Share Posted October 17, 2006 You get caned on the tax for your private use fuel though, don't you? It's all classed as a benefit in kind. Are you certain you're better off doing things that way? As I used to work supporting the financial IT applications at our place, I got to know the company taxation manager very well. Sat down one day and basically worked out how much it was costing me in additional tax (on top of standard income tax). The car was costing me £60 a month and the fuel card £65 a month. All in all £125 a month. Even if I was living 10 miles down the road, there's no way on earth I'd be able to run my own brand new car on that amount, nor the cash equivalent (£4,500 a year gross). How long ago was it that you did that? They've pissed about a lot with the tax rules governing company cars. I guess you'd have noticed if you were all of a sudden getting hammered with extra tax like, but I think in general company car vs. privately owned these days, you're getting raped with a company car. Sounds like you've got a canny deal there - a lot depends on the lease cost and the cost attributed to the car in calculating your benefit in kind. If you get a decent balance of those it mightn't be as bad. Link to comment Share on other sites More sharing options...
Craig 6703 Posted October 17, 2006 Share Posted October 17, 2006 Did that in about January this year just before I jumped into support. I'm the main support contact for him anyway so still call on him to give me the lowdown on all aspects of my tax. And basically he's given me a list of all the cars available to me and how much each would cost me per month. They did change the rules about 4 years ago, you used to get raped the less miles you did and the more you did the cheaper it was (seemed like madness to me). It's now based on the CO2 emissions of the car and therefore cleaner, newer cars cost less than the petrol guzzlers. I am on a good deal yeah, but it's kinda pigeon-holed me in my current job as I doubt I'd have as good a deal elsewhere. Link to comment Share on other sites More sharing options...
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