Company car or keep what I have?

[billyliar]

Hi
Just looking for a bit of advice.

I currently have an 18 month old Cooper S which will be paid for in full in 18 months time. My insurance is 1800 quid a year due to zero NCB - and that's honestly the cheapest I can find it.

I have the option at work of either an extra 340 a month which I will be taxed on, so probably works out at 250 or so. Or, I can choose any car from Alphabet leasing up to the value of 300 a month, and I won't have to pay insurance either. I can also pay up to 100 of my own money to lease a better car.

Given the cost of my insurance, and the fact I could sell the MINI, clear my debts and have a fair wedge in the bank, do you think I'd be best getting rid?

Monthly repayments are 179 for the next 18 months and insurance is 150 per month.

I only do around 10k miles a year, but still want something within budget that is sporty and won't kill me on company car tax due to emissions etc.

Thanks in advance.

[Pulse]

Definite no brainer.

[JQ]

You need to find out what cars will be available for £300pcm - you may be shocked how bad they are. Our company are with Alphabet and all cars are on 3 yr leases with 60,000 miles - I'm guessing £300 may get you a 1.6 Golf - not very exciting.

Don't forget you will also be paying company car tax on your company car, which could be another £100pcm off your take home pay.

Also you can claim tax relief on the business miles you do in the Cooper.

Edited by JQ on Wednesday 2nd June 23:36

[bogie]

do the maths first, you may even find yourself worse off

www.comcar.co.uk

make sure you take into account tax relief on business miles in the private car

Ive never been able to make a company car pay, unless it was really small diesel engined, and you do over 20K miles a year

[billyliar]

OK, turns out I can get a new Golf GT-D 170 with the allowance plus 90 quid of my own money. Tax is around 900 or so per year. So the best part of 200 per month if I opt for it.

Or I can get 250 or so cash allowance in my wage packet.

What do you reckon?

[JQ]

Financially I doubt there's very much in it. The Cooper might be a bit more expensive because of your insurance, but this will of course reduce over time becuase of increased NCB. Don't forget the cost of ownership of the Cooper is not £180pcm, but the depreciation, which is probably not that bad.

Depends what car you want, after all it's all about the cars.

I'm currently driving a 6 month old Golf 140 TDi and a 1998 MX5. The golf is very fuzzy in comparison to the 5 - squishy brakes, dull gearbox, dull steering and a bit rolly polly round corners although it does have a fair bit of shove and is supremely comfortable and luxurious. For driving enjoyment I'd have the 5 every day of the week - I'm guessing the Cooper will be pretty comparable. If I could only have one I'd have the MX5, although my other half does have a C-Max I can use for long journeys.