Company Car Allowance

Damer · October 19, 2005

A question to company car drivers who have "opted out" and take the cash instead of a company car.

Proportionally how much of your allowance do you actually spend on your car?

I want to up grade and part of my arguement to wife is that I actually spend very little of my allowance on my car.

Just wondered if others have similar issues?

Rillo · October 19, 2005

After my allowance is taxed I spend 198 % :D

However if I factor in the tax I would have been paying per month on a company car then it is 108%

This is not really going to help in your discussions with your wife - sorry :P

Also I don't have a wife so justification for any purchase is usually a pretty swift process....

jasons · October 19, 2005

My car allowance is quite generous, and as such, it pays for my own, and my wifes car.

I was going to have a GS with most of the money, but I sort of saw sense and decided to get a Rav- so with the saving my wife gets hers as well.

To my mind it is a no brainer- you get better milage rates, tax back on that milage and you dont have to pay tax (well you do on the allowance!) but when you pay 40% it all adds up- why give the treasurey more than you have to?

Nick The Greek · October 19, 2005

I spend all my company car allowance on my car! :D

StainlessSteelRat · October 19, 2005

If you take into account tax on the car allowence, I spend 172.916 percent. So 173%.

S.

ColinBarber · October 19, 2005

How much is your allowance? Must be a lot if you don't spend much of it and you have an IS. Over three years you will lose over £10k just on it's value and then you have insurance and servicing costs etc.

Damer · October 20, 2005

How much is your allowance? Must be a lot if you don't spend much of it and you have an IS. Over three years you will lose over £10k just on it's value and then you have insurance and servicing costs etc.

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I used my old IS as deposit which was paid off and I have my new one on a ballon payment thingy, so I only pay £170 a month, which I think is a pretty good deal for what at the time was 12 month old car with less than 8,000 miles on it.

Really want an RX it is just trying to justify it to the Mrs. I know I get taxed on allowance and I still need to tax, insure, pay off balloon etc. Just wanted to guage how much other people spend.