2006-09-06 02:34:43 · 14 answers · asked by Anonymous in Cars & Transportation ➔ Other - Cars & Transportation
It depends on what alternative your company is offering, and what conditions they put on it. For example, they may offer additional payment towards running a car, plus mileage payments, but with the insistence that you have a 4- or 5-door car with at least 5-seats, and less than 3 years old.
Lex (a UK vehicle leasing company) provides a calculator to help work it all out at http://extranet.lvl.co.uk/cash4car/cfc0005.jsp
The Mondeo is a very good car, and less common than a BMW 3-series these days, so I wouldn't be put off by it.
2006-09-06 09:30:49 · answer #1 · answered by Neil 7 · 0⤊ 0⤋
As an accountant i'm probably best qualified so far to answer this...
Depending on what mileage you do, you would be better off buying your own car and charging the company for business mileage - 40p a mile for the first 10,000 per year then 25p per mile after that.
This way you dont get any additional tax and the mileage should more than cover fuel and other running costs.
If you get a company car you will just get taxed unbelievably these days, it used to be a good benefit but you'd be better off trying to broker some kind of deal to increase your pay by a few grand and have your own car...
Hope this helps
2006-09-06 09:44:26 · answer #2 · answered by Anonymous · 0⤊ 1⤋
A Mondeo is usually the type of car used by company reps.
2006-09-06 09:52:49 · answer #3 · answered by angelo26 4 · 0⤊ 0⤋
The tax that the guys in the office pay is sky high. The only benefit is that you'll get a new car avery 2-3 years.
Depending on the tax see what you could buy from a garage taking out finance and paying less then the tax you'd pay.
2006-09-06 09:47:47 · answer #4 · answered by Gary 3 · 0⤊ 0⤋
Seriously, look at the tax. It has become quite pricey these days to have a company car. Talk to the accountant and also co- workers who have or have not taken company cars. If most haven't one then you can assume its not worth it. Its usually cheaper to buy your own, if you need a car for work.
2006-09-06 09:43:43 · answer #5 · answered by sarkyastic31 4 · 0⤊ 0⤋
Pros: Petrol paid, breakdown / damage repair, no personal insurance or road tax to be paid, upgrade after a couple of years.
Cons: Its a Mondeo, its not actually yours, the tax you will have to pay on it.
2006-09-06 09:47:13 · answer #6 · answered by rondavous 4 · 0⤊ 0⤋
The pro's outweigh the cons!
No road tax or insurance or servicing.tyres etc. to pay out.
The amount you pay in tax is a lot less than the benifits you gain by taking it.
Just my opinion as a co car driver in Ireland
2006-09-06 09:45:49 · answer #7 · answered by D M P S 1 · 0⤊ 0⤋
Yep, it is a tax thing isnt it. My hubby has a mondeo, turbo, leather heated seats the lot. Its lovely. But it belongs to work.
2006-09-06 09:47:49 · answer #8 · answered by paula25catt 2 · 0⤊ 0⤋
Don't know to much about comany cars, but if it pays for your insurance, tax and fuel then why not.
Sell your current car and treat yourself or pay off loans, credit cards (ect)
2006-09-06 09:45:35 · answer #9 · answered by Dazzer 1 · 0⤊ 0⤋
No - taxwise been getting poorer year by year. If you do company miles taxman allows 40p per mile expense. That's better way to do it.
2006-09-06 09:44:13 · answer #10 · answered by wildebeast 1 · 0⤊ 0⤋