Is a Company Car a Good or Bad thing?

Help is at hand?

Quite often the so called "perk" of getting a company car sounds like a great idea, and often if it's your first company vehicle it can also be your first opportunity to purchase a brand new car.
It offers great opportunities for cruising the streets in your shiny new Jag!!!!

Much has been written and numerous mathmatical equations created to help decide if you are better off opting in or out of the company car scheme.

There's lots of things you need to consider before making the jump:

(1) Will the car be used for business and personal use?
(2) How much will you need to pay towards the car?
(3) What will you be going for - Petrol or diesel?
(4) What will your company pay for - Personal and or business mileage?
(5) How long will you need to keep the car?
(6) What levels of mileage will you be doing?
(7) What will the emmissions be for your chosen vehicle?
(8) Does the vehicle include a maintenance package - ie the company pick up the tab?
(9) If you did opt out - how wuch would it cost to insure you car - remember business use?
(10) Does the company offer you cash instead - if they do what is the cash really worth to you?

Don't forget about all the associated costs if you do opt out: Insurance, Road Tax, Maintenance, tyres, replacement vehicles, depreciation etc etc etc.....

I have been doing some research on websites that can help guide you through the maze and two of the best I have found are The AA and LEX. Both sites have calculators for:

Cash Alternative Budget Calculator
Private Fuel Benefit Calculator
C02 Ommission Tax Calculator
Private Fuel Scale Charges
Inland revenue Mileage Rates

Click here for more information from The AA

Click here for more information from LEX
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