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My heart bleeds for the OP.
I've recently retired after 46 years of employment, mostly as a Chartered Surveyor, and I've never had a company car - but I do like nice cars, so I've bought what I can, and slowly crept up the ladder, all bought with my own (taxed) money.
Currently I have a Jaguar XF 3 litre diesel which I bought used, February 2012, for about £19,500 as far as I recall. I've just finished paying £520 a month for it after trading in a Jaguar S-Type Sport, and handing over a wodge of cash as well - can't remember how much. Bit of a drop I'm afraid from my the S-Type, which had a much better spec, but there you go - you pays your money (or not, if it's a company car) and you takes your choice.
Whilst working I was of course generously subsidised by my employer, receiving 45 pence a mile for business use, which brought in around £400 a year in mileage allowance - tax free! - so I suppose I shouldn't complain. The rate did go up from 40 pence a mile some time during my 7 years with my last employer. OK, a bit less than the rise in fuel prices - but there you go.
I don't do the mileage now, but quite apart from the purchase costs and the depreciation I won't miss paying about £800 a year for tyres for a 60 mile a day commute. I've still got road tax to pay, servicing, breakdown cover, and I try not to think about the ongoing depreciation - although to be fair it's not that bad. To drive the car 20,000 miles a year as a higher rate taxpayer took about £9,500 a year of my gross earnings, not including depreciation.
So it's now costing me about £15 a week to sit on the drive, but I only fill it up about once a month now, rather than every 6 days, so that's a massive saving. I guess if it was a company car it wouldn't be on my drive at all, but on a forecourt somewhere, so at least it's still mine.
I guess the OP pays tax on the benefit in kind. I well recall the tax coming in in the good old days of Denis Healey and his ilk, whereby people earning £8,500 a year or company directors would be charged benefit in kind on their company cars, and I think it's gradually clawed in virtually all company car users since then.
So, enjoy your new BMW, [email protected], as you say, first world problems indeed (tried to add a "wink" but couldn't find it - honest!) |
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